Real estate brokerage firm Royal LePage expects home prices to increase six per cent annually by the end of 2025, according to its annual market survey forecast released Wednesday, with prices set to climb across all major markets as more buyers come off the sidelines amid lower interest rates.

The 2025 survey found that the aggregate price of a home – calculated using a weighted average of the median value of all housing types – will rise six per cent annually by the fourth quarter of 2025 to $856,692. The aggregate price of a home is estimated to be $808,200 in the fourth quarter of this year. The report also says that the median price of a detached home is expected to increase seven per cent annually by the fourth quarter of 2025, from $841,900 this year to $900,833. Condominium prices are expected to rise at a more moderate pace, with prices set to increase 3.5 per cent annually over the same timeframe from $585,500 to $605,993.