National aggregate home price posts
single-digit year-over-year decline in Q4 over 2021; double-digit
growth compared to 2020 and 2019
Fourth quarter highlights:
- National aggregate home price down 2.8% in Q4 2022 vs. the
prior year; first year-over-year decline recorded in more than a
decade
- Prices remain above pre-pandemic levels: Canada's Q4 2022 national aggregate home price
has appreciated 13.8% vs. Q4 2020, and 17.2% vs. Q4 2019
- Greater regions of Toronto and
Vancouver record year-over-year
aggregate price declines of 4.6% and 3.5% respectively in Q4 2022,
while the Greater Montreal Area
posts a gain of 2.2% in the same period
- Less than 1% of all homes in Canada were purchased during the peak price
period of February and March, 2022
TORONTO, Jan. 13,
2023 /CNW/ - According to the Royal LePage House
Price Survey released today, the
aggregate1 price of a home in
Canada decreased 2.8 per cent
year-over-year to $757,100 in the
fourth quarter of 2022; the first year-over-year decline recorded
since the end of 2008 during the global financial crisis. On a
quarter-over-quarter basis, the aggregate price of a home in
Canada decreased 2.3 per cent.
This is the third consecutive quarterly decline, and the smallest
decrease so far.
______________________________
|
1 Aggregate prices are calculated
using a weighted average of the median values of all housing types
collected. Data is provided
by RPS Real Property Solutions and includes both resale and new
build.
|
"Canada's housing market closed
out 2022 much as expected," said Phil
Soper, president and CEO of Royal
LePage. "Activity levels were down sharply compared to the
hypercharged state we experienced during the pandemic, with home
prices flattening or showing modest declines. While the red-hot
market conditions are behind us, there remains a widespread
shortage of homes in Canada that
cannot be offset by temporarily cooling demand. Many sidelined
buyers are waiting patiently for the bottom to be revealed. Once
interest rates stabilize and consumers adapt to their new normal,
many of today's sidelined buyers will be back – sooner than many
analysts are predicting."
The Royal LePage National House Price Composite is compiled from
proprietary property data, nationally and in 62 of the nation's
largest real estate markets. When broken out by housing type, the
national median price of a single-family detached home declined 3.7
per cent year-over-year to $781,900,
while the median price of a condominium increased 1.4 per cent
year-over-year to $561,600. Price
data, which includes both resale and new build, is provided by
Royal LePage's sister company RPS
Real Property Solutions, a leading Canadian real estate valuation
company.
Peak Price
Prices peaked in the first quarter of 2022 in most, but not all,
provinces and within provinces, at different times in different
regions and neighbourhoods. In addition, the price of condominiums
peaked much later in the year than detached homes. Royal LePage feels quarterly comparisons by
market are a fairer and more accurate representation of the change
in housing values.
That said, by mid-2022, it had become common for market watchers
to reference 'declines from the peak price' as a means of
supporting the narrative that home prices were crashing. Less than
113,000 resale transactions took place in the months of February
and March,2 when the highest national
benchmark prices were recorded, representing a mere 0.68 per cent
of all residential dwellings in the
country.3
_________________________________
|
2 CREA Stats Centre aggregate
statistics, which reports national, provincial, and board-level
transaction data for residential properties, including measures
such as resale units sold, new listings, active listings, average
price and months of inventory.
|
3 Statistics Canada, 2021 Census
of Population,
https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/details/page.cfm?Lang=E&DGUIDList=2021A000011124&GENDERList=1,2,3&STATISTICList=1&HEADERList=0&SearchText=Canada
|
"It may be headline-grabbing to say that prices are down by
double digits, yet well less than one per cent of property owners
completed their purchases in February or March of last year, when
the pandemic-driven urgency to buy and serious housing supply
shortages came together to create a final spike in prices," said
Soper. "Over time, Canadian homeowners have benefited greatly from
real estate appreciation."
While home prices were down modestly on a year-over-year basis
in the final quarter of 2022, it is prudent to note that prices in
the fourth quarter of 2021 were close to their peak, and home
prices across the country remain well above pre-pandemic levels. In
the fourth quarter of 2022, the aggregate price of a home in
Canada recorded an increase of
13.8 per cent over the same period in 2020, and 17.2 per cent over
the same period in 2019.
Several important factors will continue to support home prices
in Canada, including high levels
of employment, strong household savings, and growing household
formation, both organically from our millennial and older
generation-z cohorts, and through record immigration rates.
"While demand has slowed in this rising interest rate
environment, we know that many families waiting on the sidelines
have the capacity to buy and have chosen not to, waiting for
conditions to stabilize. Soon enough, these buyers will return to
the market and will be met, once again, with the realities of low
inventory and much competition," noted Soper. "While we do not
expect the same level of frenzied demand seen at the height of the
pandemic, new household formation created by millennials and older
gen-Zers, as well as hundreds of thousands of newcomers, will put
price pressure on our limited supply of available homes."
Last week, the government of Canada confirmed that it met its 2022
immigration target of more than 431,000 new permanent residents,
the largest number of people ever welcomed in a single year in our
nation's history.4 Ottawa says it plans
to welcome up to half a million new residents each year for the
next three years.
Federal Policy
On January 1st, the federal
government brought into effect a two-year ban on foreign buyers in
an effort to increase supply for Canadians.
"This ban on foreign buyers will have little impact on the
widespread housing shortages our nation faces. The small number of
urban residential homes that would have been sold to non-residents
are a drop in the bucket compared to the millions of units needed
to provide adequate shelter for our citizens," said Soper.
In December, the Office of the Superintendent of Financial
Institutions (OSFI) confirmed that it would not be lowering the
minimum qualifying rate for mortgages, out of an abundance of
caution in uncertain economic times.
The stress test is an effective tool that has been successful in
ensuring Canadians can withstand higher lending rates and tighter
economic conditions. It is as a result of such policies that
Canada has the low rate of
mortgage defaults it does. Going forward, however, with interest
rates likely to hold steady, Royal
LePage believes this is the right time to ease up on such
tight restrictions and allow more Canadians the opportunity to
enter the housing market.
Interest Rates
Last month, the Bank of Canada
raised its key overnight lending rate for the seventh time in a
year to 4.25 per cent.5 The central bank
hinted that rate hikes may be coming to an end; welcome news for
the millions of Canadians who hold variable rate mortgages and have
seen their principal payments slashed or their monthly payments
increase materially over the last nine months. While inflation has
not come down as much or as quickly as officials might have hoped,
the country's strong job market continues to bolster the economy.
Economists are divided on whether or not another rate hike is in
store later this month.
_________________________________
|
4 Government of Canada, January 3,
2023
https://www.canada.ca/en/immigration-refugees-citizenship/news/2022/12/canada-welcomes-historic-number-of-newcomers-in-2022.html
|
5 Bank of Canada, December 7, 2022
https://www.bankofcanada.ca/2022/12/fad-press-release-2022-12-07/
|
Forecast
In December, Royal LePage issued
its 2023 Market Survey Forecast, projecting that the aggregate
price of a home in Canada will
decrease a modest 1.0 per cent in the fourth quarter of 2023,
compared to the same quarter in 2022.
The first quarter of 2022 marked the height of pandemic-fueled
exuberance in the Canadian housing market. As a result, the
year-over-year comparison in the first quarter of 2023 will show
the steepest decline in prices. On a quarter-over-quarter basis,
the national aggregate home price is expected to flatten in Q2,
before beginning to modestly recover over the remainder of the
year. At the same time, year-over-year comparisons are expected to
show progressively less price decline as the year goes on.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
REGIONAL SUMMARIES
Greater Toronto Area
The aggregate price of a home in the Greater Toronto Area decreased 4.6 per cent
year-over-year to $1,068,500 in the
fourth quarter of 2022. On a quarterly basis, the aggregate price
of a home in the GTA decreased 2.7 per cent; the third consecutive
quarterly decline recorded.
