Goodnews For Canadian Homebuyers As Home Price Drops Pace

Good news for homebuyers: There are finally some signs that the astronomical climb in Canada’s average home price is starting to abate. The good news for home sellers? Prices are still growing at a steady pace, according to the most recent survey by one of the country’s biggest real estate firms.

The Royal LePage House Price Survey found the average price for a piece of real estate rose between 4.4 per cent and 6.1 per cent year-over-year in the third quarter of 2014.

Prices for detached bungalows rose the most — up 6.1 per cent to $405,101, while standard two-storey homes rose 5.5 per cent to $441,714. Condominium prices grew at the slowest pace, up 4.4 per cent to $257,377.

Condo prices in Toronto and Calgary bucked the slowing trend in the third quarter, with Toronto prices growing as much as eight per cent, while Calgary condos rose 11.9 per cent, according to the Royal LePage report.

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