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

    Cancer Victim Won't Get Assist From Poilievre In Fight For Canada Pension Plan Disability

    Cancer Victim Won't Get Assist From Poilievre In Fight For Canada Pension Plan Disability
    OTTAWA — Employment Minister Pierre Poilievre will not intervene to ensure a terminally ill Alberta man denied Canada Pension Plan disability benefits finally gets his payments.

    Cancer Victim Won't Get Assist From Poilievre In Fight For Canada Pension Plan Disability

    Conservative Government To Deliver Its New Federal Budget Later Than Usual

    Conservative Government To Deliver Its New Federal Budget Later Than Usual
    Finance Minister Joe Oliver will deliver the latest federal budget on April 21. The budget — Oliver's first, but the 10th for the Harper government — comes later than usual. The government attributed the delay to the volatile oil price situation.

    Conservative Government To Deliver Its New Federal Budget Later Than Usual

    Charges Against 11 Accuseds In Drug Trafficking Ring In Vancouver's Impoverished Downtown Eastside

    Charges Against 11 Accuseds In Drug Trafficking Ring In Vancouver's Impoverished Downtown Eastside
    Supt. Mike Porteous says federal organized crime investigators and the RCMP assisted in serving search warrants in the city and in New Westminster, Coquitlam, Surrey and Maple Ridge. The total value of the seizures is estimated at $1.8 million.

    Charges Against 11 Accuseds In Drug Trafficking Ring In Vancouver's Impoverished Downtown Eastside

    Divers Find 20-cm Wide Puncture In Coast Guard Icebreaker Hull That Struck Shoal

    Divers Find 20-cm Wide Puncture In Coast Guard Icebreaker Hull That Struck Shoal
    ST. JOHN'S, N.L. — Divers who examined an icebreaker that struck a rocky shoal off Newfoundland and began taking on water found a 20 centimetre-wide puncture in its hull, the coast guard said Thursday.

    Divers Find 20-cm Wide Puncture In Coast Guard Icebreaker Hull That Struck Shoal

    Death Of Five Cree Hunters In Quebec Fire An 'Unfathomable Loss'

    Death Of Five Cree Hunters In Quebec Fire An 'Unfathomable Loss'
    CHIBOUGAMAU, Que. — Five Cree hunters from northern Quebec have died in a cabin fire in a tragedy described by the Cree leader as an "unfathomable loss."

    Death Of Five Cree Hunters In Quebec Fire An 'Unfathomable Loss'

    TransCanada Confirms It Won't Be Building Energy East Terminal At Cacouna, Quebec

    TransCanada Confirms It Won't Be Building Energy East Terminal At Cacouna, Quebec
    TransCanada Corp. called off its plans to build a marine terminal at Cacouna, Que. as part of its Energy East pipeline project on Thursday and pushed back the project's expected completion date by nearly two years.

    TransCanada Confirms It Won't Be Building Energy East Terminal At Cacouna, Quebec