Canadian property prices to keep rising

A leading Canadian real estate agency says that property prices in the country are only likely to keep growing for the rest of this year.

Housing in Toronto Canada

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According to a report carried out by Royal LePage, the average prices of standard two-storey houses and detached bungalows went up by 2.7 per cent in the second quarter of this year, compared with the same time a year ago.

The average price of a house listed with Royal LePage is currently CDN$419,614, while a bungalow is CDN$386,457. Vancouver was by far and away Canada’s most expensive city for property, with the average price for a standard two-storey home in the city valued at an astonishing CDN$1,151,250.

And the report found that house prices across the country could rise by a further 3 per cent by the end of this year. “Those hoping their predictions of a bursting bubble and cataclysmic drops in home values will come true are out of luck again,” said Phil Soper, president and chief executive of Royal LePage in a statement.

Figures released by the Canadian Real Estate Association (CREA) last month also revealed that the country’s property market was strong, having performed better than expected in the first few months of the year. The CREA data showed that the number of completed house sales made between January and May was significantly up on the same period last year while they found that in May house prices across Canada rose by 3.7 per cent year-on-year.

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