Survey says home prices are way up in Halifax

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Royal LePage described the overall housing market as balanced and said the price of condos in Regina is down due to overbuilding a year ago.

The Royal LePage House Price Survey results released on Thursday showed home prices across the Halifax region were up in the third quarter of 2017.

"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.

"The frenzy has stopped but we're still seeing multiple offers on houses when they're priced properly", said Joe Ferrante, broker of record for Hamilton's Royal Lepage State Realty.

On a national note, the price of a home in Canada increased 13.3 per cent year-over-year to $628,411 in the third quarter of 2017.

"What we're seeing... is that the market has picked up again, so it likely was a very short correction, in the neighbourhood of about a six-month correction".

Prices were unchanged in 15 out of 27 markets, including Vancouver and Toronto.

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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. Meantime, the price of a home in the City of Toronto increased 21.8 per cent to $861,397.

Home sales in Toronto have fallen since April when the Ontario government moved to cool the hot housing market with a package of changes including the introduction of a tax on foreign buyers. After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth.

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

Honsberger noted that in the third quarter of a year ago, there were more higher-end condo sales.

According to Soper, Montreal is a market to watch out for as it's the most affordable world-class city.

In Vancouver, where British Columbia implemented its own foreign buyers tax past year, prices were up 1.3 percent, Teranet said.

Going forward, Soper says rising interest rates and a strong Canadian dollar should stabilize price appreciation in Canada's major markets into 2018.

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