For most of Canada, the housing market exhibited moderate price increases and stable unit sales during the third quarter. Wide regional variances continued to be the dominant characteristic in the market, exemplified by frenzied levels of activity and double digit price gains observed in the energy and commodity rich Western provinces, and more reasonable sales volumes and moderate price appreciation in Ontario, Quebec and Atlantic Canada.
Nationally, market trends established through the first three quarters are forecast to continue for the remainder of the year. Robust economic conditions, low unemployment rates, modestly growing salaries and wages, and sound consumer confidence contributed to the overall strength of the residential real estate sector.
Of the housing types surveyed, the highest average price appreciation occurred in detached bungalows, which rose to $300,365 (+16.3%) year-over-year, followed by standard condominiums, which rose to $211,562 (+14.2%), and standard two-storey properties, which increased to $365,380 (+13.2%).
“Canada’s sturdy housing market continued to demonstrate steady growth during the third quarter. For all but the west, we have moved on from the frenzied expansion that characterized the first half of this decade, and are poised to show continued growth at a more moderate pace,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services. “Gone is the sellers’ market that we have lived with for some years. We welcome the more reliable conditions that are characteristic of a healthy balanced market.”
For further information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca. If you’re wondering what your home is worth in today’s market, please contact me and let me put my expertise to work for you!