07:28 AM EST, 12/04/2024 (MT Newswires) -- Vancouver and Toronto home prices have gone almost completely flat since the start of the year, noted Bank of Montreal (BMO).

November numbers are rolling out from the major cities, and that doesn't look to be changing based on the early results, said the bank.

While the Bank of Canada continues to cut interest rates, there's been little scope for a quick rally in home prices because valuations were so "out of whack" before the easing cycle, stated BMO.

Meantime, some clear performance differences are showing below the surface based on market segment, pointed out the bank. In both cities, single-detached home prices are clearly outperforming condos.

BMO continues to see a scarce supply of single-family homes relative to demand, but a wave of condo completions coming to market just as demand from investors and renters is backing off.

The bank looks for this performance disparity to continue and

remain a key feature in 2025.