Canada home prices cool as housing slowdown takes hold

Canada home prices cool as housing slowdown takes hold

"For now, the Toronto and Vancouver housing markets have returned to earth", he continued, noting rising interest rates and a strong loonie kept prices from appreciating rapidly.

"Halifax is in a balanced market", Matt Honsberger, managing associate broker, Royal LePage Atlantic, said in a press release.

Real estate firm Royal LePage released its latest look at the local market Thursday.

"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", said Royal LePage CEO Phil Soper.

The aggregate price of houses in Hamilton increased by almost 28 per cent when the third quarter of 2017 is compared to last year's third quarter.

"What we're seeing... is that the market has picked up again, so it likely was a very short correction, in the neighbourhood of about a six-month correction".

In Q3 2017, the GTA saw the largest annual price gain out of all Canadian markets, soaring roughly 22 per cent to $860,295.

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.

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. After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth.

The median price of a two-storey house increased by 30 per cent to just over $582,000, compared to the third quarter of previous year.

In Alberta, the province's economy continues to emerge out of a recession. "As a result, inventory is down about 15 per cent compared to a year ago and most notably in entry-level homes".

It shows that the aggregate sale price of a home in the region - a weighted average that takes into account different types of housing being sold - hit $483,133 in the third quarter of 2017.

Ottawa maintained its stable momentum last quarter as prices increased by 7.9 per cent year-over-year to $441,453.

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