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9mo ago

Canadian Home Prices Expected to Rise 9% in 2024 Despite Market Uncertainties

Real estate activity slows in major markets as inventory builds, but prices continue to climb.

HOUSING
Homes listed for sale were up 26 per cent from last year.
A 'For Sale' sign displayed outside a home in Vancouver.
Home sales in Canada, especially in the markets of Toronto and Vancouver, slumped in the second quarter, though prices rose 1.9%, a report from Royal LePage found.

Overview

  • National aggregate home price rose 1.9% in the second quarter, reaching $824,300.
  • Toronto and Vancouver show slower market activity, yet prices remain high.
  • Interest rate cuts have not significantly boosted market activity or affordability.
  • Inventory levels are the highest in over a decade, with 180,000 properties listed for sale.
  • Experts predict a gradual return of buyers in the second half of 2024.