The updated forecast projects a 10 per cent increase in GTA aggregate home prices by the end of 2024, surpassing Greater Vancouver. Buyers re-entering market due to warm weather and anticipated interest rate reductions.
Royal LePage predicts Toronto's housing supply remains low, leading to increased competition. GTA home prices to rise the most in Canada, followed by Montreal.
Despite New York residents having higher median income, Toronto's median housing cost is now higher. GTA aggregate home prices rose 5.2% in Q1 2024 to $1,177,700.
Nationally, Royal LePage forecasts a nine per cent increase in aggregate home prices, up from the original 5.5 per cent projection. Demand surge leads to rapid price growth.
#toronto-housing-market #real-estate-forecast #supply-and-demand-dynamics #canadian-housing-market #economic-trends
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