Close X
Monday, November 11, 2024
ADVT 
National

Vancouver, Toronto Housing Prices Shoot Up, Other Major Cities See Mixed Results: Royal LePage

Darpan News Desk The Canadian Press, 15 Apr, 2015 12:25 PM
    TORONTO — House prices have jumped dramatically over the past year in Canada's two most expensive real estate markets, Vancouver and Toronto, but other major cities showed a mixed bag of results.
     
    The Royal LePage real estate group says Vancouver experienced a 10 per cent increase in the average price for a standard detached bungalow or two-storey home sold in the first three months of this year, compared with last year
     
    It says the average price for a bungalow in Vancouver was just under $1.2 million, while a two-storey detached house in the city cost an average of nearly $1.3 million.
     
    In Toronto, the prices were lower but the increase from last year was also about 10 per cent.
     
    Other major cities had mixed results in the first quarter, with most showing increases but a few showing some price declines. 
     
    Nationally, Royal LePage survey found that the average price of detached bungalows was up 6.6 per cent to $405,895 and the average price of a bungalow was up 5.3 per cent to $451,463.
     
    Royal LePage said it began detecting a steady softening of prices in most markets in the middle of last year.
     
    "In recent months, two unanticipated factors disrupted the natural housing price cycle: the steep decline in oil prices late in 2014 and the Bank of Canada's subsequent reaction in lowering the overnight rate early in 2015," LePage said.
     
    Mortgage lenders responded to the central bank's key short-term rate by reducing some of their rates for consumers.
     
    LePage's survey found prices in the January-March quarter were generally stable or up moderately in Halifax, Montreal, Calgary and Edmonton while prices were flat in Saskatoon.
     
    In Regina, the average prices for a bungalows dropped by 5.4 per cent to $306,500 a while the price of two-storey houses in Saskatchewan's capital declined 1.8 per cent to $349,500, LePage said.

    MORE National ARTICLES

    Accused Toronto Bomb Plotter Jahanzeb Malik Asks Pakistan For Help Getting Him Out Of Canada

    TORONTO — A Pakistani man the federal government accuses of plotting to bomb downtown Toronto has reached out to his country for help in securing his release from detention.

    Accused Toronto Bomb Plotter Jahanzeb Malik Asks Pakistan For Help Getting Him Out Of Canada

    Health Canada Says Shoppers Drug Mart Recalling Some Birth Control Pills

    Health Canada Says Shoppers Drug Mart Recalling Some Birth Control Pills
    EDMONTON — Health Canada says Shoppers Drug Mart is recalling a batch of birth control pills sold to consumers in Western Canada that were past their expiry date.

    Health Canada Says Shoppers Drug Mart Recalling Some Birth Control Pills

    Grand Jury Considers Case Of Canadian Diplomat's Son Charged In Deadly Shootout

    Grand Jury Considers Case Of Canadian Diplomat's Son Charged In Deadly Shootout
    WASHINGTON — The first man to ever serve as White House social secretary is now planning his own exit.

    Grand Jury Considers Case Of Canadian Diplomat's Son Charged In Deadly Shootout

    Blockbuster US $70-Billion Shell-BG Deal Could Weigh On B.C. LNG Plan

    Blockbuster US $70-Billion Shell-BG Deal Could Weigh On B.C. LNG Plan
    CALGARY — Royal Dutch Shell's US$70-billion deal to buy Britain's BG Group could mean fewer contenders in British Columbia's LNG race.

    Blockbuster US $70-Billion Shell-BG Deal Could Weigh On B.C. LNG Plan

    Orthodox Mennonite Man In Manitoba Pleads Guilty To Assaulting Children

    Orthodox Mennonite Man In Manitoba Pleads Guilty To Assaulting Children
    WINNIPEG — A man from an Orthodox Mennonite community in Manitoba has pleaded guilty to repeated assaults on several children.

    Orthodox Mennonite Man In Manitoba Pleads Guilty To Assaulting Children

    Quebec To Proceed With Scaled-back Plans To Develop Its North

    MONTREAL — Premier Philippe Couillard is proceeding with plans to develop the northern area of Quebec but they will be less ambitious than those of his predecessor.

    Quebec To Proceed With Scaled-back Plans To Develop Its North