Increase in home prices year-over-year slower in second quarter

Edmonton's housing market inventory was at a 10-year high in the second quarter of 2018 Royal Le Page says.					Ed Kaiser  Edmonton Journal

Looking ahead, Royal LePage is projecting an uptick in home price appreciation in the third quarter and forecasts that the aggregate price of a home in Canada will increase 1.9 per cent over the next three months.

Quarter-over-quarter, aggregate home prices increased slightly by 1.1 per cent.

The Royal LePage House Price Survey, a report compiled from a national survey of Royal LePage agents, found that home prices overall were about 7.2 per cent higher in Greater Vancouver than a year ago, at an aggregate of $1,269,816 in 2018's second quarter.

The sales for two-storey homes is "slower than usual", said Ferrante, but he's still seeing multiple offers on well-priced properties. "We're increasingly seeing millennials move into these units in the downtown area, enabling this demographic to enjoy urban living".

Marc Doucet, broker of record with Royal LePage Atlantic, said the growth in Halifax's housing market is mostly due to a dip in supply.

"It was a spring market that never blossomed", said Phil Soper, president and CEO, Royal LePage.

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Nationally, the growth in home prices was similar to Halifax at two per cent, but Royal LePage said this marked a slow down from previous periods. When broken out by housing type, the median price of a two-storey home rose 0.8 per cent year-over-year to $720,504, while the median price of a bungalow climbed 1.8 per cent to $512,979.

While prices fell nearly 2 per cent in the GTA in the second quarter compared with the same period past year, they were up 11 per cent in the Niagara and St. Catharines region, 9 per cent in London, 8.2 per cent in Kitchener/Waterloo, 10 per cent in Kingston and 6 per cent in Hamilton.

"Notwithstanding the economic drag that hard American trade negotiations are creating, the national housing market is expected to remain in a long-term expansionary cycle, albeit at a slower pace than we have witnessed over the past couple years". By contrast, cities that surround the GTA, as well as elsewhere in southern Ontario, are seeing housing prices outpace the national trend as buyers exit the Toronto area for more affordable regions.

Soper said housing activity in most markets will pick up now that these new realities have sunk in.

However, Soper was optimistic about the prospects for sales and values over the next couple of quarters. "The fundamentals have not changed". "If it was a prolonged situation it could impact employment and even send the Canadian economy into recession". Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children's shelters and educational programs aimed at ending domestic violence.

"As a result, large swaths of prospective homeowners continued to look to condominiums in the metropolitan area in search of value, pushing prices higher and intensifying competition within the segment", they said in a news release. Data is provided by RPS Real Property Solutions.

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