Real estate experts expect that home prices will rise at higher rates in the Greater Toronto Area, despite the cut in interest rates.

And despite the availability of a large number of homes and the sales being severely sluggish, the real estate market has not seen a decline in prices, as experts predicted.

According to Royal LePage data, it appears that there are more cuts in interest rates, which indicated that the average home prices in the area will rise significantly by up to 10%

It has been clear over the past few months, reaching $1,235,630.

In Montreal, price increases to $614,978 are expected at the same time this year, with a difference of 8.5%, while the average was $566,800 in the fourth quarter of last year.

It is worth mentioning that the report indicated that prices across Canada will rise by 9% by the end of this year, compared to last year, reaching $860,555.