Toronto home prices could rise by 6 per cent next year: Royal LePage forecast

Toronto’s real estate market is expected to rebound in 2024 after the higher cost of borrowing weighed on sales over much of the past year, according to a market survey forecast by Royal LePage.

Toronto’s real estate market is expected to rebound in 2024 after the higher cost of borrowing weighed on sales over much of the past year, according to a market survey forecast by Royal LePage.

The Canadian real estate franchiser is estimating that aggregate home prices will rise six per cent over the course of 2024 to an average of almost $1.2 million. Single-family detached homes are expected to see a seven per cent increase in price, and condominiums in the GTA are expected to rise by five per cent.

The expected price gains in the GTA trail only Calgary, where aggregate homes are expected to increase by eight per cent, single-family detached homes by six per cent and condos by 9.5 per cent.

Canadian homes, on average, are expected to increase by 5.5 per cent in price for aggregate properties, whereas single-family detached homes are expected to see a six per cent increase. Condos will see their average price rise by about 5.5 per cent.

Despite a 30 per cent lull in sales from the average amount this year, demand for housing remains and housing costs continued to rise.

Detached and semi-detached homes, as well as townhouses, have all seen price increases in Toronto and the rest of the GTA from October 2022, ranging from 1.1 to 6.1 per cent. The only exception is condos, which have decreased by 1.2 per cent in price to an average of $708,780 in the region this fall.