Regina house, condo prices down: Royal Lepage

Condo buildings in vancouver yoree grozenokshutterstock

Condo buildings in vancouver yoree grozenokshutterstock

During the third quarter of 2017, the aggregate price of a home in the region decreased 1.9 per cent year-over-year to $327,636, according to The Royal LePage House Price Survey released Thursday. "For now, the Toronto and Vancouver housing markets have returned to earth", he continued, noting rising interest rates and a strong loonie kept prices from appreciating rapidly.

"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", said Royal LePage president and CEO Phil Soper.

"Despite having already taken 30 to 40 per cent of entry-level buyers out of the marketplace entirely, the new mortgage regulations, and requisite stress tests, have helped to significantly drive condominium prices up", said Ryalls, in a statement.

On a 12-month basis, Canadian new house prices increased 3.8% in July.

Calgary prices were up five per cent year-over-year, while Greater Vancouver showed a modest gain of 2.5 per cent after its market correction last year. The central bank has said it is closely watching how the economy and consumers react to higher borrowing costs.

In a separate report, the Teranet-National Bank national composite house price index in September saw its first monthly decline since January 2016, weighed down by falling home prices in Toronto.

The national index, which includes 11 cities, fell 0.8 per cent compared with the previous month, the largest monthly decline since September 2010.

It was the third month in a row showing unchanged new home prices in Toronto, Canada's largest city.

A sharper slowdown in price inflation is unavoidable, said David Madani of Capital Economics.

As well, the Bank of Canada has raised interest rates twice this year, which has made mortgage rates more expensive.

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