The survey, which looked at Canada's major centres, noted the median sale price of a two-storey home in the region increased 12.3 per cent to $865,380 in the fourth quarter past year compared with the fourth quarter of 2016.
The Royal LePage House Price Survey, released today, says the new mortgage stress test - which went into effect on January 1 - sent prices in the condo market skyward.
While it has not made any specific forecast for Waterloo Region public, RE/MAX is projecting a six per cent price increase - one of the largest anywhere in Canada - which would leave the average sale price around the $500,000 mark.
"We are no longer looking over our shoulders".
Nationally, Canada's residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017.
"In 2017, we saw buyers return to Edmonton to take advantage of its affordable cost-of-living and high paying jobs, resulting in a stable and healthy real estate market".
The median price of a Vancouver condo shot up almost 20 per cent in the past year, to average price of $775,806, according to a new price survey.
Regina is a buyer's market for houses and condos as local real estate reports continue to blame the downturn in the natural resource sector for declining prices.
The real estate firm said that the median price of a condo grew faster than any other housing type studied, rising 14.3 per cent to $420,823 on a year-over-year basis due to gains in numerous largest markets.
·In Surrey, home appreciation increased 10.7% year-over-year to $844,869 and in Langley, aggregate home prices increased 12.8% to $866,073.
Aggregate home prices in Greater Vancouver are predicted to appreciate by 5.2% by the end of 2018, according to Royal LePage's most recent Market Survey Forecast. However, we do foresee an upswing in demand in the latter portion of the year, as prospective buyers adjust to the new realities. That figure is based on data from 53 markets across the country.
According to the survey, the average condominium price has grown substantially due to greater affordability in the market as opposed to detached dwellings. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.
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