Ottawa housing prices trending up: Royal LePage

Marco Green
July 12, 2018

Home prices in Canada are expected to rise significantly in the second half of 2018 after appreciation slowed at the start of this year, a report from Royal LePage says.

Prices for homes in Greater Vancouver have stalled over the last two quarters, a new survey says, even as prices year over year still show big growth.

Royal LePage expects home prices will steadily increase over the next quarter with the average time on market sitting at 22 days.

The sales for two-storey homes is "slower than usual", said Ferrante, but he's still seeing multiple offers on well-priced properties.

"Our region provides a lot of options for new homebuyers in the condominium segment, as prices remain affordable and developments continue to be built". "We're increasingly seeing millennials move into these units in the downtown area, enabling this demographic to enjoy urban living".

Home prices are still going up in Hamilton, but the city remains affordable compared to the GTA and is attracting first-time buyers, according to a Royal LePage survey published Tuesday.

Royal LePage chief executive officer Phil Soper said the spring market "never blossomed" but he expects the second half of the year to be stronger as buyers adjust to the new mortgage stress-test rule that took effect January 1.

Mr. Soper said he has never seen a federal housing policy change that had as wide an impact on buyers in all markets across the country.

Nationwide, house-price increases slowed down in the second quarter of 2018, the survey found.

Windsor also appears to be outpacing the national trend when it comes to year-over-year median price hikes for condos, which were up 19.1 per cent, from $163,513 to $194,765, and detached bungalows, which rose 6.9 per cent, from $227,145 to $242,854.

The real estate brokerage firm said the slowdown in the rise in prices came as some regions in the Greater Toronto Area saw prices fall compared with a year ago.

Soper said housing activity in most markets will pick up now that these new realities have sunk in.

"Notwithstanding the economic drag that hard American trade negotiations are creating, the national housing market is expected to remain in a long-term expansionary cycle, albeit at a slower pace than we have witnessed over the past couple years".

Soper said prospective buyers who had once maintained a "wait and see" approach may now begin entering the housing market.

"When you look at the underlying driving forces of the economy they're very strong - employment is up - unemployment down, income is rising in Hamilton". "We face shortages in our major cities, with many more people looking for homes than the market has available for purchase or rent". Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. 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.

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.

Other reports by Click Lancashire

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