Broken out by housing type, the median price of a single-family
detached home decreased 6.7 per cent year-over-year to $1,325,900 in the fourth quarter of 2022, while
the median price of a condominium increased 2.7 per cent to
$683,100 during the same period.
"For the first time in several years, the GTA real estate market
showed a return to more normal seasonal trends, with activity
levels down heading into the start of winter and the holiday
period," said Karen Yolevski, chief
operating officer, Royal LePage Real Estate Services Ltd. "Rising
interest rates have poured cold water on housing demand in the
region, compared to most of 2020 and all of 2021, which were
extremely active and recorded exuberant price gains."
In the city of Toronto, the
aggregate price of a home decreased 4.5 per cent year-over-year to
$1,086,700 in the fourth quarter of
2022. During the same period, the median price of a single-family
detached home decreased 4.0 per cent to $1,517,300, while the median price of a
condominium decreased 4.2 per cent to $681,500.
"While home prices in Toronto
and the surrounding area have come down from their peak,
affordability remains a real challenge for many in Canada's second-most expensive city. Once
interest rates stabilize, I believe many buyer hopefuls who have
been sitting on the sidelines will return to the market." said
Yolevski. "With record-breaking immigration levels reached last
year and similar figures expected in 2023, additional demand will
be placed on a region struggling with a chronic shortage of
inventory, whether from newcomers themselves or investors looking
to take advantage of a boost in rental demand."
Yolevski added that, with a record number of condominium
completions in the GTA expected this year, supply in the rental
market could get a much needed boost.
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in the
Greater Toronto Area will decrease
2.0 per cent in the fourth quarter of 2023, compared to the same
quarter in 2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Greater Montreal
Area
The aggregate price of a home in the Greater Montreal Area increased 2.2 per cent
year-over-year to $544,300 in the
fourth quarter of 2022. On a quarterly basis, the aggregate price
of a home in the region decreased 1.9 per cent; the second
consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family
detached home increased 1.0 per cent year-over-year to $601,500 in the fourth quarter of 2022, while the
median price of a condominium rose 3.8 per cent $445,100 during the same period.
"The fourth quarter price data is encouraging as we begin the
new year," said Dominic St-Pierre,
vice-president and general manager of Royal
LePage for the Quebec
region. "The dips observed between the second and the third
quarters were much larger than those observed between the third and
fourth, in all Greater Montreal
markets except for the South Shore, which tells us that the price
correction eased during the last quarter of the year and home
prices are stabilizing."
In Montreal Centre, the aggregate price of a home decreased 3.4
per cent year-over-year to $646,600
in the fourth quarter of 2022. During the same period, the median
price of a single-family detached home decreased 5.9 per cent to
$1,036,500, while the median price of
a condominium increased 3.4 per cent to $527,100.
"Quebec's regions and suburban
areas attracted an unprecedented number of buyers during the
pandemic, pushing the market value of properties to all-time
highs," added St-Pierre. "Since
the price correction is reaching the regional markets later than in
Greater Montreal, we expect that
the trend observed over the past three years will be reversed, and
Montreal will once again see a
greater demand than other regions. In Greater Montreal, we should see price
stabilization followed by modest to moderate growth once interest
rates start to come back down, possibly at the end of 2023 or in
the first half of 2024."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in the
Greater Montreal Area will
decrease 2.0 per cent in the fourth quarter of 2023, compared to
the same quarter in 2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Greater
Vancouver
The aggregate price of a home in Greater Vancouver decreased 3.5 per cent
year-over-year to $1,208,900 in the
fourth quarter of 2022. On a quarterly basis, the aggregate price
of a home in the region decreased 3.3 per cent; the third
consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family
detached home decreased 3.7 per cent year-over-year to $1,643,900 in the fourth quarter of 2022, while
the median price of a condominium increased 2.0 per cent to
$731,700 during the same period.
