GTA home prices to see biggest gains in 2024 as Canada's housing market set for 'uncomfortably busy' fall: Royal LePage
“Once the central bank does make a move, and that first highly-anticipated cut to rates is made, even if it is only by 25 basis points, I expect we will see the price appreciation curve steepen upwards when the highly rate-focused crowd jumps into the market.” The median price of a single-family detached home rose 3.9 per cent year-over-year to $1,454,800 in the first quarter of 2024, while the median price of a condo increased 3.7 per cent to $733,600.
While the report notes that home prices have “not yet fully recovered from the post-pandemic correction” in most regions, the national aggregate home price is “well above” pre-pandemic levels. Rising prices in Toronto, Royal LePage said, will likely “close the gap” between Canada’s two most expensive real estate markets.