Home prices in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area, Calgary and Ottawa gained between 1.5% and 3.5% year-over-year according to Royal LePage.
Across the 53 markets analyzed by the firm’s House Price Composite, median prices were up 13.3% year-over-year in the third quarter of 2017 to $628,411.
Standard two-storey homes rose 13.9% to a median $748,049; bungalows were up 9.5% to $525,781; and condos were up 15.2% to $413,670.
Prices in the GTA continued to lead the increases year-over-year with a 21.7% rise, Montreal was up 14.3%, Ottawa rose 7.9%, Calgary was up 5% and Greater Vancouver was up 2.5%.
“For now, the Toronto and Vancouver housing markets have returned to earth,” said Royal LePage CEO Phil Soper. “After a period of unsustainable price inflation and sharp market corrections, we are seeing low single digit appreciation in each. Calgary has shaken off the oil-bust blues and Montreal appears to be at the beginning of a new era of economic prosperity. Rounding out the ‘big five,’ the Ottawa market is behaving like it usually does – a picture of healthy market growth.”
Soper says that rising borrowing costs and weakened foreign buyer interest will keep a lid on rising prices in the major markets