Q1 2017 Royal LePage House Price Survey
(April 18 2017) The Royal LePage house price survey showed most Canadian housing markets had modest price gains in the 1st quarter of the year. The two notable exceptions were Toronto and surrounding area, and the great Vancouver region.
Despite Toronto and Vancouver both showing double-digit year-over-year price gains, the two markets are heading in opposite directions. The Foreign Buyer's Tax introduced by the BC government last summer caused a price reset, with sales in the Lower Mainland down 40% and home prices falling.
The hasty introduction of new real estate-related regulations or taxes in Ontario, in the absence of data and analysis to support these policy moves, could lead to a sharp price correction, impacting not only household wealth, but damaging the broader Canadian economy as well,” said Soper. “We applaud the Canadian government’s federal budget commitment to partner with the provinces and municipalities to create a coordinated national housing strategy
Phil Soper, President and CEO - Royal LePage
Optimism Returns to Alberta with $50 Oil
LePage's Soper joins a growing number of analysts who see light at the end of the tunnel for the Alberta economy. The Conference Board of Canada is predicting a 2.8% country-leading expansion in Alberta's economy this year. This optimism has resulted in a 0.6% rise in the composite Calgary home price in the first quarter, despite the continued decline in apartment condo prices.
“The mood in Alberta is brightening, as the region adjusts to a world of $50 a barrel oil. Signs of renewed optimism can be seen all around the province, from a spate of recent deals and pipeline approvals in the oil patch to major business investments. This sense of stability is reflected in our House Price Composite which is showing slight year-over-year upticks in prices in the province’s largest cities, where home values remained unexpectedly resilient throughout the oil price collapse driven downturn.
Phil Soper, Royal LePage
See our previous blog post: Calgary Home Sales Continue to Show Strength
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