Royal LePage House Price Survey for 2nd Quarter 2019

According to the Royal LePage House Price Survey1, during the second quarter of 2019 low interest rates and healthy employment offset the market drag caused by economic uncertainty that kept monthly unit sales volumes below the ten-year average2. As a result, home prices appreciated modestly at the national level. The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation's largest real estate markets, showed that the price of a home in Canada increased 1.1 per cent year-over-year to $621,696 in the second quarter of 2019. When broken out by housing type, the median price of a two-storey home rose 1.0 per cent year-over-year to $727,165, while the median price of a bungalow dipped 0.4 per cent year-over-year to $516,048. Condominiums remained the fastest growing housing type on a national basis, with the median price rising 3.8 per cent year-over-year to $452,451. "We now have evidence of a sustained market recovery in some of the nation's largest markets, and signs of a price floor in other regions hit hard by the eighteen month-old housing correction," said Phil Soper, president and CEO, Royal LePage. Canada's economy continues to grow, albeit at an unexceptional pace, with a slumping housing market being a major contributor to the slowdown. Offsetting this, business investment has picked up considerably, helping to sustain a period of exceptional employment growth, particularly in British Columbia, Ontario, and Quebec. Royal LePage predicts national home prices to see a modest uptick by the end of 2019, rising 0.4 per cent compared to the end of 2018. The Greater Toronto Area and Greater Montreal Area are expected to continue to drive national home price gains with forecast increases of 1.4 per cent and 4.5 per cent respectively, while Ottawa is expected to outpace the GTA with a projected price increase of 1.6 per cent by year-end. Weakness in the Greater Vancouver market is expected to continue, with the aggregate home price forecast to decrease by 5.5 per cent compared to end of year 2018. Home prices in western cities like Calgary, Edmonton, and Regina are expected to decrease 3.6 per cent, 3.0 per cent, and 4.9 per cent, respectively. To view the chart with aggregated regions and markets visit rlp.ca/houseprices For more information see rlp.ca/mediaroom 1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions. 2 CREA, Canadian home sales rise again in May 2019, June 14, 2019.

Canadian real estate market continues recovery in second quarter

7 Handy Tips to Prep Your House For Winter

When winter weather blows in, our impulse could be to hunker down and hide. However, house hunting in autumn can be to your advantage. Here are four reasons why: Better perspective. When it's gloomy out, you'll have a stronger idea how interiors look in low light. Also, leafy trees and shrubs can hide flaws around a home's exterior or downspouts. Bare branches

reveal areas in need of repair. Assess the action. In September, most neighbours have returned from the cottage and summer holidays. What could seem like a tranquil, traffic-free neighbourhood in mid-summer could be considerably more active than you suspect. Seasonal sales. Want to update your old barbecue or kitchen appliances? Purchase them from an end-of-summer sale at the local home store. Or, ask your real estate agent about the great discounts you can get from Whirlpool and Kitchenaid, through our Preferred Supplier program! Less competition. New inventory is appearing on the market, and there are fewer people shopping for a new home after summer. Sometimes, the sellers of newly-available properties need to move for a job and are eager to make a deal. Buying a home in fall enables you to settle in before inclement weather impedes your move. Enjoy snowy scenes from the comfort of your new living room.

Why fall is a great time for home buying