🏡...Canada’s home prices recovering from "significant correction"🏡🏡🏡 Canada’s home prices increased 4% year-over-year in the fourth quarter of 2018, a sign of the market recovering from “the most significant housing correction” since the financial crisis.
That’s the conclusion of a report from Royal LePage which shows that the media price of a home in Canada rose to $631,223.
For a two-storey home, the median rose 3.9% to $745,007, while the median price of a bungalow climbed 1.5% to $516,950. Condos remained the property type with the sharpest rise in prices nationwide rising 7.2% year-over-year to $447,915.
"The invisible hand that guides our complex economy hit the real estate reset button in 2018 and that is a good thing," said Phil Soper, president and CEO, Royal LePage. "Major market home price inflation through much of the decade had led to dangerous overheating in our most populous regions. Government regulatory intervention and rising interest rates, when combined with property price overshooting, triggered the correctional cycle we find ourselves working through today."
The report shows that secondary markets gained in Q4 2018 as buyers looked to more affordable options.
Of the regions studied in the Royal LePage National House Price Composite, Windsor and Kingston saw the highest appreciation rates in Ontario, rising 14.7% and 13.8% year-over-year, respectively.
Meanwhile, regions including Ottawa, Kitchener/Waterloo/Cambridge, and London saw strong aggregate price gains of 9.3%, 9.0%, and 8.9% respectively.
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