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2024 Shaping Up To Be Better Year For Housing Market

2024 Shaping Up to Be Better Year for Housing Market

The Greater Toronto Area (GTA) is expected to surpass Vancouver as Canada’s most expensive housing market.

This is according to Royal LePage’s latest survey in which the brokerage said it’s upgrading its national year-end home price forecast based on stronger than expected first quarter results.

The market reached a critical tipping point in Q1, when home prices bottomed out and began to appreciate again. The first three months of the year were busier than normal thanks to warmer than normal winter weather and the anticipation of tight competition once the Bank of Canada reverses course on part of its steep interest rate hike campaign. An increasing number of buyers have been motivated by the need to get ahead of rising home prices, rather than adopting the strategy of waiting for mortgage rates to fall.

The aggregate price of a home in the GTA increased 5.2% year-over-year to $1,177,700 in the first quarter of 2024. Broken out by housing type, the median price of a single-family detached home rose 3.9% over the same time period to $1,454,800, while the median price of a condominium increased 3.7% to $733,600.

In Toronto proper, the aggregate price of a home increased to a lesser extent, up 1.4% year-over-year to $1,160,000 in Q1 of 2024. During the same period, the median price of a single-family detached home rose 3.1% to $1,706,300, while the median price of a condo increased 1.3% to $714,900.

Royal LePage is forecasting the aggregate price of a home in the GTA will increase 10% year-over-year in the fourth quarter of 2024, outpacing price gains in Calgary, which was previously expected to see the greatest increase in home values this year.