The Royal LePage Home Price Update and Market Forecast, distributed each quarter, includes price data and insights from experts in 64 real estate markets across the country, as well as national and regional forecasts.
While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer, home price appreciation remained in check last quarter.
“There are several converging factors revitalizing Canada’s real estate market and making home ownership more attainable,” said Phil Soper, president and CEO, Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.”
Key highlights from the national release include:
- The national aggregate home price rose 3.8% year over year in Q4 2024, and a modest 0.5% over Q3.
- Greater Montreal Area’s aggregate home price increased 8.2% year over year, while the greater Toronto and Vancouver markets recorded more modest gains of 2.3% and 0.7%, respectively.
- For the third consecutive quarter, Quebec City recorded the highest year-over-year aggregate price increase (11.3%) in Q4 among the report’s major regions.
- Housing policy and affordability expected to be key ballot box issues shaping voters’ decisions in this year’s federal election.
