Waterloo Region had country's biggest home price increase in Q4

Erika Holt
January 13, 2018

The average prices of an Edmonton home rose by 2.3 per cent past year to $386,532, according to a report released Wednesday by Royal LePage.

·In Surrey, home appreciation increased 10.7% year-over-year to $844,869 and in Langley, aggregate home prices increased 12.8% to $866,073. The median price of a two-storey home rose 11.1% to $741,924, and the median price of a bungalow climbed 7.1% to $522,963. During the same period, the median price of a bungalow decreased 3.9 per cent year-over-year to $201,902.

Prices of condos in Vancouver increased 18.7 per cent year-over-year, from $653,794 in Q4 2016 to $775,806 in Q4 2017. "After waiting for quite some time to see if home values would waver, many purchasers now believe that the region's robust economy and chronically low inventory levels will likely insulate many segments from significant price declines".

"To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability", said Royal LePage president and CEO Phil Soper in a release.

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"Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff", Royal LePage Sterling Realty general manager said Randy Ryalls in a statement.

Condos were the only market segment to appreciate on a quarter-over-quarter basis among all housing types studied, rising 1.1% in the final three months of the year.

Regina is a buyer's market for houses and condos as local real estate reports continue to blame the downturn in the natural resource sector for declining prices.

That's according to real estate agency Royal LePage's 2017 4th quarter housing trends report for the region, which found condo price growth on pace to outpace all other property types. "Policy measures like the OSFI stress test will quell runaway housing inflation to an extent. To put it another way, the demand is still there". Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children's shelters and educational programs aimed at ending domestic violence.

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