Real-estate price increase in Montreal tops Toronto, Vancouver

The Royal Le Page fourth-quarter survey found the median price of a two-story home increased year-over-year in Victoria by 13.2 per cent to $966,790. File

Calgary housing market 'remarkably resilient' despite low oil prices: Royal LePage

The report show that when broken out by housing type, the median price of a two-storey home rose 9.3 per cent year-over-year to $557,444 in the fourth quarter of 2018, while the price of a bungalow rose 7.9 per cent year-over-year to $472,752.

"The consistent and healthy growth of the local economy is reflected in the continued home price gains seen in Winnipeg's detached home segment", said Michael Froese, managing partner, Royal LePage Prime Real Estate.

Ethier also noted would-be buyers, be they people coming to Victoria to work or retire, see the market here as a good place to live as well as a solid investment opportunity. The aggregate price of a home in Edmonton increased in the fourth quarter of 2018, rising 1.6 per cent year over year to $385,550.

Ethier says the shortage of supply is further shaped by government regulations slowing the market in B.C., resulting in a decrease in new residential construction.

"Retirees who are unable to find a condominium stay in their homes longer resulting in a shortage of two-story inventory", Ethier said.

Housing prices in Montreal are now rising at a faster pace than those in both Toronto and Vancouver. "The price appreciation rate exceeded the national average for the last three quarters of 2018, the unemployment rate remained historically low, and consumer confidence greatly surpassed the average of the past 10 years".

When broken out by housing type, the median price of a two-storey home rose 3.9% year-over-year to $745,007, while the median price of a bungalow climbed 1.5% to $516,950.

"Calgary's real estate market in 2018 was affected by a confluence of lacklustre oil prices, new mortgage rules, and rising interest rates", Corinne Lyall with Royal LePage Benchmark said in a news release.

The average aggregate property price is now $407,230.

"While some economists are adjusting their forecast for the economy as a whole, Canada's real estate market is beginning to emerge from the correction that began a year ago".

Phil Soper, the president and CEO of Royal LePage, said a cool-down in Canada's real estate sector is a "good thing".

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