House prices climbing across Canada. (Contributed) House prices climbing across Canada. (Contributed)

Housing market having ‘Goldilocks moment’: report

Prices in Metro Vancouver jumped only 2.5 per cent, says house price survey

Real estate prices keep climbing, says a report released Thursday from Royal LePage.

The Royal LePage House Price Survey shows the price of a house in Canada jumped by an average of 13 per cent, when the third quarter of 2017 is compared to the same period last year.

The company says the rate of increase of real estate prices is evening out across the country.

“Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation’s housing markets,” said Royal LePage CEO Phil Soper.

“For the first time since 2011, we are seeing real estate in all five of our largest cities appreciate at a manageable, healthy clip. Canadian housing is enjoying a Goldilocks moment – not too hot, and not too cold.”

The report says nationally, the median price of a condo increased 15 per cent in one year, to about $414,000.

The report said, during the third quarter of 2017, the aggregate price of a home in Greater Vancouver increased by 2.5 per cent, year-over-year, to $1,229,133.

Over the same period, the City of Vancouver saw an increase of 2.2 per cent to $1,439,652.

Langley, Surrey, North Vancouver, and Richmond saw third-quarter price increases of 9.2 per cent, 6.3 per cent, 4.5 per cent and 1.4 per cent, to $831,283, $796,466, $1,417,226, and $1,103,064, respectively.

However, in August, Real Estate Board of Greater Vancouver says the composite benchmark price for all residential properties in the area — including detached homes, townhouses and condominiums – was $1,019,400 – up 8.7 per cent from July 2016.

Just Posted

Toad tour comes up dry in Langley

Hot weather blamed for absence of toadlets near breeding area

VIDEO: History of Langley pioneer Philip Jackman comes alive in new novel

Book by Virginia Cooke details the life of Jackman, a Royal Engineer and Reeve of Langley

Trinity Western University players help Canada to second medal ever at Pan Am Cup

With the medal, Canadian team also qualifies for the 2019 Pan American Games

VIDEO: Langley hospital history recovered

After 16 years in storage, LMH memorial plaques added to museum in time for 70th anniversary party

Aldergrove Fair Days gets ‘Down on the Farm’

Something for everyone at the 106th annual Aldergrove Fair

VIDEO: Visual recap of Vancouver Island MusicFest

Walk Off The Earth, Passenger, Arlo Guthrie among highlights

5 to start your day

Police seek teen after attack on elderly man, builder of new Pattullo Bridge to be chosen and more

Police seek teen after elderly man left with ‘life altering’ injuries

RCMP believe the male teen is a ‘person of interest’ in the case

Hawaii volcano boat tours continue after ‘lava bomb’ injuries

“An explosion occurred near the shoreline hurling hot lava rocks towards the boat and injuring several passengers.”

Trump returns from summit with Putin to forceful criticism

“Shameful,” ”disgraceful,” ”weak,” were a few of the comments. Makes the U.S. “look like a pushover,” said GOP Sen. Bob Corker of Tennessee.

Obama to deliver Mandela address in likely rebuke to Trump

Former U.S. President Barack Obama Monday praised Kenya’s president and opposition leader for working together but said this East African country must do more to end corruption.

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Missing B.C. Serval cat creates buzz online, pleas for help

Aquila, an African Serval, disappeared from a Fernie, B.C. backyard sometime on Friday, July 13.

Trudeau’s youth council divided over Trans Mountain pipeline purchase

A letter signed by 16 past and present members was made public today, asking the federal government to reverse course

Most Read