Seller's market conditions continue as we
move into the spring market, despite rising prices, further
expected interest rate hikes and economic uncertainty
First quarter
highlights:
- National aggregate home price soars 25.1% year-over-year in
first quarter of 2022 - highest Q1 gain on record
- Kingston, Ontario, posts
highest year-over-year aggregate and detached home price gains in
Canada for the second straight
quarter
- Four markets in Ontario's
Golden Horseshoe region report median single-family detached home
prices above $1 million for first
time
- Early signs of moderation appear as some urban markets unveil
improved conditions for buyers
- Promising new federal and provincial policies aimed at tackling
housing availability and affordability not expected to provide
relief in 2022
TORONTO, April 19,
2022 /CNW/ - According to the Royal LePage House
Price Survey released today, the
aggregate1 price of a home in
Canada increased 25.1 per cent
year-over-year to $856,900 in the
first quarter of 2022; the highest gain on record since the Company
began tracking aggregate prices. As strong buyer demand continues
to outpace supply in almost every market from coast to coast,
Royal LePage is forecasting
continued strong seller's market conditions this spring.
"Entering 2022, we had anticipated a strong first half, and
moderating real estate markets thereafter. Call it buyer fatigue or
easing demand, these periods of uncomfortably high home price
appreciation do run their course. We are seeing the first signs of
moderation in some regions, as more inventory is becoming available
and competition eases slightly," said Phil
Soper, president and CEO of Royal
LePage. "The first quarter of the year was so strong,
however, that we are bumping up our 2022 outlook. And, home prices
will continue to climb in the months ahead as a result of our
relentless low supply-high demand imbalance."
Soper added that while the Bank of Canada announcement of a 0.5 per cent interest
rate increase will be a drag on demand, its impact will be
relatively minor compared to the impact of sharply higher home
prices. The central bank has indicated that it intends to continue
to increase the overnight rate through 2023.
"It is worth noting that most Canadians with higher loan to
value mortgages have successfully passed the stringent federal
requirements of the OSFI mortgage stress test – they have proven
that they can manage significantly higher rate increases than we
anticipate they will see," said Soper.
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 rose 26.7
per cent year-over-year to $906,100,
while the median price of a condominium increased 19.7 per cent
year-over-year to $612,900. 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.
While some properties were attracting fewer bids, listings in
popular neighbourhoods that are priced appropriately are still
commanding multiple offers and selling above the list price.
"There is a notable difference in buyer sentiment and behaviour
today," Soper continued. "Consumer confidence is being challenged
as the lingering impact of the pandemic and worrisome geopolitical
situation in Eastern Europe raises
questions about the stickiness of inflation and the trajectory of
interest rates. Yet, while there may be fewer bids on accurately
priced properties, housing supply is so tight that multiple-offer
scenarios remain the norm in most communities."
In the first quarter of 2022, four cities in Ontario's Golden Horseshoe region -
Barrie, Cambridge, Kitchener-Waterloo and Oshawa - recorded median single-family
detached home prices that crossed the million-dollar threshold for
the first time, as Torontonians continue to search for affordable
homes within a reasonable commuting distance while working
partially or fully remotely.
Royal LePage is forecasting that
the aggregate price of a home in Canada will increase 15.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Open bidding
On April 6th, 2022, the Canadian
Real Estate Association (CREA) announced it would introduce a pilot
project this summer in select markets across Canada to display real-time tracking of offers
on REALTOR.ca listings.
"Royal LePage supports efforts to
improve transparency within the industry and commends CREA on their
planned initiatives, which are intended to bring additional
information to consumers engaged in the home buying process," said
Soper. "However, politicians who hope that a simple change to the
property purchase process will somehow make housing more affordable
will be sorely disappointed. Jurisdictions where open bidding or
auctions are much more common have experienced exactly the same run
up in home values during the pandemic. The affordability challenge
will see progress when the housing shortage crisis eases, and not
before."
Federal and Provincial Housing
Policy
On April 7th, the federal
government announced its 2022 budget that includes more than
$10 billion to support housing
affordability along with demand-side policies. The federal
government has acknowledged that 3.5 million new homes are required
by 2031 to keep up with demand.
"Access to suitable shelter is one of the great social
challenges of our time. I am pleased to see it addressed in the
federal budget, however the budget requires significant
participation from provincial and municipal governments to hit its
target to provide housing for current demand as well as future
demand from new household formation and immigration," said Soper.
