Housing prices up 4.9% in Montreal area

Barsaba Taglieri
Aprile 20, 2017

Broken down, the price on only one housing type rose - the median price for a two-storey home was up 7.8 per cent in Regina to about $416,045.

Randy Ryalls of Royal Lepage Sterling Realty says after a period of astounding growth in 2016, eroding affordability and government intervention has cooled the housing market, at least temporarily.

"An unfortunate side-effect of heavy-handed government regulatory intervention is that we risk market whiplash", Phil Soper, chief executive and president of LePage, said in a statement. "In the coming weeks, it is possible that six months of pent-up demand will be unleashed on the market, sending prices sharply upward again".

"Frankly, I thought the correction would be deeper and longer, but that unit-sales number says to me that there's still a lot of demand in the region and people may not sit on the sidelines for as long as we thought they would", he said in an interview.

The Hamilton results - which placed the average price at $457,452 - compare to Greater Toronto Area that had a 20 per cent increase with an aggregate average of $759,241.

The average price of a home in Edmonton in the first quarter of 2017 hovered at $381,733, up 0.3 per cent over the same period previous year.

Nationally, Canada's residential real estate market saw substantial price growth in the first quarter of 2017, increasing 12.6 per cent year-over-year to $574,103.

"Homebuyers are waking up to this reality and may be ready to rush back into the market".

Prices soared not only in the Greater Toronto Area, but also in other cities across Southern Ontario.

The aggregate price of a home in the city rose 0.6 per cent year-over-year to $461,635.

'Ottawa doesn't have the big peaks and the big valleys, ' said Royal LePage broker of record John Rogan. The top 10 largest year-over-year aggregate price increases in the province were in Richmond Hill (31.5 per cent), Oshawa (28.2 per cent), Vaughan (25.8 per cent), Markham (23.2 per cent), Oakville (23.1 per cent), Ajax (22.7 per cent), Brampton (19.7 per cent), Whitby (19.0 per cent), Mississauga (18.6 per cent) and Milton (18.0 per cent). "With inventory down when compared to this time previous year, the pressure caused by this growing demand is contributing to strong price appreciation in the region".

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