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HomeNewsCanadian home prices to spike in 2024; PG to follow similar trend

Canadian home prices to spike in 2024; PG to follow similar trend

Homes in Canada are expected to be around 10 per cent more expensive by the end of this year than they were last year.

That’s according to Royal LePage which released its updated forecast today (Friday).

It predicts that aggregate Canadian home prices will rise nine per cent in the fourth quarter of this year compared with the end of 2023.

The “severe shortage” of housing across the country and more demand from sidelined homebuyers who could enter the market if the Bank of Canada lowers its key interest rate, are cited as two of the major reasons why.

As of the end of March, 56 single-family homes came off the market in Prince George for an average price of 518-grand. During the same time last year 60 of these units changed hands for a little over 504-thousand dollars.

files from Vista Radio newswire

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