(NC) With much attention to home prices these days, property owners are increasingly curious about the value of their homes.
According to the Royal LePage House Price Survey, Canada’s residential real estate market showed strong year-over-year price increases in the first quarter of 2016. The Greater Vancouver and Greater Toronto Area (GTA) real estate markets continue to lead the country in home price appreciation while Quebec shows promising signs of renewal, particularly in the Greater Montreal Area.
The median price of a home in Canada increased 7.9 per cent year-over-year to $512,621 in the first quarter of 2016. The price of a two-storey home rose 9.2 per cent year-over-year to $629,177, and the price of a bungalow increased 6.8 per cent to $426,216. During the same period, the price of a condominium increased 4.0 per cent to $344,491.
“A glance at our national House Price Composite points to a very strong Canadian real estate market, yet the findings contain extreme regional disparities of the kind we haven’t seen in over a decade,” said Phil Soper, president and CEO, Royal LePage. “Like an economic triumvirate, the impact of rock-bottom interest rates, the low Canadian dollar and a rapidly expanding U.S. workforce are stimulating economic growth and housing demand in our largest metropolitan areas. Conversely in cities like Calgary, the ongoing drags in depressed energy prices and worrisome employment trends have taken a material bite out of sales volumes.”
To view the chart with aggregated regions and markets visit royallepage.ca/houseprices. This site provides historical house price data as well.