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.
Source: News Formal (newsformal.com)
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