Just Released: Royal LePage Q1 2018 House Price Survey
The Q1 2018 Royal LePage House Price Survey was released to media early this morning.
Key highlights from the national release include:
- The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 6.2 per cent year-over-year to $605,512 in the first quarter of 2018.
- At the outset of the quarter, sales activity levels fell at both national and regional levels year-over-year, in part due to an observed “pull-ahead” in transactions at the end of 2017, as buyers sought to solidify home purchases before the new mortgage rules came into effect.
- Greater Vancouver witnessed the most significant condominium price gains among Canada’s major metropolitan areas, posting a 19.8 per cent increase to a median price of $668,342. In the GTA, the median price of a condominium increased 11.9 per cent year-over-year to $471,854 in the first quarter, and decreased slightly on a quarter-over-quarter basis, decreasing 1.3 per cent. Bucking this trend, condominiums in the Greater Montreal Area appreciated 3.5 per cent to $314,554 year-over-year compared to two-storey homes, which appreciated 8.3 per cent to $492,751.
- Beginning in the first quarter of 2018, seven real estate markets were added to the Royal LePage National House Price Composite. The new regions are: Abbotsford (BC), Burlington (ON), Guelph (ON), Barrie (ON), Thunder Bay (ON), Saguenay (QC) and Fort McMurray (AB).
A big thank you to all of our spokespeople from across the country for their contributions in providing regional perspectives. Regional insights can be found in both the national release and in city-specific releases.