Hamilton home prices surge by almost 20% in first quarter of 2017

Royal Le Page says GTA prices significantly outpaced the rest of the country

Royal Le Page says GTA prices significantly outpaced the rest of the country

The price of a two-storey home rose 13.9 per cent year-over-year to $681,728, and the price of a bungalow increased 11 per cent to $490,018.

The Royal LePage survey found while the median price of a two-storey home was down from a year earlier, the median price for a bungalow and a condo both increased.

Released Tuesday, the survey says the aggregate price for a home in Windsor during the first fiscal quarter of 2017 was $190,347 - an 8.5 per cent increase compared to the same time past year, when the figure was $175,508.

"An economic slowdown has impacted consumer confidence in the St. John's real estate market, moving many would-be buyers to the sidelines as they wait for conditions to improve", said realtor Glenn Larkin in a news release.

"As affordability across the GTA continues to erode, many homebuyers have increasingly begun to search for property elsewhere in southern Ontario where market factors are more favourable", says Dianne Usher, senior vice president of Johnston and Daniel, a Royal LePage division.

Meanwhile, the cost of a detached home in Toronto roared to a new record high of nearly $1.6 million in March, a 33 per cent climb over prices past year, according to the Toronto Real Estate Board (TREB).

The price of a two-storey home in Ottawa rose 5.6 per cent over the same time previous year, according to the latest house pricing survey from Royal LePage.

Concerns that government is going to slap more rules on the housing market, particularly aimed at Toronto's residential sector, appears to be growing among the real estate industry.

The price of homes across much of Ontario rose significantly higher than in the rest of the country.

However, Soper said the market correction underway in Vancouver may be short-lived. Still, housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. He also noted Winnipeg's resale-homes market is coming off its best year on record for unit sales.

"Generally it is shaping up to be the best and healthiest year we've seen in Canadian real estate probably since before the global financial crisis", he said. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children's shelters and educational programs aimed at ending domestic violence.

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