Expect An Uptick In National Home Prices Next Quarter Following Sluggish First Half Of 2018

Dated: 07/15/2018

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TORONTO, July 10, 2018 – According to the Royal LePage House Price Survey[1] and Market Survey Forecast released today, home price appreciation slowed across Canada in the second quarter of 2018, marked primarily by softness in the Greater Toronto Area (GTA), where many regions have witnessed year-over-year price declines. In contrast, a number of surrounding cities in Ontario’s Golden Horseshoe and beyond are now seeing significant year-over-year home price gains as a result of migration from the GTA as buyers seek homes in more affordable regions. Meanwhile, the Greater Montreal Area and suburban Vancouver experienced some of the highest year-over-year price appreciation in the country in the second quarter.

The Royal LePage National House Price Composite[2], compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 2.0 per cent year-over-year to $613,968 in the second quarter of 2018. When broken out by housing type, the median price of a two-storey home rose 0.8 per cent year-over-year to $720,504, while the median price of a bungalow climbed 1.8 per cent to $512,979. At a national level, condominiums posted a significantly higher rate of appreciation when compared to the detached segment, rising 8.1 per cent year-over-year to $435,421. Looking ahead, Royal LePage is projecting an uptick in home price appreciation in the third quarter and forecasts that the aggregate price of a home in Canada will increase 1.9 per cent over the next three months.

In Manitoba, Winnipeg home prices rose 1.8 per cent year-over-year to $293,932. According to Economic Development Winnipeg, the city had a strong year as real GDP increased by 3.7 per cent and the population increased to almost 750,000 or 1.9 per cent. By the end of the third quarter, the aggregate price of a home in Winnipeg is expected to rise 1.3 per cent to $297,817 compared to the second quarter of 2018.

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Kevin Gregory

Your new home doesn't come with mortgage advice. I do. When it comes to your mortgage, it is important to make sure you get the home you really want, with flexible financing solutions that are righ....

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