"By providing municipalities with funding to accelerate planning
and delivery processes, the government is meaningfully helping the
process overall, which is a welcomed step in the right
direction."
In regards to the temporary two-year ban on foreign buyers,
Royal LePage does not expect the
policy to provide material relief to potential homebuyers, as this
group does not make up a significant portion of homeowners in
Canada. In addition, recreational
properties are exempt from the ban.
Ontario
The Ontario government tabled a
new housing bill last month with several initiatives aimed at
speeding up municipal approval processes for development and
allowing more four-to-six-storey residential buildings. The
province also updated the rules of its existing Non-Resident
Speculation Tax, increasing the tax from 15 to 20 per cent and
expanding its reach from the Golden Horseshoe and Southern Ontario to the entire province.
"While new policies aimed at improving real estate market
conditions for buyers will take years to produce results, I commend
the Ontario government for taking
action to increase supply through needed densification. In
Toronto, this will give young
homebuyers hope that they will be able to purchase a property in
the future," said Karen Yolevski,
chief operating officer, Royal LePage Real Estate Services Ltd.
"Potential homeowners should not expect relief from the tax
increase applied to non-residents, as foreign buyers make up a
small percentage of the total market."
British Columbia
B.C.'s Minister of Finance, Selina
Robinson, recently announced the Homebuyer Protection
Period; new legislation that, when implemented, will allow
homebuyers a five-day cooling off period, during which they may
reconsider their offer, secure financing and obtain a home
inspection.
"The new legislation is causing a lot of uncertainty among
industry professionals and consumers. With few details revealed,
and no clear indication of how this policy will be implemented or
monitored and by whom, it is difficult to predict what impact this
will have on the market," said Randy
Ryalls, general manager, Royal LePage Sterling Realty. "We
believe that with the collaboration of industry leaders, the
province would have been able to devise a policy that better serves
Canadians during one of the most important decisions of their
lives."
Ryalls added that the cooling off period stands to create more
of a supply backlog, and that a mandatory pre-offer period allowing
buyers time to conduct due diligence would be more beneficial, as
suggested by the British Columbia Real Estate Association.
Nova Scotia
The province released new tax measures within its budget that
included a transfer tax of 5 per cent of the property's value for
non-residents who did not move to the province within six months of
the closing date. Also included is a property tax of $2 per $100 of
assessed value of residential properties owned by non-residents.
This will not apply to buildings with more than three units or
long-term rentals tenanted to Nova Scotians.
"While we do need a supply solution for Nova Scotians, it's
disappointing that after years of investing significant tax dollars
into attracting people and businesses to come to the province, we
would make such an unwelcoming gesture to Canadians," said
Matt Honsberger, broker and owner,
Royal LePage Atlantic. "Many of the affected group are cottage
owners from Ontario who have been
enjoying and spending money in Nova
Scotia for years."
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
REGIONAL SUMMARIES
Greater
Toronto Area
The aggregate price of a home in the Greater Toronto Area increased 27.7 per cent
year-over-year to $1,269,900 in the
first quarter of 2022; the highest gain on record since the Company
began tracking aggregate prices. Broken out by housing type, the
median price of a single-family detached home increased 29.7 per
cent to $1,588,900, while the median
price of a condominium increased 21.7 per cent to $764,200 during the same period.
"Demand for housing in Toronto
and the surrounding region remains strong. Despite a slight
increase in new listings in recent weeks, competition is still very
tight among buyers looking to enter the market ahead of further
interest rate hikes," said Karen
Yolevski, chief operating officer, Royal LePage Real Estate
Services Ltd. "The condo market is particularly competitive, as
some former residents are returning to the city due to
return-to-office mandates and first-time buyers looking to enter
the market at a more affordable price point."
Yolevski noted that the number of offers that listings receive
appears to be decreasing in some areas, although inventory remains
at historic lows, continuing to spur buyer competition.
In the city of Toronto, the
aggregate price of a home increased 20.9 per cent year-over-year to
$1,309,800 in the first quarter of
2022. During the same period, the median price of a single-family
detached home increased 22.8 per cent to $1,823,900, while the median price of a
condominium increased 17.9 per cent to $786,700.
The Ontario government tabled a
new housing bill last month with several initiatives aimed at
speeding up municipal approval processes for development and
allowing more four-to-six-storey residential buildings. The
province also updated the rules of its existing Non-Resident
Speculation Tax, increasing the tax from 15 to 20 per cent and
expanding its reach from the Golden Horseshoe and Southern Ontario to the entire province.
