Canadian real estate market to return to close to normal in 2024

Royal LePage predicts minor interest rate cuts will fuel national aggregate home price increase of 5.5% year over year in fourth quarter of 2024, so Canadians may see the real estate market return closer to normal in 2024.

Nationally, single-family detached and condominium prices are forecasted to increase 6.0% and 5.0%, respectively, year over year in Q4 of 2024, with home prices expected to show the greatest increases in second half of 2024. These prices are expected to rise next year in all major markets across the country, with Calgary forecast to see the greatest gains.

The forecast is based on the expectation that Bank of Canada will hold rates steady through first half of next year and begin modestly easing rates in late summer or fall.