According to a report by Royal LePage, Canada’s residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017.
The real estate company says based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter.
The company says in its report released Wednesday that the median price of a condo grew faster than any other housing type studied, rising 14.3 per cent to $420,823 on a year-over-year basis due to gains in many of the largest markets.
In GTA, the median price of a condo grew 19.5 per cent year-over-year to $476,421, while in the City of Toronto, the cost of a condo rose 19.6 per cent to $515,578.
The company says condos were the only segment to appreciate on a quarter-over-quarter basis among all housing types, rising 1.1 per cent in the final three months of the year.
At the same time, the price of two-storey homes and bungalows fell 0.3 and 0.2 per cent quarter-over-quarter, respectively.
Phil Soper, CEO of Royal LePage says, “To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability.”