‘Critical tipping point’: Home price forecast rises amid strong start to 2024, says Royal LePage

A report by Royal LePage say the pace of rising home prices slowed in Canada in the second quarter due to softness in the Greater Toronto Area market. A for sale sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. THE CANADIAN PRESS/Graeme RoyRoyal LePage has hiked its year-end home price forecast, with prices now expected to increase 9 per cent annually in the fourth quarter of 2024, following a stronger-than-expected start to the year.

“Consistent with our previous forecast, the market did reach a critical tipping point in the first quarter of 2024, when home prices bottomed out and began to appreciate again,” Soper said in a statement.“Clearly, more and more buyers are motivated by the need to get ahead of rising home prices, rather than adopting the strategy of waiting for mortgage rates to fall ... we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand.

. It now expects prices to jump 9 per cent, to an aggregate price of $860,555, with Toronto and Montreal expected to see the biggest gains in the fourth quarter, at 10 per cent and 8.5 per cent respectively. Royal LePage calculates aggregate prices using a weighted average of the median value of all housing types.

The Greater Toronto Area will see the biggest annual price appreciation in the fourth quarter, according to Royal LePage, with prices increasing 10 per cent, to an aggregate price of $1.24 million.

Source: Real Estate Daily Report (realestatedailyreport.net)

Aggregate Price Greater Toronto Area

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