On July 11, 2024 Royal LePage released its Q2 2024 home price update and market forecast. Here are the key points from the national release:
- The national average home price increased by 1.9% compared to the same period last year in Q2 2024, and saw a 1.5% rise from Q1.
- Toronto and Vancouver experienced slower market activity this spring as more properties became available, whereas the demand continued to exceed supply in the Prairie provinces and Quebec.
- Quebec City witnessed the largest annual increase in average home prices among major regions, with a 10.4% rise in Q2.
- Royal LePage projects that national home prices will see a 9.0% increase by the end of Q4 2024, compared to the same quarter last year.
