Pace of rising home prices slowed in Q2

Pace of rising home prices slowed in Q2

The firm predicts the Greater Toronto Area will have the biggest price increase in the second half of 2018 of any major city in Canada, with prices expected to climb 5.6 per cent to $867,826 by the fourth quarter compared with the second quarter this year.

When it comes to specific kinds of housing, the median price of a two-storey home in London increased nine per cent from the same period past year, to $404,520.

The latest Royal LePage House Price Survey, released Tuesday, shows that when compared to the same time a year ago, the aggregate home price in the region is up 7.2 per cent to $1,269,816, with condominium sales driving much of that growth: the median condo price is up 18.4 per cent compared to a year ago, at $692,452.

The sales for two-storey homes is "slower than usual", said Ferrante, but he's still seeing multiple offers on well-priced properties.

"Purchasers look to condominiums for relative affordability, yet with competition continuing to intensify, property values within the segment now outstrip most detached markets across the country", wrote Adil Dinani, real estate adviser, Royal LePage West Real Estate Services.

"Based on our analysis the market has bottomed out", said Phil Soper, the CEO of Royal LePage.

Froese said that "slow and steady" pace of growth appears to make Winnipeg homes a reliable investment, less prone to the steeper price hikes and declines seen in other Canadian cities.

The survey of Royal LePage and Real Price Solutions data compared prices in the second quarter of 2018 to the same quarter past year.

"To put it into perspective, the budget now needed to purchase a condo could have netted someone a two-storey home here in Greater Vancouver four years ago".

While prices fell nearly 2 per cent in the GTA in the second quarter compared with the same period previous year, they were up 11 per cent in the Niagara and St. Catharines region, 9 per cent in London, 8.2 per cent in Kitchener/Waterloo, 10 per cent in Kingston and 6 per cent in Hamilton.

"Notably, the national inventory of newly completed and unabsorbed multi-unit dwellings has remained below its 10-year historical average so far in 2018, indicating that demand for this type of unit has absorbed increased supply", said Bob Dugan, CMHC's chief economist. "The fundamentals have not changed".

Soper said prospective buyers who had once maintained a "wait and see" approach may now begin entering the housing market. The economy is strong and unemployment is very low. "Upward pressure on prices will likely return to most markets this quarter". Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children's shelters and educational programs aimed at ending domestic violence.

Royal LePage broke down home price by category, with condos showing the largest growth in median price, and the largest median price overall. Data is provided by RPS Real Property Solutions.

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