GTA Home Prices to See Biggest Gains in 2024 as Canada's Housing Market Set for 'Uncomfortably Busy' Fall: Royal LePage

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Real Estate أخبار

GTA,Home Prices,Gains

Housing prices in the Greater Toronto Area (GTA) are expected to rise 10% this year and are projected to surpass those in Greater Vancouver by the end of 2024, according to a forecast by Royal LePage. The national aggregate home price is also expected to rise 9% year-over-year in the fourth quarter of 2024.

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.

 

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