Canadian Home Prices To Lift 9% Amid 'Uncomfortably Busy Fall'

“It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” says Royal LePage President Phil Soper.Royal LePage released its latest market forecast on Friday, and right off the top they reveal that the aggregate price of a home in Canada is expected to lift 9% year over year by the fourth quarter of 2024.

“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,” Soper adds. “It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” he adds.

“Two years into the post-pandemic period, about half of mortgages have rolled off those record lows, and Canadians continue to meet obligations to their lenders, with the national mortgage default rate remaining at near historic lows,” he explains. “Further, income growth and the period of flat home prices have helped to mitigate the impact of increased mortgage costs.

Source: Real Estate Daily Report (realestatedailyreport.net)

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