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Royal LePage forecasted Canada's national home price aggregate to see a 4.5% YoY increase in Q4 of this year in its recent Home Price Survey report.
In the first quarter of this year, the aggregate home price decreased by 9.2% to $778,300.
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According to Royal LePage, buyers who were waiting on the sidelines returned to the market after the Bank of Canada announced its decision to pause interest rate hikes.
The increase in buyer activity pushed home sales upwards compared to the start of this year.
Major urban centers in Canada are seeing a steady upward trend each month. However, the inventory is still low to satisfy the demand.
Royal Lepage revised its previous forecast for the national home price aggregate after seeing an earlier-than-expected boost in buyer activity.
