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Home prices expected to rise in 2024

By Kelli Rickard Dec 14, 2023 | 11:12 AM

We could see a hike in home prices by the end of next year.

According to a new Royal LePage Market Survey, in Halifax, the total price of a home in the fourth quarter of 2024 is forecast to increase 3% to nearly $522, 000.

The median price of a single-family detached property is expected to rise 5% to over $602,000, while the median price of a condominium is forecast to increase by 1.5% to about $431,000.

The survey predicts that home prices will make gradual gains in the first half of the year, then larger increases in the second half, spurred by expected interest rate cuts from the Bank of Canada after a historic rate-hiking cycle.

Royal LePage says future demand from sidelined buyers, new household formation and newcomers to Canada is expected to put upward pressure on prices as consumer confidence increases.