"While new policies aimed at improving real estate market
conditions for buyers will take years to produce results, I commend
the Ontario government for taking
action to increase supply through needed densification. In
Toronto, this will give young
homebuyers hope that they will be able to purchase a property in
the future," said Yolevski. "Potential homeowners should not expect
relief from the tax increase applied to non-residents, as foreign
buyers make up a small percentage of the total market."
Royal LePage is forecasting that
the aggregate price of a home in the Greater Toronto Area will increase 16.5 per
cent in the fourth quarter of 2022, compared to the same quarter
last year. The previous forecast, released in December, 2021, has
been revised upward to reflect the continued strength of the market
through the first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Greater
Montreal Area
The aggregate price of a home in the Greater Montreal Area increased 18.5 per cent
year-over-year to $571,400 in the
first quarter of 2022. Broken out by housing type, the median price
of a single-family detached home increased 19.8 per cent to
$636,200, while the median price of a
condominium increased 17.7 per cent to $446,700 during the same period.
"We are currently feeling the cumulative effects of a chronic
inventory shortage," said Dominic
St-Pierre, Vice-President and General Manager of Royal
LePage, Quebec region. "Buyers who
have failed to get their hands on a property over the past two
years continue to prioritize home ownership. Significantly reduced
inventory has changed consumer behaviour in the property buying
process. Traditionally, sellers put their home up for sale before
starting their search for properties. Today, they are trying to buy
their next home before their current property is put on the market,
which further amplifies the inventory shortage."
To overcome this challenge, St-Pierre recommends that sellers, with the
help of their broker, set a longer occupancy period, allowing them
enough time to find a property that suits them.
In Montreal Centre, the aggregate price of a home increased 11.7
per cent year-over-year to $692,500
in the first quarter of 2022. During the same period, the median
price of a single-family detached home increased 14.3 per cent to
$1,062,800, but saw its first
quarterly decline since the onset of the pandemic, while the median
price of a condominium increased 10.7 per cent to $530,900.
"Remote work has transformed the real estate market over the
past two years," said St-Pierre.
"Once the epicenter of the Quebec
real estate market, Montreal's
city centre has experienced lower median price increases than
suburban areas for six consecutive quarters. This urban sprawl has
particularly favoured the province's suburbs and recreational
markets, with buyers willing to find property much further away
than before to access the quality of life they seek. It is likely
that as immigration levels continue to grow, real estate demand for
the city's central neighbourhoods will pick up."
Royal LePage is forecasting that
the aggregate price of a home in the Greater Montreal Area will increase 12.5 per
cent in the fourth quarter of 2022, compared to the same quarter
last year. The previous forecast, released in December, 2021, has
been revised upward to reflect the continued strength of the market
through the first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Greater
Vancouver
The aggregate price of a home in Greater Vancouver increased 18.2 per cent
year-over-year to $1,368,600 in the
first quarter of 2022. Broken out by housing type, the median price
of a single-family detached home increased 20.7 per cent to
$1,870,100, while the median price of
a condominium increased 20.4 per cent to $828,400 during the same period.
"While the supply of listings is beginning to increase, it is
happening at a very slow pace. Meanwhile, demand has subsided
slightly," said Randy Ryalls,
general manager, Royal LePage Sterling Realty. "Greater Vancouver remains in a strong seller's
market, with many listings being absorbed quickly. These market
conditions are self-perpetuating. Lack of supply causes hesitation
in sellers who hold off listing their home until they can buy."
In the city of Vancouver, the
aggregate price of a home increased 14.6 per cent year-over-year to
$1,478,100 in the first quarter of
2022. During the same period, the median price of a single-family
detached home increased 21.7 per cent to $2,665,400, while the median price of a
condominium increased 7.1 per cent to $835,600.
Ryalls noted that there has been a noticeable shift in buyer
behaviour recently, as a combination of sustained price increases,
rising interest rates and the introduction of the B.C. government's
five-day cooling off period is giving would-be buyers some
pause.
"The new legislation is causing a lot of uncertainty among
industry professionals and consumers. With few details revealed,
and no clear indication of how this policy will be implemented or
monitored and by whom, it is difficult to predict what impact this
will have on the market," added Ryalls. "We believe that with the
collaboration of industry leaders, the province would have been
able to devise a policy that better serves Canadians during one of
the most important decisions of their lives."
