Royal LePage forecasts a nine percent increase in home prices in Canada in the fourth quarter of 2024. CREA notes a 0.5% rise in home sales activity between February and March 2024, with a surge in listings in April.
CREA's senior economist, Shaun Cathcart, suggests that factors like record population growth and potential central bank rate cuts may lead to an interesting housing market dynamic with high interest rates and rate cuts playing key roles.
Royal LePage predicts higher home prices in the Greater Toronto Area compared to Greater Vancouver in 2024. The federal government's extended mortgage repayment period may impact first-time buyers' decisions and change the market landscape.
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