According to the most recent survey from Royal LePage, the average price of a home in Canada rose in the third quarter. Prices went up between 1.8 and 4.8 per cent depending on the category of home.
Royal LePage’s third quarter survey indicated that the average standard two-storey home in Canada increased 4 per cent year-over-year rising to $403,747. Detached bungalows saw a rise of 4.8 per cent to $366,773 and standard condos witnessed an increase of 1.8 per cent to $243,607.
While housing prices went up, the number of homes sold slipped. Royal LePage chief Phil Soper said, “During the third quarter, unit home sales were positive in July, fell nine per cent year-over-year in August and we are expecting September to show a decline as well.”
“We had predicted this cyclical change early in the year, a natural market reaction after a period of strong expansion. Changes to mortgage regulations, which took effect on July 9, accelerated the correction,” noted Soper.