Ryalls added that the cooling off period stands to create more
of a supply backlog, and that a mandatory pre-offer period allowing
buyers time to conduct due diligence would be more beneficial, as
suggested by the British Columbia Real Estate Association.
Royal LePage is forecasting that
the aggregate price of a home in Greater
Vancouver will increase 15.0 per cent in the fourth quarter
of 2022, compared to the same quarter last year. The previous
forecast, released in December, 2021, has been revised upward to
reflect the continued strength of the market through the first
quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Ottawa
The aggregate price of a home in Ottawa increased 19.9 per cent year-over-year
to $809,200 in the first quarter of
2022; the highest gain on record since the Company began tracking
aggregate prices. Broken out by housing type, the median price of a
single-family detached home increased 20.0 per cent to $947,600, while the median price of a condominium
increased 9.8 per cent to $432,500
during the same period.
"Ottawa's real estate market
remained strong in the first quarter of the year, and I expect this
trend will persist as we enter the spring season," said
Rick Eisert, broker and manager,
Royal LePage Team Realty. "A shortage of inventory and increased
demand in the region continues to drive price appreciation,
resulting in a highly competitive environment for buyers."
Eisert added that demand is largely driven by migration to the
city, as Ottawa has become an
increasingly appealing destination due to its strong job market and
vibrant city culture. However, first-time homebuyers are facing
increasing difficulty purchasing in the region due to high demand
and escalating home prices as a result of low inventory.
"First-time buyers are finding it challenging to navigate the
market with such strong competition. They are opting to move into
condominiums or to areas outside of the city, such as Almonte or Carleton
Place, where properties are more affordable. However, home
prices in these areas are also increasing rapidly," Eisert
added.
Eisert expects a strong spring market as more inventory becomes
available, noting that there are numerous developments underway
which may help satisfy some of the pent-up demand in the
region.
Royal LePage is forecasting that
the aggregate price of a home in Ottawa will increase 13.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Calgary
The aggregate price of a home in Calgary increased 13.3 per cent year-over-year
to $612,000 in the first quarter of
2022; the highest gain on record since the Company began tracking
aggregate prices. Broken out by housing type, the median price of a
single-family detached home increased 18.5 per cent to $699,000, while the median price of a condominium
increased 5.8 per cent to $232,800
during the same period.
"The spring market started early and is now in full force," said
Corinne Lyall, broker and owner,
Royal LePage Benchmark. "While multiple-offer scenarios and homes
selling above the asking price have been the norm for many cities
in Canada since the summer of
2020, Calgary's housing market has
continued to make healthy and consistent gains following a
pre-pandemic recessionary period. As we enter the spring market,
affordability remains attractive to both locals and buyers from
across Canada."
Lyall noted that a significant portion of demand, especially for
single-family homes, is coming from Ontario buyers, including young families who
are choosing to lay down roots in Calgary.
"Calgary's condominium segment
has seen a rush of new demand since the start of this year, as
supply in the single-family segment dwindles and prices continue to
climb," said Lyall. "Condos are an attractive option for those
looking to enter the market at a more affordable price point, and I
expect sales will continue to rise in the coming months."
Royal LePage is forecasting that
the aggregate price of a home in Calgary will increase 8.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Edmonton
The aggregate price of a home in Edmonton increased 6.2 per cent year-over-year
to $452,000 in the first quarter of
2022; the highest gain on record since the Company began tracking
aggregate prices. Broken out by housing type, the median price of a
single-family detached home increased 6.4 per cent to $494,800, while the median price of a condominium
increased 3.5 per cent to $201,900
during the same period.
"Edmonton's housing market has
remained strong throughout the first quarter of the year, with
demand continuing to outpace supply in the region," said
Tom Shearer, broker and owner, Royal
LePage Noralta Real Estate. "The city's thriving job market and
relative affordability compared to larger urban centres is driving
demand from young families looking to move up in the market."
Shearer added that Edmonton is
also seeing demand from investors who saw their equity increase in
other regions of the country and are now targeting Western Canada, placing further upward
pressure on the city's housing market.
"With increased demand from out-of-province buyers, coupled with
the ongoing supply shortage, I anticipate a brisk spring market
with housing prices continuing to rise in the region," Shearer
added.
Shearer noted that he does not expect rising mortgage rates to
have a significant impact on the housing market in Edmonton, as consumers still have affordable
financing and pricing options in the province.
