On Friday, Royal LePage released it’s Q1 Home Price Update and Market Forecast. Key highlights from the national release include:
- National aggregate home price expected to rise 9.0% year over year in Q4 of 2024 (up from previous forecast of 5.5%)
- Aggregate home prices in the greater regions of Toronto and Montreal expected to increase 10.0% and 8.5% year over year in Q4 2024, respectively, the highest forecasts of all major regions
- Royal LePage expects home prices in the Greater Toronto Area will surpass those in Greater Vancouver in 2024
- Among major regions, Calgary recorded highest year-over-year aggregate price appreciation (9.7%) for the second consecutive quarter; increased 1.9% on a quarterly basis
- 89% of regions in the report recorded quarterly price appreciation in the first three months of the year, ahead of the traditionally busy spring market period
