Canadian Prime Minister Justin Trudeau will make a housing announcement ahead of the tabling of the 2024 federal budget, alongside Deputy Prime Minister Chrystia Freeland and Housing Minister Sean Fraser.
The announcement comes as a new Royal LePage report has predicted Canadian home prices will rise nearly 10 per cent by the end of the year.
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.
Nationwide, the report shows the median (the middle number between the lowest and highest prices) for a single-family detached home increased 4.5 per cent, from the first quarter of 2023 to the first quarter of 2024, to $845,3000 and the median price of a condominium rose 3.5 per cent to $591,900.
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