Province
Canadian house prices — even Vancouver ones — are still rising, but at a slower rate the latest survey numbers show.
Royal LePage Real Estate Services said yesterday prices in all major Canadian cities rose in the second quarter, but the rate of increase eased as more houses came on the market.
It said the slower rise in prices is relatively good news and diminishes fears of a crash. It suggests the housing market will remain strong over the next 18 months, housing analysts say.
In Vancouver, the average price of a two-storey house jumped 7.1 per cent year-over-year to $556,833, while in Victoria, the increase was 11.4 per cent to $361,000.
The average price of a standard two-storey house across the country rose six per cent year-over-year in the April-June quarter, to $318,390.
That compares with an 8.5-per-cent increase during the previous year.
Prices for detached bungalows were up 7.1 per cent to $262,845 while the average condominium price jumped 6.5 per cent to $183,397.
“I see the moderation in price increases being good news,” said Derek Burleton, senior economist at TD Economics.
“It points to a relatively well balanced market, and runs counter to any fears that a bubble has formed in Canada‘s housing market,” Burleton said.
But he also said it raises the likelihood that prices will continue to rise down the road.
© The Vancouver Province 2005
