Canada Real Estate Update: Home Prices Rise Amid Slumping Sales
Price Increase Despite Slowdown
Home prices in Canada rose by 1.9% in Q2 2024, reaching $824,300, despite a drop in sales. Prices were up 1.5% from the previous quarter.
Sales Slump
National home sales fell 5.9% in May, with Greater Toronto down 16.4% and Vancouver down 19.1%.
Home prices in Canada rose by 1.9% in Q2 2024, reaching $824,300, despite a drop in sales. Prices were up 1.5% from the previous quarter.
Sales Slump
National home sales fell 5.9% in May, with Greater Toronto down 16.4% and Vancouver down 19.1%.
Phil Soper, Royal LePage CEO
“Canada’s housing market is struggling to find a consistent rhythm. The silver lining: inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.”
Bank of Canada Rate Cut
The Bank of Canada cut its key rate by 25 bps to 4.75% in June, the first reduction in over four years. However, the cut didn’t significantly boost buyer activity.
Future Outlook
Royal LePage expects home prices to rise 9% annually by Q4 2024, with Greater Toronto leading at 10%, Vancouver at 5.5%, Montreal at 8.5%, Calgary at 8%, and Edmonton at 6.5%.
“Canada’s housing market is struggling to find a consistent rhythm. The silver lining: inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.”
Bank of Canada Rate Cut
The Bank of Canada cut its key rate by 25 bps to 4.75% in June, the first reduction in over four years. However, the cut didn’t significantly boost buyer activity.
Future Outlook
Royal LePage expects home prices to rise 9% annually by Q4 2024, with Greater Toronto leading at 10%, Vancouver at 5.5%, Montreal at 8.5%, Calgary at 8%, and Edmonton at 6.5%.
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
Sign up with
your email address
to receive news
and updates.
Subscribe
