04/04/2019
Royal LePage Q1 2019 House Price Survey and Market Forecast:
Key highlights from the national release:
- The price of a home in Canada increased 2.7% year-over-year to $621,575 in the first quarter of 2019, below the long-term norm of 5%. Condominiums remained the fastest growing housing type on a national basis, rising 5.4% year-over-year to $447,260.
- Royal LePage forecast that the price of a home in Canada will increase 1.0% to $627,945 over the next three months.
- The global economy hit a soft spot entering the new year. Economic downturns in China and Germany, ongoing trade disputes, and slowing U.S. growth support a relatively muted global outlook. The upside for the Canadian housing market is the increased likelihood that interest rate hikes are on hold for the foreseeable future.
- The City of Toronto continues to be one of Canada's fastest appreciating real estate markets. Median home prices in the City of Toronto rose 5.8% year-over-year, while the overall GTA's aggregate home prices rose 3.4% in the same period.
- The aggregate price of a home in the Greater Montreal Area passed the $400,000 mark, rising to $406,332, an increase of 5.5% from the same period last year. This represents a higher rate of appreciation than that seen in both the GTA and Greater Vancouver, and above the national aggregate percentage increase.
- In eastern Ontario, Ottawa home prices appreciated by 7.7% year-over-year. The aggregate price of a home in Ottawa has now surpassed that of Calgary for the first time, a trend unforeseen five years ago.
- For the first time since 2012, Greater Vancouver home prices declined year-over-year, with the aggregate price dipping 1.5 per cent for the first quarter of 2019 to $1,239, 306, while overall listing volumes are increasing.
Sluggish Start to 2019 Provides Silver Lining for First-time Home Buyers in the Country’s Largest CitiesNational home price growth slowed to 2.7 per cent year-over-year in the first quarter of 2019Home prices in western Canada forecast to declinePrice growth in the Greater Toronto Area (GTA) remai...