Home prices go up in most Canadian markets in 2013 Q1

The average year-over-year prices of three standard home types went up in most markets in Canada during the first quarter of 2013.

According to a recent release by the national realty firm Royal LePage, the standard price for an ordinary two-storey separate house went up by 2.2% during the period January-March 2013 from what it was a year back. Similarly, the national standard price for separate bungalows went up by 2.4% during the same period, while the mean price for condominiums went up by 1.2% in comparison to the prices prevailing in 2012 first quarter.

Nevertheless, housing prices in a few locals were not in line with the national pattern. For instance, the quarter-over-quarter and year-over-year home prices dropped in these three groups in Victoria, Vancouver and Saint John, NB.

The survey by Royal LePage says that in the first quarter, the standard national price for a two-storey home was $407,044, the average price of a bungalow was $364,857 and that of a condominium was $246,071.

While Vancouver was by far the most expensive Canadian realty market with the standard price for separate double-storey houses as well as bungalows being over $1-million, and the standard price for condominium being $481,250, the most populous city of the country Toronto remained the most expensive market after Vancouver. During this quarter, the price of a double-storey house in Toronto was $671,252, while bungalows cost $565,700 and a condo cost $359.671 on average.

According to Phil Soper, president and CEO of Royal LePage, the housing industry in Canada is facing an extremely extraordinary situation that they have not seen before. He says that despite the general economic development throughout the country, the mortgage rates are low and home prices very dull - typically, either of these two variables is shifting in the reverse direction.

However, Soper admitted that although there was warning regarding the looming market distress as well as dramatic decline in prices, the current situation does not indicate that. In fact, the present scenario is extremely encouraging for the housing industry, he remarked.

It may be noted that the findings of the Royal LePage survey find that though sluggish, the year-to-year increase in prices continue and this is in line with other reports on the Canadian real estate market. However, contrary to the finds of some other reports that have shown a decrease in month-to-month prices since 2012 summer, Royal LePage survey found that majority of the Canadian cities also witnessed increase in home prices during the period between 2012 last quarter and 2013 first quarter.

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