Falling Toronto market drags down home price index

Royal Le Page said housing prices in Saskatoon continued to drop during the third quarter of 2017

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

That's virtually tied with the Kitchener-Waterloo-Cambridge region for the highest increase of the 53 markets across Canada surveyed by Royal Lepage, and it's more than twice as high as the 13.3 per cent increase seen nationally.

Real estate firm Royal LePage released its latest look at the local market Thursday.

"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", Royal LePage President and CEO Phil Soper said in the report.

Buyers who remained on the sidelines after the plan's implementation have now jumped back into the market while sellers, who attempted to capitalize on spring activity, have taken their homes off the market, says Royal LePage.

National price gains also slowed on an annual basis, with prices up 11.4 percent from previous year, compared to an annual increase of 13.1 percent in August.

In turn, these actions have caused the GTA to rebound to a more balanced market, experiencing a correction much quicker than Greater Vancouver.

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In Q3 2017, the GTA saw the largest annual price gain out of all Canadian markets, soaring roughly 22 per cent to $860,295. The price of a bungalow, however, went up 3.5 per cent to $1,422,458.

Falling home prices in Toronto in September dragged down the Teranet - National Bank national composite house price index as it posted its first monthly decline since January 2016.

"Waning foreign investment should impact the Toronto market less severely".

Overall, the aggregate price of a home in Metro Vancouver increased 2.5 per cent year-over-year to $1,229,133.

In Alberta, the province's economy continues to emerge out of a recession.

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, according to the survey.

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