Canadian condo prices are on the rise, says a new Royal LePage report.

The median price of a condo rose 4.4% year-over-year to $583,900 in the fourth quarter of 2023, states the report released Monday. By comparison, the median price of a single-family home increased 4.4% year-over-year to $816,100.

“I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers [interest] rates misses the mark,” said Phil Soper, president and CEO of Toronto-based Royal LePage, in an accompanying news release.

“The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.”

Calgary experienced a whopping 11.4% median condo-price increase and a 9.8% rise in the median price of a single-family home.

Toronto (5.4%), Halifax (4.6%) and Vancouver (4.2%) also posted median condo-price increases above the national mark.

Image: GlenHill Condominiums project under development in Toronto/Lanterra Developments