While the aggregate home price for the three-month period ending in September rose 3.6 per cent over last year’s level to $802,900, it was down 0.8 per cent on a quarter-over-quarter basis.and Vancouver both recorded price declines in the third quarter — 2.8 per cent and 1.8 per cent respectively — while prices in the Greater Montreal Area ticked up by 0.6 per cent.
“While trading volumes in most regions remain sluggish, Canada’s housing market is on solid footing, with pent-up demand building,” said Phil Soper, the president and CEO of Royal LePage. Soper noted in the report that a lull in activity has caused a slight increase in housing inventory in some regions. However, the available homes for sale still fall short of what’s necessary to keep property prices in check.are in a normal range, and well below the double-digit lending rates of the 1980s,” he said. “It is the large gap between Canadians’ hyper-low, pandemic period mortgages and today’s rates that have stifled activity.
“While activity has softened in recent months and inventory is rising, we strongly expect that home prices will hold firm through the remainder of the year, with modest increases in some markets,” he said.Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful.