Canadians will finally adjust to the disappearance of low interest rates in 2024: price appreciation during second half of the year

By Staff

December 15th, 2023

BURLINGTON, ON

After years of unpredictability, the Canadian housing market may find some sense of normalcy in 2024. And with it, higher prices.

According to Royal LePage’s Market Survey Forecast, the aggregate price of a home in Canada will reach $843,684 in Q4 2024, a 5.5% annual increase. At the same time, the median price of a single-family home will rise 6% year over year to $879,164, while the median price of a condo will jump 5% to $616,140.

The forecast brings home prices back in line with the pandemic peak seen in Q1 2022. However, as the increase will have taken place gradually over nearly three years, it won’t deliver the same affordability shock as 2021’s price run up did.

The majority of the price appreciation will be seen in the second half of 2024 — modest quarterly increases of less than 1% are expected in Q1 and Q2. Meanwhile, quarterly increases of 2.3% and 1.7% are forecast for Q3 and Q4, respectively.

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1 comment to Canadians will finally adjust to the disappearance of low interest rates in 2024: price appreciation during second half of the year

  • Ted Gamble

    Prices go up, my guess nterest rates stay basically flat. Affordability becomes worse. Did I mention housing starts were down 22% month to month.