Canadian housing prices rise in third quarter: Royal LePage
Posted October 5, 2011 7:06 am.
This article is more than 5 years old.
TORONTO, Ont. – It’s another strong year so far for the Toronto real-estate market.
Royal LePage said Canada’s housing market saw prices rise in the third quarter, concealing signs of moderating prices in some regions.
The report found the average price for a detached bungalow rose by nine-and-a-half per cent over the past year to $518,000.
Prices for a standard two-storey home have gone up by seven-and-a-half per cent to $620,000.
Condo prices were up on average by six per cent to $351,000.
The Toronto real estate market continues to deal with bidding wars on some properties, as the number of homes for sale has not kept up with demand — that’s an across-the-board situation with even million-dollar-plus homes seeing multiple bids.
Nationally, real estate prices were up by between five-and-a-half to almost eight per cent, fuelled by low interest rates and a relatively steady economy.