House prices climbing across Canada. (Contributed) House prices climbing across Canada. (Contributed)

Housing market having ‘Goldilocks moment’: report

Prices in Metro Vancouver jumped only 2.5 per cent, says house price survey

Real estate prices keep climbing, says a report released Thursday from Royal LePage.

The Royal LePage House Price Survey shows the price of a house in Canada jumped by an average of 13 per cent, when the third quarter of 2017 is compared to the same period last year.

The company says the rate of increase of real estate prices is evening out across the country.

“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 CEO Phil Soper.

“For the first time since 2011, we are seeing real estate in all five of our largest cities appreciate at a manageable, healthy clip. Canadian housing is enjoying a Goldilocks moment – not too hot, and not too cold.”

The report says nationally, the median price of a condo increased 15 per cent in one year, to about $414,000.

The report said, during the third quarter of 2017, the aggregate price of a home in Greater Vancouver increased by 2.5 per cent, year-over-year, to $1,229,133.

Over the same period, the City of Vancouver saw an increase of 2.2 per cent to $1,439,652.

Langley, Surrey, North Vancouver, and Richmond saw third-quarter price increases of 9.2 per cent, 6.3 per cent, 4.5 per cent and 1.4 per cent, to $831,283, $796,466, $1,417,226, and $1,103,064, respectively.

However, in August, Real Estate Board of Greater Vancouver says the composite benchmark price for all residential properties in the area — including detached homes, townhouses and condominiums – was $1,019,400 – up 8.7 per cent from July 2016.