What Did Real Estate Prices Really Look Like In The Last Quarter of 2017?
Sunday Jan 14th, 2018
Broken down by housing type, Royal LePage reported that the median price of a two-storey home rose 11.1% year-over-year to $741,924, and the median price of a bungalow climbed 7.1% to $522,963.
Canada’s residential real estate market saw strong but slowing year-over-year price growth in the fourth quarter of 2017, according to their report.
The real estate company said that based on data in 53 markets, the price of a home in Canada increased 10.8% year-over-year to $626,042 in the quarter.
But the company said in its report that the median price of a condo grew faster than any other housing type studied, rising 14.3% to $420,823 on a year-over-year basis due to gains in many of the largest markets.
In the Greater Toronto Area, the median price of a condo grew 19.5% year-over-year to $476,421, while in the City of Toronto, the cost of a condo rose 19.6% to $515,578.
In Greater Vancouver, condominiums followed a similar pattern during the quarter, rising 20.2% to $651,885, while the median price of a condo unit in the City of Vancouver rose 18.7% to $775,806.