"Activity levels in Greater
Vancouver over the last few months have been typical for the
time of year; something we have not seen since before the pandemic
real estate boom. While many buyers are still waiting for a price
floor to reveal itself, transactions are being completed, with some
pockets of the region more active than others," said Randy Ryalls, general manager, Royal LePage
Sterling Realty. "With inventory still very tight, prices have not
dropped drastically. I believe a large part of the decline is
already behind us."
In the city of Vancouver, the
aggregate price of a home decreased 2.1 per cent year-over-year to
$1,345,600 in the fourth quarter of
2022. During the same period, the median price of a single-family
detached home decreased 4.0 per cent to $2,397,800, while the median price of a
condominium dipped 0.5 per cent to $784,400.
"Demand for housing has slowed, but we are edging closer to
normal levels. I expect we will see many buyers begin returning to
the market in the spring and summer, once interest rates stabilize
and both buyers and sellers adjust to the new normal," said Ryalls.
"When buyers come back to the table, sellers will follow."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Greater Vancouver will decrease
1.0 per cent in the fourth quarter of 2023, compared to the same
quarter in 2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Ottawa
The aggregate price of a home in Ottawa decreased 2.7 per cent year-over-year
to $719,900 in the fourth quarter of
2022. On a quarterly basis, the aggregate price of a home in the
region decreased 3.3 per cent; the third consecutive quarterly
decline recorded.
Broken out by housing type, the median price of a single-family
detached home decreased 5.7 per cent year-over-year to $826,300 in the fourth quarter of 2022, while the
median price of a condominium decreased 8.1 per cent to
$383,700 during the same period.
"Real estate in Ottawa is
trending back toward pre-pandemic norms, resulting in healthier
market conditions for all. Home prices continued to decline from
pandemic highs in the fourth quarter as inventory showed some
improvement," said Jason Ralph,
broker of record, Royal LePage Team Realty. "The slowdown in the
market is partly due to a chicken or egg scenario - many buyers are
holding out for a bargain as prices continue to dip, and some
sellers have refrained from listing their homes as they wait for
purchaser demand to rise. Although many buyers have chosen to put
their purchase plans on hold while they wait to see what interest
rates do next, we know that there is a lot of pent-up demand
waiting in the wings, especially in the first-time buyer segment. I
expect that demand will return once interest rates stabilize."
Ralph noted that homes in suburban regions surrounding downtown
Ottawa have proven to be more
resilient to price declines, as retirees and first-time buyers move
to the city's outskirts in search of more space and affordability.
Should interest rates stabilize during the first few months of
2023, Ralph anticipates that more sellers will list their
homes.
"All signs are pointing to a more balanced market in 2023," said
Ralph. "Interest rates and inflation have been key indicators of
real estate activity of late. A levelling off or drop in borrowing
rates will boost consumer confidence, resulting in an increase in
activity in the Ottawa
market."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Ottawa will increase 2.0 per cent
in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Calgary
The aggregate price of a home in Calgary increased 3.9 per cent year-over-year
to $599,100 in the fourth quarter of
2022. On a quarterly basis, the aggregate price of a home in the
region decreased 1.7 per cent; the second consecutive quarterly
decline recorded.
Broken out by housing type, the median price of a single-family
detached home increased 5.5 per cent year-over-year to $686,500 in the fourth quarter of 2022, while the
median price of a condominium increased 4.0 per cent to
$233,700 during the same period.
"As a result of low supply and a lack of new listings, home
prices in Calgary continue to rise
year-over-year, despite overall activity in the region having been
lower in the fourth quarter than the same time a year prior; a
period of higher-than-normal activity," said Corinne Lyall, broker and owner, Royal LePage
Benchmark. "The increased cost of living and rising interest rates
have dampened demand somewhat, but a steady flow of buyers remain
active in the market. Demand from out-of-province buyers has been
consistent, as those searching for affordability in a city where
their dollar will stretch further, and can afford them a larger
property, continue to flock to the region."
