royal lepage housing report Photo: Winky/Flickr

Canadian homes measured “healthy” price growth in the fourth quarter of 2014, but Royal LePage warns of a slowdown – especially in the West – in their latest House Price Survey and Market Survey Forecast.

Countrywide, the average price for a detached bungalow saw the biggest year-over-year increase, rising 6.7 per cent to $406,218 in the fourth quarter of 2014. Standard two-storey houses followed with a 6 per cent rise to $443,379 while standard condos recorded a 4.5 per cent boost to $257,624.

Here’s how some of the major regional markets fared in Q4-2014:

Toronto

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $647,535 $580,151 11.6%
Standard Two-Storey $745,062 $686,250 8.6%
Standard Condo $384,680 $359,693 6.9%

Ottawa

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $404,708 $396,000 2.2%
Standard Two-Storey $407,440 $399,000 2.1%
Standard Condo $258,817 $260,500 -0.6%

Montreal

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $297,300 $291,050 2.1%
Standard Two-Storey $402,321 $401,714 0.2%
Standard Condo $241,983 $239,322 1.1%

Edmonton

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $373,244 $344,583 8.3%
Standard Two-Storey $397,045 $362,770 9.4%
Standard Condo $250,953 $223,578 12.2%

Calgary

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $511,889 $469,078 9.1%
Standard Two-Storey $500,320 $461,089 8.5%
Standard Condo $311,644 $285,689 9.1%

Vancouver

Property type Q4-2014 Q4-2013 % Change
Detached Bungalow $1,124,642 $1,046,300 7.5%
Standard Two-Storey $1,233,182 $1,151,550 7.1%
Standard Condo $511,150 $492,500 3.8%

For 2015, the real estate brokerage isn’t anticipating the same kind of price growth and is forecasting a 2.9 per cent increase for homes across Canada.

“For our 2015 forecast, we could not ignore the potential impact of the steep decline in the price of oil on housing markets across Canada,” said Phil Soper, president and chief executive of Royal LePage.

“In the immediate term we anticipate that the natural slowing of home price appreciation we called for in the third quarter of 2014 will be delayed in Central Canada and accelerated in the West by recent developments in the energy sector.”

Royal Lepage believes GTA homes will see the highest home price increases in the first half of 2015. The company sees less growth in the West, pointing to price relief in more expensive markets such as Vancouver.

Ultimately, the company believes the biggest threat to home prices will be consumer confidence, “which could result from worsened employment prospects or decreased purchasing power, be it real or perceived.”

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