What Did Real Estate Prices Really Look Like In The Last Quarter of 2017?

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.