Canada home prices see biggest decline in seven years as Toronto falls
13 Октября 2017, 12:34 | Hattie Nash
The report says nationally, the median price of a condo increased 15 per cent in one year, to about $414,000.
Waterloo Region's housing market is no longer seeing rapid price increases the way it did earlier this year - but it isn't showing any signs of retreating to lower prices, either.
National price gains also slowed on an annual basis, with prices up 11.4 percent from previous year, compared to an annual increase of 13.1 percent in August.
Home sales in Toronto have fallen since April when the Ontario government moved to cool the hot housing market with a package of changes including the introduction of a tax on foreign buyers.
Buyers who remained on the sidelines after the plan's implementation have now jumped back into the market while sellers, who attempted to capitalize on spring activity, have taken their homes off the market, says Royal LePage.
Royal LePage said housing markets in Toronto and Vancouver are levelling off after years of "unsustainable inflation and sharp market corrections".
"What we're seeing... is that the market has picked up again, so it likely was a very short correction, in the neighbourhood of about a six-month correction".
The index for Victoria was flat, while Vancouver increased 1.3 per cent, Calgary added 0.7 per cent, Montreal climbed 0.3 per cent, Ottawa-Gatineau gained 0.3 per cent and Edmonton edged up 0.2 per cent.
"This drop is entirely consistent with the recent loosening of market conditions in metropolitan Toronto", Teranet said in a news release.
Langley, Surrey, North Vancouver, and Richmond saw third quarter price increases of 9.2 per cent, 6.3 per cent, 4.5 per cent and 1.4 per cent, to $831,283, $796,466, $1,417,226, and $1,103,064, respectively, according to the survey.
In Alberta, the province's economy continues to emerge out of a recession. "As a result, inventory is down about 15 per cent compared to a year ago and most notably in entry-level homes".
According to Soper, Montreal is a market to watch out for as it's the most affordable world-class city.
Going forward, Soper says rising interest rates and a strong Canadian dollar should stabilize price appreciation in Canada's major markets into 2018.
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