Housing prices in the GTA are expected to rise 10 per cent this year and will likely surpass those in Greater Vancouver by the end of 2024, according to an updated forecast by Royal LePage.
In its latest survey, the brokerage said it was upgrading its national year-end home price forecast after a “stronger-than-expected first quarter.”
Royal LePage said it now expects the national aggregate home price to rise nine per cent year-over-year in the fourth quarter of 2024, up from its previous forecast of 5.5 per cent.
“Consistent with our previous forecast, the market did reach a critical tipping point in the first quarter of 2024, when home prices bottomed out and began to appreciate again. Clearly, more and more buyers are motivated by the need to get ahead of rising home prices, rather than adopting the strategy of waiting for mortgage rates to fall,” Phil Soper, president and CEO of Royal …