Fourth quarter prices mark 'Year of the Condo'

Sergio Conner
January 13, 2018

Royal LePage has released its 2017 Q4 House Price Survey (HPS) and it has found that the aggregate home price in Greater Vancouver has increased 8.2% year-over-year to $1,267,769.

The median condo price rose 14.3% to $420,823 on a year-over-year basis, driven by large gains in Canada's largest condo markets, especially Toronto and Vancouver.

The median price of a two-story home in the region jumped 25.1 per cent to $519,970 while the median price of a bungalow increased 24.9 per cent to $448,855.

Strong prices were also recorded across the country, with residential real estate showing strong but slowing year-over-year price growth in the fourth quarter of 2017, according to the report. Within the last three months, the area posted the largest aggregate declines of any market studied nationwide, with the median home value falling 6.4% year-over-year to $3,020,354.

Calgary saw overall home sales over $1 million increase 11 per cent year-over-year, while sales in the $1 million-plus real estate market increased 20 per cent in Montreal. Condominiums in the area rose 19.5% to $533,063, compared with the same time a year ago.

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The real estate company said that based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter.

The agency's general manager Randy Ryalls says home values have continued to strengthen in the region, particularly in the entry-level market where competition for available property is stiff.

"I think as most people understand, resources play a huge part in the economy in Saskatchewan and Regina and in the last little bit we've seen some pretty encouraging news in potash with the merger between Agrium and PotashCorp, and even since we've written the report there's been a little bit of a surge in oil prices", Duggleby said in an interview with the 980 CJME Morning Show Wednesday.

"In the previous year and a half, we have noticed a major shift in the demographics of homebuyers in our region, which is resulting in less demand and a decline in home prices", said Lincoln Thompson, broker and owner, Royal LePage Gardiner Realty. Meanwhile, the median price of a bungalow rose by 5.3 per cent to $1,436,606 compared to a year ago. The company believes this is due to exceptionally low inventory levels enticing price appreciation within the region.

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