The residential real estate market in Canada saw strong but slowing year-over-year price growth in the fourth quarter of 2017. Royal LePage reports that the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the final quarter of last year. The median price of a two-storey home rose 11.1 per cent year-over-year to $741,924, and the median price of a bungalow climbed 7.1 per cent to $522,963. However, it was “the year of the condo”, as condo prices grew faster than any other housing type, rising 14.3 per cent to $420,823 on a year-over-year basis due to gains in many of the largest markets.
Locally, the housing forecast for 2018 looks tough in the lower mainland for prospective buyers. In Calgary, home prices saw a healthy growth in the fourth quarter, indicating that the local economy is well on it’s way to stabilising. In the Greater Toronto Area, top-tiered condos eclipsed that of other major Canadian markets in both sales volume and percentage gains in 2017. In the City of Toronto, condo sales volumes in the $4 million-plus range rose 82 per cent and those in the $1-million-plus category were up 35 per cent year over year. One of the next big growth areas for renewal in Toronto is Dundas West. Our 5509 Dundas West development is situated in a great location in this booming area.