Lyall added that the city's healthy job market and strong
economy continue to be a major draw for young people from across
the country. As a result, home prices in Calgary have proven more resilient than in
other major cities, which have recorded price declines since the
Bank of Canada began raising
interest rates.
"I believe a brisk spring market is on the horizon. Many
sidelined buyers have grown tired of waiting, and will return to
the market at the first sign of stabilization in lending rates.
Once demand picks up, sellers will feel more confident to list
their homes, bringing some much-needed inventory onto the market,"
said Lyall.
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Calgary will increase 1.5 per cent
in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Edmonton
The aggregate price of a home in Edmonton decreased modestly by 0.3 per cent
year-over-year to $427,100 in the
fourth quarter of 2022. On a quarterly basis, the aggregate price
of a home in the region decreased 4.1 per cent; the second
consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family
detached home decreased 1.1 per cent year-over-year to $464,500 in the fourth quarter of 2022, while the
median price of a condominium remained flat, increasing 0.3 per
cent to $194,100 during the same
period.
"Activity in Edmonton's real
estate market was relatively muted in the final months of 2022, as
a return to seasonal winter trends and a shortage of supply kept
buyers at bay," said Tom Shearer,
broker and owner, Royal LePage Noralta Real Estate. "Unlike
Canada's major urban centres,
which have experienced more pronounced price swings over the last
year, home prices in Edmonton
remain stable. I expect that will continue throughout the first
part of this year."
Shearer noted that the region remains a popular destination for
out-of-province buyers and anticipates this trend will continue,
especially when interest rates stabilize and competition in popular
markets in Ontario and
British Columbia tightens once
again.
"Inventory in popular neighbourhoods remains low, and new
construction has slowed with the increased cost of materials and
labour," said Shearer. "I expect tighter market conditions in the
spring and summer when activity levels pick up again."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Edmonton will increase 1.0 per
cent in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Halifax
The aggregate price of a home in Halifax decreased 3.3 per cent year-over-year
to $469,000 in the fourth quarter of
2022. On a quarterly basis, the aggregate price of a home in the
region decreased 4.4 per cent; the second consecutive quarterly
decline recorded.
Broken out by housing type, the median price of a single-family
detached home decreased 2.7 per cent year-over-year to $528,100 in the fourth quarter of 2022, while the
median price of a condominium increased 1.4 per cent to
$394,100 during the same period.
"Home sales in the Halifax
region remain comparatively low. Competition began to diminish in
late summer and the trend continued into the fourth quarter, as
buyers and sellers held off on making a move in this rising
interest rate environment to reevaluate their personal finances,"
said Matt Honsberger, broker and
owner, Royal LePage Atlantic. "Buyers with the luxury of time have
been waiting for property prices to drop further, while sellers are
waiting in the wings for buyers to come back to the table. This
market gridlock is causing a slowdown in activity, but I predict
that this trend will subside in the spring, if the interest rate
hikes slow or come to an end."
Honsberger noted that reduced supply, which remains depleted at
slightly under two months' worth and has decreased to as little as
half a month of inventory at times, has been proportional to lower
market demand. As the spring market approaches, however, he expects
that both supply and consumer demand will rise.
"I imagine we will see the return of a brisk spring market, but
quieter than what we experienced in 2022. I think that many people
are just about done waiting," said Honsberger. "I believe property
prices will hold up well in Halifax when purchasers move off the
sidelines."
Honsberger added that the city's growing population will
continue to sustain market demand.
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Halifax will increase 0.5 per cent
in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Winnipeg
The aggregate price of a home in Winnipeg increased 1.1 per cent year-over-year
to $361,000 in the fourth quarter of
2022. On a quarterly basis, the aggregate price of a home in the
region decreased 3.1 per cent; the second consecutive quarterly
decline recorded.
