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Home prices forecast to increase 5.5% in 2024

By Brad Perry Dec 15, 2023 | 5:00 AM

Buying a new home will likely cost you more this time next year.

Real estate agency Royal LePage is out with its latest price forecast.

It shows national home prices rising 5.5 per cent over the next 12 months.

That would bring the aggregate home price across the country to $843,684.

Officials said the median price of a single-family detached property is forecast to increase six per cent to $879,164.

The news is no better for condominiums, with the median price projected to increase five per cent to $616,140.

Royal LePage said the greatest increases are expected to happen in the second half of the year.

The forecast is based on predictions that the Bank of Canada will start to lower interest rates next year.