Although price appreciation in the Ontario's Greater Golden Horseshoe has recently stabilized to healthier levels on a quarterly basis, last quarter the region continued to see substantial annual gains, attributed to significant price growth seen at the beginning of 2017, says Royal LePage.
"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", Royal LePage President and CEO Phil Soper said in the report.
"The frenzy has stopped but we're still seeing multiple offers on houses when they're priced properly", said Joe Ferrante, broker of record for Hamilton's Royal Lepage State Realty.
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The Royal LePage House Price Survey shows the price of a house in Canada jumped by an average of 13 per cent, when the third quarter of 2017 is compared to the same period previous year.
In turn, these actions have caused the GTA to rebound to a more balanced market, experiencing a correction much quicker than Greater Vancouver.
The survey shows the biggest jump in condo prices in Metro Vancouver was in North Vancouver, with prices rising 25.2 per cent year-over-year to $614,173.
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Falling home prices in Toronto in September dragged down the Teranet - National Bank national composite house price index as it posted its first monthly decline since January 2016.
A separate report from Statistics Canada showed new home prices, excluding apartments and condominiums, nationally rose 0.1 per cent in August, shy of forecasts for a 0.3 per cent gain. Vancouver home prices inched 2.5 per cent higher to $1,229,133, whereas Montreal prices climbed at a higher-than-normal pace, surging 14.3 per cent year-over-year to $511,129.
"Waning foreign investment should impact the Toronto market less severely".
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Broken down, the numbers show the aggregate price of a home increased 5.5 per cent to $320,405, while the median price of a two-storey home increased 6.2 per cent to $340,204. With improving oil prices and job opportunities, the housing markets are benefitting from the recovery, says Royal LePage.