Home prices continue steadily rise in most markets across the country
Thursday Aug 03rd, 2017Share
Canada's residential real estate market posted strong home price appreciation in the second quarter of 2017, with most regions displaying healthy housing trends.
According to Royal LePage's House Price Survey and Market Survey Forecast, the price of a home in Canada rose 13.7 per cent year-over-year to $609,104 in the second quarter.
Over the same period, the price of a two-storey home and bungalow climbed 14.6 and 13.4 per cent, respectively to $725,336 and $511,881. Canada's supply of condominiums also saw a significant rise in pricing, surging 13.4 per cent year-over-year to $397,869.
“Canada's residential real estate market has gradually begun to return to normal, as conditions continue to stabilize across the country,” explained Ontario-based real estate agent, Brad Johnstone.
During the quarter, the overall health of the Canadian economy played a significant factor in the stability of the country's real estate market. While price appreciation in Ontario largely remained unsustainable, posting an aggregate year-over-year gain of 20.6 per cent, all other provinces except for Prince Edward Island turned in positive, healthy price improvements. Most notably, Canada's most affordable housing market, New Brunswick, trailed only Ontario in terms of appreciation, rising by 6.3 per cent year-over-year to $189,000. Next up, Quebec rose by 5.1 per cent over the same period to $308,824.
Looking ahead to the rest of the year, the real estate firm forecasts that the national aggregate price of a home will increase by 9.5 per cent in 2017.
“With the majority of regions on solid footing, we anticipate that pricing will continue their upward trajectory, albeit at a more moderate pace,” said Johnstone.
“While sanity slowly returns to southwestern Ontario, properties across the lower mainland of British Columbia and in Alberta, having seemingly recovered from their respective challenges, are likely now on track to grow at a healthy and sustainable pace for the remainder of the year.”