GTA home prices to see biggest gains in 2024 as Canada's housing market set for 'uncomfortably busy' fall: Royal LePageRoyal LePage said it now expects the national aggregate home price to rise nine per cent year-over-year in the fourth quarter of 2024, up from its previous forecast of 5.5 per cent.
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.
“It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” Soper said.“While real estate boards across the country are reporting a boost in listings, which is typical as we head into the spring market rush, just about every region from coast to coast remains chronically short of housing supply,” Soper said.
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