One of Canada's largest real estate companies, Royal LePage, forecasts a return to peak home prices by the end of next year in preparation for what could be an active market.

Its 2024 outlook, released on Thursday, suggests national aggregate home prices will increase by 5.5 per cent by the end of 2024. But those increases will depend on the Bank of Canada dropping its interest rate by late summer or early fall.

The report suggests home prices could increase between three to six per cent in Toronto, Montreal and Vancouver, while they expect prices to jump eight per cent in Calgary with the Alberta market seen as a more affordable alternative.

Global’s Kyle Benning reports.

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