Economy

Cost of a home grew 10.8 annually in Q4

Cost of a home grew 10.8 annually in Q4

Home prices are still on the rise in Kingston, according to a national home price survey released this week.

Canada's residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017, according to a report by Royal LePage.

The survey also revealed that the median price of a two-storey home in Kingston rose to $369,896 and the price for a bungalow was up over 10 per cent to $324,168. That figure is based on data from 53 markets across the country. "In recent years, consumers were anxious about losing their jobs or major employers leaving and we saw a lot of people exiting the province", Tom Shearer, broker and owner, Royal LePage Noralta Real Estate, said in a news release.

The brokerage tracks what it calls the aggregate sale price - essentially a weighted average that accounts for differences in types of homes sold. "However, Kingston continues to have attractive affordability and remains one of the most affordable regions in Ontario". "This, coupled with the strong economy and an influx of younger people taking advantage of employment opportunities in the city, has increased home prices and pushed the region into a seller's market across all housing categories".

In Greater Vancouver, condominiums followed a similar pattern during the quarter, rising 20.2 per cent to $651,885, while the median price of a condo unit in the City of Vancouver rose 18.7 per cent to $775,806.

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He said approximately 500 homes have been purchased by out-of-town investors, "which is much higher than previous years".

If you're in the market for a detached home, $1 million will still take you only so far in Toronto.

Windsor comes in with the lowest home prices in the province with an average price of $192,505.

In the fourth quarter of 2017, the median price of a two-storey home, bungalow and condominium increased eight per cent, 16.7 per cent and 19.5 per cent year-over-year to $718,131, $634,927 and $412,280, respectively.


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