Sharing with you below is information according to the Royal LePage House Price Survey* and Market Survey Forecast, Canada’s residential real estate market posted strong home price gains in the second quarter of 2017, with the majority of metropolitan markets across Canada displaying expansionary trends.
The significant Greater Vancouver housing correction that began in August 2016 turned a corner in the second quarter of 2017. Home prices in B.C.’s Lower Mainland are now poised to resume an upward trajectory nearly a year after provincial regulatory intervention bruised consumer confidence and depressed sales activity. On the other side of the mountains, Alberta’s economic rebound continued as Calgary posted its strongest year-over-year home price gains since the downturn in the price of oil. Meanwhile, the Greater Toronto Area (GTA), a market that Phil Soper, President and CEO, Royal LePage characterized as “Canada’s least healthy” in the first quarter, saw moderating sales activity, as the combination of eroding affordability and government legislation has pushed many buyers to the sidelines – at least temporarily bringing balance to the country’s largest market and slowing home price appreciation within the region.
In the second quarter, the aggregate price1 of a home in Canada rose by 13.8 per cent year-over-year to $609,144. When broken out by housing type, the price of a two-storey home rose 14.6 per cent year-over-year to $725,391, while the price of a bungalow increased by 10.7 per cent to $511,965. During the same period, the price of a condominium climbed 13.4 per cent to $397,826.
“Following a period of unprecedented regional disparity in activity and price appreciation, we are now seeing a return to healthy growth in the majority of Canadian housing markets,” said Soper. “The white-hot markets are moderating to very warm; the depressed markets are beginning to grow again. Canadian housing is in great shape – a statement that I certainly did not make last quarter.”
“The rate of national house price appreciation that we experienced in the second quarter continues to be above what we would consider a normal range, driven primarily by very strong year-over-year price growth across much of Ontario,” continued Soper.
Looking ahead to the remainder of the year, Royal LePage forecasts that the national aggregate price of a home will increase by 9.5 per cent in 2017 to $617,773 when compared to year-end, 2016.
To view the chart with aggregated regions and markets visit royallepage.ca/houseprices
But what about specific information on OUR market, right here in the southern Georgian Bay? We’d love to answer your own personal real estate questions and share information on recent sales and info on the market in general in your own specific area/town/subdivision. As life-long residents, Chad and Scott are so familiar with the southern Georgan Bay area as well as our brisk and ever-changing market. They would be honored to be your local market specialist and can best assist you with your specific needs. If YOU are thinking of calling this beautiful area home or perhaps want to have your own vacation retreat in Wasaga Beach, please contact
Brokers, Scott (705-446-6602 Scott@WasagaRealEstate.com or Chad (705-443-9444 or Chad@WasagaRealEstate.com The Campbell Team would feel privileged to help make your Wasaga Dream come true. Contact us today!
Marketing Manager for The Campbell Team