MACKEY & McCORMICK - Facts & Figures June 2024

Royal LePage's Q2 2024 Home Price Update

After a stronger first quarter, rising inventory levels and muted homebuyer activity tipped the Canadian real estate market closer to balanced conditions in Q2 2024. Despite the highly-anticipated cut to the Bank of Canada’s key lending rate in June, many homebuyers remain at bay, likely waiting for more decreases to be made.

Key highlights from the national release include:

National aggregate home price rose 1.9% year over year in Q2 2024; up 1.5% over Q1
Toronto and Vancouver report slower-than-usual market activity this spring as inventory builds, while demand continues to outpace supply in prairie provinces and Quebec
Quebec City records highest year-over-year aggregate price increase (10.4%) in Q2 among report’s major regions
Royal LePage maintains national year-end forecast with prices expected to increase 9.0% in Q4 2024 over the same period last year

Read the full report here.

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