To: Royal LePage Broker-Owners, Managers, Sales Representatives and Administrators
The Q4 2018 Royal LePage House Price Survey was released to media early this morning. Below you will find highlights from the release, links to social media assets available for you to share and select media coverage.
Key highlights from the national release include:
- The price of a home in Canada increased 4.0 per cent year-over-year to $631,223 in the fourth quarter of 2018, continuing the recovery from the most significant housing correction since the financial crisis. Condominiums continued to see the highest rate of appreciation nationally when compared to the detached segment, rising 7.2 per cent year-over-year to $447,915.
- The Canadian economy is performing well overall, with pockets of uncertainty. Persistently weak oil prices driven by domestic market access bottlenecks and global supply gluts have hit Western Canada hard, and trade tensions between China and the U.S. in particular are impacting consumer confidence across the continent.
- The GTA was a story of contrasts. The City of Toronto experienced a strong rebound in the fourth quarter, while the surrounding areas remained relatively weak year-over-year. Prices in Toronto saw sizable increases, rising 8.8 per cent compared to 3.4 per cent gains for the GTA more broadly.
- The aggregate price of a home in the Greater Montreal Area passed the $400,000 mark, rising to $407,230, an increase of 4.1 per cent from the same period last year. This represents a higher rate of appreciation than that seen in both the GTA and Greater Vancouver, and above the national aggregate percentage increase.
- Home price appreciation in Greater Vancouver grew at a modest pace rising 2.1 per cent in the fourth quarter from the year before, to an aggregate price of $1,274,831. More affordable suburbs like Langley, Surrey, and Coquitlam that had seen double digit price growth in previous quarters grew at a more modest pace rising 2.4 per cent, 2.3 per cent, and 0.4 per cent respectively.