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

  • 📰 CP24
  • ⏱ Reading Time:
  • 40 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 50%
  • Publisher: 67%

Real Estate News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in US

United States United States Latest News, United States United States Headlines