The 2024 Royal LePage Market Survey Forecast, published annually, includes year-over-year price forecasts and insights from experts nationally and in nine major markets across the country, as well as a quarter-over-quarter national aggregate home price forecast for 2024.
“Looking ahead, we see 2024 as an important tipping point for the national economy as the majority of Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”
Key highlights from the 2024 Market Survey Forecast:
- The aggregate price of a home in Canada is forecast to increase 5.5% year over year in Q4 of 2024
- Nationally, single-family detached and condominium prices forecasted to increase 6.0% and 5.0%, respectively
- Home prices are expected to show greatest increases in second half of 2024
- Calgary aggregate home price projected to see greatest gains of all major markets at 8.0%
- Aggregate price of a home in the greater regions of Toronto and Montreal are forecast to end next year 6.0% and 5.0% respectively above the final quarter of 2023, while Greater Vancouver is expected to see a more modest increase of 3.0%
- Royal LePage forecast based on expectation that Bank of Canada will hold rates steady through first half of next year, and begin modestly easing rates in late summer or fall
