According to the Royal LePage House Price Survey1, the aggregate price of a home in Canada has continued to post steady year-over-year gains during the third quarter of 2019 as the real estate market sustained its recovery from the significant downturn of 2018 and early 2019, following the introduction of the federal mortgage stress test.
The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation's largest real estate markets, showed that the median price of a home in Canada increased 1.4 per cent year-over-year to $630,335 in the third quarter of 2019. When broken out by housing type, the median price of a two-storey home rose 1.3 per cent year-over-year to $738,346, while the median price of a bungalow remained flat at $521,250. Nationally, condominiums remained the fastest appreciating housing type, with the median price rising 3.4 per cent year-over-year to $457,911. Data analyzed contains both resale and new build transactions, provided by Royal LePage's sister company, RPS Real Property Solutions.
"Low interest rates and an outstanding employment picture continue to buoy consumer confidence and support our recovering real estate market," said Phil Soper, president and CEO, Royal LePage. "The collateral damage from the trade war between the U.S. and China has been manageable to date. Barring a full-blown American recession, our outlook for Canada's housing sector is for continued market expansion."
Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggregate price of a home in Canada will rise 1.5 per cent year-over-year to $632,226, which is a 0.3 per cent increase compared to the third quarter of 2019. The 2019 fourth quarter forecast is dependent on consistent economic conditions and no new housing policy changes.
To view the chart with aggregated regions and markets visit rlp.ca/houseprices.
For more regional analysis, visit Royal LePage's media room at rlp.ca/mediaroom.