Annual home prices predicted to rise nearly 10% by end of year: Royal LePage - National | Globalnews.ca

Canadian homes will be nearly 10 per cent more expensive at the end of 2024 than they were the year before, according to a new report.On Friday realty firm Royal LePage released an updated forecast predicting that aggregate Canadian home prices will rise nine per cent in the fourth quarter of this year compared with the end of 2023.The report says two things are pushing prices up: 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, which currently sits at five per cent.“A decrease in the bank rate, which will translate into cheaper mortgages, will increase the demand in the marketplace” and push up prices, Royal LePage CEO Philip Soper told Global News.Story continues below advertisement 2:30Business Matters: Annual home prices predicted to rise nearly 10% in 2024Pointing to previous Royal LePage reports, Soper said many Canadians who have been waiting to buy a home...