Price of Metro Vancouver condos surge, detached homes drop

House prices climbing across Canada.
           House prices climbing across Canada

That's virtually tied with the Kitchener-Waterloo-Cambridge region for the highest increase of the 53 markets across Canada surveyed by Royal Lepage, and it's more than twice as high as the 13.3 per cent increase seen nationally.

"Outside of the entry-level condominium market that continues to struggle from overbuilding in 2016, the overall housing market is balanced and doing well considering many buyers are waiting until uncertainty from NAFTA negotiations is resolved", said Mike Duggleby, broker and managing partner, Royal LePage Regina Realty.

"What we're seeing... is that the market has picked up again, so it likely was a very short correction, in the neighbourhood of about a six-month correction".

"This drop is entirely consistent with the recent loosening of market conditions in metropolitan Toronto", Teranet said in a news release.

Compared to a year ago, Greater Vancouver house prices are appreciating at a much healthier pace. The price index for Hamilton slipped 1.9 per cent. After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth.

Broken down, the numbers show the aggregate price of a home increased 5.5 per cent to $320,405, while the median price of a two-storey home increased 6.2 per cent to $340,204.

The report, released Thursday, revealed prices in the Greater Toronto Area, Greater Vancouver, and Greater Montreal Area, Calgary, and Ottawa all rose at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis.

It shows that the aggregate sale price of a home in the region - a weighted average that takes into account different types of housing being sold - hit $483,133 in the third quarter of 2017. Royal LePage says this suggests stable economic growth across the country.

Honsberger noted that in the third quarter of past year, there were more higher-end condo sales.

Going forward, Soper says rising interest rates and a strong Canadian dollar should stabilize price appreciation in Canada's major markets into 2018.

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