As we approach 2024, the Canadian real estate market continues to show dynamic changes across various regions. The latest market survey forecast from Royal LePage provides valuable insights into expected trends in home prices across major cities in Canada. Here’s a detailed look at the anticipated shifts for the upcoming year.
National Overview
For Q4 2023, the national aggregate home price stands at $789,500. Royal LePage forecasts a significant increase of 9.0% by Q4 2024, with the average price expected to rise to $860,555. This growth highlights the ongoing strength and resilience of the Canadian housing market despite broader economic challenges.
Regional Breakdown
Greater Montreal Area, QC
- Q4 2023 Price: $566,800
- Q4 2024 Forecast: $614,978
- Year-over-Year Growth: 8.5%
Montreal is poised for substantial growth in home values, reflecting continued demand and a vibrant local economy.
Greater Toronto Area, ON
- Q4 2023 Price: $1,123,300
- Q4 2024 Forecast: $1,235,630
- Year-over-Year Growth: 10.0%
Toronto remains one of the hottest markets in the country, with a forecasted increase of 10%, pushing average home prices significantly higher. The demand in the GTA is driven by its status as a major financial and cultural hub.
Greater Vancouver Area, BC
- Q4 2023 Price: $1,220,100
- Q4 2024 Forecast: $1,287,206
- Year-over-Year Growth: 5.5%
Vancouver’s market continues to be one of the most expensive in Canada, with a moderate but steady increase expected. The city’s desirable location and limited land availability keep prices on the rise.
Ottawa, ON
- Q4 2023 Price: $754,700
- Q4 2024 Forecast: $788,662
- Year-over-Year Growth: 4.5%
The capital city shows a more modest growth compared to other major cities, indicative of a more stable market influenced by government employment and moderate demand.
Quebec City, QC
- Q4 2023 Price: $360,000
- Q4 2024 Forecast: $388,800
- Year-over-Year Growth: 8.0%
Quebec City is experiencing robust growth, with an 8% rise in home prices forecasted, reflecting increasing popularity and investment in this historic region.
Calgary, AB
- Q4 2023 Price: $663,500
- Q4 2024 Forecast: $716,580
- Year-over-Year Growth: 8.0%
Calgary’s market is rebounding strongly with an 8% forecasted increase, driven by economic recovery and diversification beyond traditional energy sectors.
Edmonton, AB
- Q4 2023 Price: $430,500
- Q4 2024 Forecast: $458,483
- Year-over-Year Growth: 6.5%
Edmonton, similar to Calgary, is seeing steady growth as the city diversifies its economic base, leading to increased real estate demand.
Regina, SK
- Q4 2023 Price: $367,600
- Q4 2024 Forecast: $385,980
- Year-over-Year Growth: 5.0%
Regina’s market shows healthy growth with a 5% increase, reflecting steady demand in Saskatchewan's capital city.
Winnipeg, MB
- Q4 2023 Price: $378,000
- Q4 2024 Forecast: $396,900
- Year-over-Year Growth: 5.0%
Winnipeg is also expecting a 5% rise, indicating stable and affordable housing conditions in the heart of the prairies.
Halifax, NS
- Q4 2023 Price: $490,900
- Q4 2024 Forecast: $515,445
- Year-over-Year Growth: 5.0%
Halifax continues to grow in popularity, with a 5% increase forecasted, driven by its appealing coastal lifestyle and expanding economy.
Summary
The Royal LePage 2024 Market Survey Forecast paints a picture of a robust and growing Canadian real estate market. While each region exhibits unique characteristics and growth rates, the overall trend points towards continued appreciation in home values across the country. Whether you are looking to buy, sell, or invest, understanding these forecasts can help you make informed decisions in the year ahead.