Royal LePage is forecasting that
the aggregate price of a home in Edmonton will increase 9.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Halifax
The aggregate price of a home in Halifax increased 14.5 per cent year-over-year
to $509,500 in the first quarter of
2022. Broken out by housing type, the median price of a
single-family detached home increased 16.7 per cent to $569,100, while the median price of a condominium
increased 21.2 per cent to $411,000
during the same period.
"We are seeing the typical spring increase in listings but
properties are being purchased after only a short time on the
market. For buyers who are hoping to be successful this spring,
it's important to know what you are looking for so you can move
fast," said Matt Honsberger, broker
and owner, Royal LePage Atlantic. "While supply remains low, we
will continue to see price gains."
The province released new tax measures within its budget that
included a transfer tax of 5 per cent of the property's value for
non-residents who did not move to the province within six months of
the closing date. Also included is a property tax of $2 per $100 of
assessed value of residential properties owned by non-residents.
This will not apply to buildings with more than three units or
long-term rentals tenanted to Nova Scotians.
"While we do need a supply solution for Nova Scotians, it's
disappointing that after years of investing significant tax dollars
into attracting people and businesses to come to the province, we
would make such an unwelcoming gesture to Canadians," said
Honsberger. "Many of the affected group are cottage owners from
Ontario who have been enjoying and
spending money in Nova Scotia for
years."
Honsberger added that in addition to a lack of inventory to meet
new demand from interprovincial migration, there isn't enough for
local buyers.
"The opportunities for Halifax
to thrive are only bounded by our low supply. The region wasn't
ready for this heightened level of buyer demand but it's never too
late to take action and build more homes," said Honsberger.
Royal LePage is forecasting that
the aggregate price of a home in Halifax will increase 12.5 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Winnipeg
The aggregate price of a home in Winnipeg increased 16.3 per cent
year-over-year to $387,900 in the
first quarter of 2022; the highest gain on record since the Company
began tracking aggregate prices. Broken out by housing type, the
median price of a single-family detached home increased 11.4 per
cent to $425,600, while the median
price of a condominium increased 8.4 per cent to $243,900 during the same period.
"This is the first time Winnipeg has seen the typical single-family
home median price surpass $400,000,"
said Michael Froese, broker and
manager, Royal LePage Prime Real Estate. "Competition remains very
tight for buyers. The city is still experiencing a shortage of
inventory, which is putting upward pressure on prices, and buyers
are feeling the pressure to make a purchase before interest rates
go up further. March set a new record with 67 per cent of homes
selling for over list price, which is up 14 per cent from March of
2021."
Froese noted that demand for condominiums continues to be
strong, as entry-level buyers look to get on the real estate ladder
any way they can.
"For many people, condos are the sweet spot in regards to
affordability and location. They are more affordable than a
detached or a semi, and in most cases are close to the downtown
core, which is most desirable for young professionals and those
heading into the office more frequently. I expect this segment will
continue to see strong demand through the spring and summer
months," said Froese.
Royal LePage is forecasting that
the aggregate price of a home in Winnipeg will increase 8.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
Regina
The aggregate price of a home in Regina increased 11.8 per cent year-over-year
to $361,200 in the first quarter of
2022; the highest gain on record since the Company began tracking
aggregate prices. Broken out by housing type, the median price of a
single-family detached home increased 13.4 per cent to $392,500, while the median price of a condominium
increased 3.0 per cent to $203,900
during the same period.
"In recent weeks, we've seen a slight uptick in new listings,
which is expected as the weather gets better. However, supply
remains far too low to keep up with growing demand," said
Mike Duggleby, broker and owner,
Royal LePage Regina Realty. "There is a shortage of inventory
across all property types, which is causing a bottleneck for
first-time buyers. Without sufficient supply of move-up properties
for sellers to transition into, entry-level homes are not being
freed up for new buyers."
Duggleby noted that activity remained relatively flat last
quarter, although he expects to see a brisk spring market as new
inventory is released.
Royal LePage is forecasting that
the aggregate price of a home in Regina will increase 7.0 per cent in the
fourth quarter of 2022, compared to the same quarter last year. The
previous forecast, released in December, 2021, has been revised
upward to reflect the continued strength of the market through the
first quarter of the year.
Royal LePage House Price Survey Chart:
rlp.ca/house-prices-Q1-2022
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2022
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Assets:
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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 19,000 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.
_________________
|
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.
|
SOURCE Royal LePage Real Estate Services