Everything You Need to Know on Friday: Housing Market on Track for 2025 Recovery as Rates Decline and Demand Accelerates

Good morning mooers! Here are things you need to know about today's market:

● S&P/TSX 60 Index Standard Futures are trading at 1,483.70, down 0.42% from previous close

● Housing Market on Track for 2025 Recovery as Rates Decline and Demand Accelerates

● Aya Gold & Silver starts commercial output at Zgounder Mine in Morocco

● High Tide Inc. Announces European Expansion for 2025, Reports Surge in Cabana Club Membership

Today, the Canadian dollar is trading at 69.51 US cents, an increase from the previous close.

The Canadian housing market is showing signs of recovery, with the Canadian Real Estate Association reporting a 26% year-over-year increase in home sales for November, marking the second consecutive month of such gains. Cumulative home sales for the first 11 months of this year were up 6.9% compared to the same period in 2023. Re/Max Canada president Christopher Alexander attributes this growth to the return of first-time homebuyers and expects a more robust year ahead in terms of activity and consumer confidence.

The Bank of Canada's recent decision to lower its policy rate to 3.25% significantly influenced this resurgence. Alexander noted that high interest rates had been a major barrier for potential buyers, and the central bank's rate cuts are expected to stimulate the market further. The bank signaled a more gradual approach to future reductions in the coming year.

Looking ahead to 2025, Re/Max's housing market outlook report predicts that home sales will rise in 33 out of 37 Canadian regions, with increases of up to 25% in some areas. The national average residential price is expected to rise by 5%. This optimistic forecast suggests a significant turnaround in the Canadian real estate market, driven by improved affordability and renewed buyer confidence.

Crude oil prices remained stable early Monday, with Brent crude at US$74.16 per barrel and West Texas Intermediate at US$70.58 per barrel, as markets await key economic data from China and the United States later this week. Both benchmarks saw gains last week, buoyed by a larger-than-expected drop in U.S. crude inventories due to increased refinery activity and holiday demand. Investors are closely monitoring China's PMI factory surveys, set for release on Tuesday, and the U.S. ISM survey for December, scheduled for Friday, which could provide insights into global economic health and potential oil demand trends.