New numbers from Royal LePage Canada show that average home prices are up year-over-year for the first quarter of this year.
A story published in the Financial Post outlined this trend:
“The combination of very low mortgage rates and flat home prices, against a background of general economic improvement across the nation, is not something we’ve seen before,” [Phil] Soper [Royal LePage CEO] said Thursday. “The current environment is very supportive for housing,” Soper added.
Here's a breakdown of the figures:
• Average price for 2-storey detached house = $407,044, up 2.2%
• Average price for detached bungalow = $364,857, up 2.4%
• Average price for a condominium = $246,071, up 1.2%
Read the full story from the Financial Post here.