House prices may be moderating says Royal Le Page

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The rise in house prices has begun to ease according to the latest survey from Royal Le Page. The figures show that house prices increased year-over-year up to the third quarter of this year. Condos were at the bottom end of the scale up 4.4 per cent to an average $257,377; standard two-storey homes were up 5.5 per cent to $441,714; detached bungalows climbed 6.1 per cent to an average $405,101. Toronto and Calgary have led the increases but Phil Soper, president and chief executive of Royal LePage says things are balancing out: “We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents  refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.”

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