Broken out by housing type, the median price of a single-family
detached home increased modestly by 0.8 per cent year-over-year to
$393,800 in the fourth quarter of
2022, while the median price of a condominium increased 7.7 per
cent to $251,600 during the same
period.
"While home prices in Winnipeg
have come down since their peak, the region has fared better than
Canada's major urban centres since
the Bank of Canada began raising
interest rates last March. Price gains during the pandemic real
estate boom were more moderate in the city compared to other parts
of the country, and so too is the recovery," said Michael Froese, broker and manager, Royal LePage
Prime Real Estate. "We believe we have reached, or come close, to
the bottom of price declines, and we've been easing into a gradual
return to normal seasonal activity."
Froese added that a low supply of available housing stock has
also helped to keep price declines in check.
"While sales are down compared to historical norms, there is
little new inventory hitting the market right now. I expect demand
will pick up again in the spring once buyers are confident that
interest rates have stabilized. And, supply will follow soon
after," said Froese. "Buyers may have to adjust their budgets, but
those who are motivated to enter the market or move up will be
eager to do so before competition increases again."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Winnipeg will decrease 1.0 per
cent in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
Regina
The aggregate price of a home in Regina remained flat, decreasing just 0.1 per
cent year-over-year to $359,600 in
the fourth quarter of 2022. On a quarterly basis, the aggregate
price of a home in the region decreased 2.8 per cent; the second
consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family
detached home increased modestly by 0.3 per cent year-over-year to
$388,800 in the fourth quarter of
2022, while the median price of a condominium increased 6.2 per
cent to $216,900 during the same
period.
"As is typical in the winter months, activity slowed through the
final quarter of 2022 and the start of the new year, and is likely
to remain that way until spring," said Mike
Duggleby, broker and owner, Royal LePage Regina Realty.
"Weather permitting, demand could pick up as early as the end of
February or beginning of March, although I expect this spring will
be less vibrant than the last two years. The increased cost of
borrowing and everyday goods has softened demand in the area."
Duggleby noted that prices in the city's rental market have been
climbing steadily and rapidly, as many would-be buyers have been
priced out of the resale market.
"While single-family homes have historically been the most
popular housing type in Regina, I
expect a boost in demand for condominiums will drive price
appreciation in the segment over the coming year. More affordable
entry-level properties will be in high demand when sidelined buyers
- specifically first-time buyers - return to the market with
reduced budgets and facing higher mortgage costs."
In December, Royal LePage issued
a forecast projecting that the aggregate price of a home in
Regina will decrease 1.5 per cent
in the fourth quarter of 2023, compared to the same quarter in
2022.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q4-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2022
For other regional releases, click here.
Royal LePage Royalty-Free Media Assets:
Royal LePage's media room
contains royalty-free assets, such as images and b-roll, that are
free for media use.
- Media room: rlp.ca/mediaroom
- Royalty-free assets: rlp.ca/media-assets
About the Royal LePage House Price
Survey
The Royal LePage House Price Survey provides information on the
most common types of housing, nationally and in 62 of the nation's
largest real estate markets. Housing values in the Royal LePage
House Price Survey are based on the Royal LePage Canadian Real
Estate Market Composite, produced quarterly through the use of
company data in addition to data and analytics from its sister
company, RPS Real Property Solutions, the trusted source for
residential real estate intelligence and analytics in Canada. Commentary on housing and forecast
values are provided by Royal LePage
residential real estate experts, based on their opinions and market
knowledge.
About Royal LePage
Serving Canadians since 1913, Royal
LePage is the country's leading provider of services to real
estate brokerages, with a network of approximately 20,000 real
estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate
company to have its own charitable foundation, the Royal LePage
Shelter Foundation, dedicated to supporting women's and children's
shelters and educational programs aimed at ending domestic
violence. Royal LePage is a
Bridgemarq Real Estate Services Inc. company, a TSX-listed
corporation trading under the symbol TSX:BRE. For more information,
please visit www.royallepage.ca.
SOURCE Royal LePage Real Estate Services