The rise in house prices has begun to ease according to the latest survey from Royal Le Page.
The figures show that house prices increased year-over-year up to the third quarter of this year. Condos were at the bottom end of the scale up 4.4 per cent to an average $257,377; standard two-storey homes were up 5.5 per cent to $441,714; detached bungalows climbed 6.1 per cent to an average $405,101.
Toronto and Calgary have led the increases but Phil Soper, president and chief executive of Royal LePage says things are balancing out: “We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: