The average price of Canadian homes increased in the third quarter of 2013, according to Royal LePage.
Home prices rose between 1.2 and 4.1 per cent, while condominiums saw more moderate price increases, rising 1.2 per cent to $246,530 year-over-year.
A number of regions saw a surge in sales during the third quarter – an indication that Canadians have started to re-enter the housing market following more than a year of sitting on the sidelines, marking the end of the most significant housing market correction since the 2008/09 global recession.
“Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely,” says Phil Soper, president and chief executive of Royal LePage. “Many regions experienced dramatic slowdowns in the number of houses trading hands but news of double-digit unit sales declines went largely unnoticed.”
St. John’s, Nfld., Toronto, Winnipeg, Saskatoon and Calgary led the country in home price increases, while Vancouver posted year-over-year price gains across all three housing categories.
Notable changes in condo prices include:
- Halifax posted strong year-over-year price gains of 5.9 per cent, with prices reaching $214,000.
- St. John’s, Nfld., posted gains of 12.1 per cent year-over-year, reaching $315,333.
- Increased inventory in Ottawa resulted in slight price declines, with prices dropping 1.1 per cent to $259,000.
- In Toronto, prices remained level in comparison to the third quarter of 2012, growing just 0.3 per cent to an average price of $355,483.
- Despite sales having a slow start in the first half of the year, condo prices in Winnipeg rose 3.5 per cent to $195,226.
- A sustained period of low housing inventory, paired with a healthy economy and an influx of corporate sector workers, fuelled price growth in Calgary. Average condo prices rose 5.6 per cent to $263,087.
