Projections are based on trends from 2019 to 2024, where Halifax condo prices rose by 68.4%, averaging 13.68% annual growth. If this continues, Halifax’s condo prices are expected to exceed $1 million by 2031. Similarly, Toronto and Vancouver are set to reach this milestone sooner, with Vancouver hitting $1 million by 2030 and Toronto by 2031, reflecting their ongoing market leadership and substantial price increases in recent years.

While urban centers like Calgary, Saskatoon, Regina, and Winnipeg are also seeing price growth, they are further from reaching the $1-million mark. Calgary is forecasted to achieve it by 2041, Saskatoon by 2046, and both Regina and Winnipeg by the 2080s, highlighting the varying pace of real estate market changes across Canada.

Recent data signals a strengthening market, with national home sales up 2.8% in November compared to October and a cumulative 18.4% rise since May. This surge, spurred by falling rates and increased optimism, has tightened inventory to just 3.7 months, the lowest in over a year. While prices have seen modest gains, including a 7.4% year-over-year rise in November’s national average, the market remains below pre-downturn levels. Key urban centers like Toronto and Vancouver lead the activity, yet structural supply issues persist, as housing availability continues to lag demand.

Looking forward, the spring market will be a critical test of the recovery’s durability amid looming economic uncertainties like potential recession and unemployment. While lower interest rates and relaxed mortgage policies boost buyer activity, they fail to address deeper affordability challenges. For many first-time buyers, rising prices and limited inventory make homeownership increasingly out of reach, deepening the divide in an already strained housing market. Whether current momentum sustains or stalls will depend heavily on economic and policy conditions in the months ahead.

Developers are increasingly incorporating courtyards as showpiece elements in modern housing projects. Rockford by Cressey Development Group exemplifies this trend, showcasing a courtyard as a central amenity. Advancements in building technology now enable courtyards in a variety of housing types, allowing for more dynamic and livable outdoor spaces. Municipal mandates for green spaces further underscore the importance of courtyards in enhancing community living as units grow smaller and urban density increases.

By revisiting successful courtyard designs of the past, such as those in Vancouver’s False Creek South, there’s an opportunity to redefine outdoor spaces for the future. These designs emphasize a layered approach to privacy and communal interaction, creating vibrant and engaging environments that meet modern needs while respecting architectural heritage. This blend of tradition and innovation could make courtyards a vital feature in contemporary urban housing.