Interest Rates Stay: Homebuyers Rebooting Purchase Plans

After a stronger-than-anticipated first quarter, upward pressure on home prices is rising. Previously sidelined homebuyers are rebooting their purchase plans in anticipation of tight competition following an expected easing of interest rates later this year.

Some key highlights from the report:
* National aggregate home price expected to rise 9.0% year over year in Q4 of 2024 (up from previous forecast of 5.5%)
* Aggregate home prices in the greater regions of Toronto and Montreal expected to increase 10.0% and 8.5% year over year in Q4 2024
* Royal LePage expects home prices in the Greater Toronto Area will surpass those in Greater Vancouver
* Calgary recorded highest year-over-year aggregate price appreciation (9.7%) for the second consecutive quarter; increased 1.9% on a quarterly basis
* 89% of regions in the report recorded quarterly price appreciation in the first three months of the year, ahead of the traditionally busy spring market period.