Scorching Halifax condo market sees it now outpricing average cost of homes
13 July, 2018, 00:54
The Royal LePage national house price composite showed the price of a home in Canada increased 2.0 per cent year-over-year to $613,968 in the second quarter of 2018.
The Canada Mortgage and Housing Corp. says the annual pace of new home building increased in June, boosted by a jump in multi-unit projects.
Mr. Soper said he has never seen a federal housing policy change that had as wide an impact on buyers in all markets across the country.
Canadian house prices are expected to climb significantly in the second half of 2018, driven by price gains in the Toronto region as buyers adapt to new mortgage rules that cooled the market in the first half of the year.
The price of a home in Halifax rose more than two per cent in the second quarter of 2018, with the condo category making the biggest leap at a staggering 9.5 per cent, according to the Royal LePage House Price Survey.
And while homes in British Columbia remain the priciest in the country, Royal LePage has seen a softening in the Vancouver area amid new lending regulations and recent tax measures implemented by the B.C. government.
The company forecasts that by the end of the next quarter, prices will have increased by one per cent.
Nationally, price appreciation slowed across Canada in the second quarter of 2018, marked primarily by softness in the Greater Toronto Area (GTA), where many regions have witnessed year-over-year price declines.
While the year-over-year growth in aggregate price in Vancouver (2.4 per cent), West Vancouver (3.8 per cent), North Vancouver (5.9 per cent) and Richmond (six per cent) are all below the regional average; Burnaby, Coquitlam, Surrey and Langley saw above average growth of 8.5, 14, 16.4 and 21.2 per cent respectively.
Windsor also appears to be outpacing the national trend when it comes to year-over-year median price hikes for condos, which were up 19.1 per cent, from $163,513 to $194,765, and detached bungalows, which rose 6.9 per cent, from $227,145 to $242,854.
Nationwide, house-price increases slowed down in the second quarter of 2018, the survey found.
"The economy is strong and unemployment is very low", he said.
The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 63 of the nation's largest real estate markets. "We face shortages in our major cities, with many more people looking for homes than the market has available for purchase or rent".
However, Soper was optimistic about the prospects for sales and values over the next couple of quarters.
Edmonton's housing market inventory has reached a 10-year high, according to Royal LePage.
Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of nearly 18,000 real estate professionals in more than 600 locations nationwide.
"It probably is the bottom, and that's why the forecast points to higher prices during the next quarter", he said. Data is provided by RPS Real Property Solutions.
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