In 2024, the Canadian real estate market continues to be a topic of interest for investors, homeowners, and industry professionals. This article delves into the home price trends in three major cities: Toronto, Vancouver, and Montreal.
Starting with Toronto, the city’s real estate market has seen some fluctuations. According to a report by Royal LePage, the average home sold price in the Greater Toronto Area (GTA) increased 3.2% year-over-year to $1,084,692 for December 2023. However, some projections anticipate that the cost of the typical home in the GTA will fall by about three percent in 2024. Despite the expected decrease, the market remains resilient, with detached homes seeing a year-over-year increase of 2.4% and freehold townhouses increasing by 4.4%.
Moving west to Vancouver, the city’s real estate market presents a different picture. The average home price in Greater Vancouver was $1,242,527 in December 2023, which rose 5% annually and declined 3.3% monthly. The benchmark price of homes in Metro Vancouver was $1,168,700, representing a 1.4% monthly decrease and a 5% yearly increase. However, Metro Vancouver home prices are expected to increase by three percent to $1,281,732 in 2024.
Lastly, in Montreal, the average home sold price reached $586,681 in December 2023, for a 6.9% annual increase. While Montreal home sales are down 6.1% year-over-year, active listings are up 19% compared to last December. The benchmark single-family home in Montreal increased by 4.7% year-over-year to $604,200 in November 2023.
These trends in Toronto, Vancouver, and Montreal reflect the dynamic nature of the Canadian real estate market. Each city has its unique factors influencing home prices, including economic conditions, interest rates, housing policies, and local supply and demand dynamics.
In Toronto, the anticipated decrease in home prices could be attributed to factors such as higher borrowing costs and tighter mortgage lending rules. However, the market remains robust due to strong demand and limited supply. In Vancouver, despite the monthly decrease in home prices, the market has shown resilience with a 5% annual increase. The expected rise in home prices in 2024 could be driven by factors such as steady interest rates, strong demand, and limited inventory.
In Montreal, the increase in home prices reflects the strong demand for housing in the city. The rise in active listings suggests that more homeowners are looking to sell, potentially easing the supply constraints.
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