"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 president and CEO Phil Soper. "For the first time since 2011, we are seeing real estate in all five of our largest cities appreciate at a manageable, healthy clip". "Canadian housing is enjoying a Goldilocks moment - not too hot, and not too cold". "The cost of a down payment for a detached property in Greater Vancouver has already surpassed the average home price in many markets in Canada".
On a 12-month basis, Canadian new house prices increased 3.8% in July.
Soper also noted that in urban areas like Toronto and Vancouver, condominium prices have risen faster than any other housing type and will continue on that path for the foreseeable future as their affordability is attractive to first-time homebuyers.
Calgary prices were up five per cent year-over-year, while Greater Vancouver showed a modest gain of 2.5 per cent after its market correction last year.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices were down 0.8 percent in September from the month before. The central bank has said it is closely watching how the economy and consumers react to higher borrowing costs.
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The national index, which factors in prices for 11 cities, dropped by 0.8 per cent from August.
In the home resale market, Toronto led September's price decline with a 2.7 per cent monthly drop, according to Teranet.
A sharper slowdown in price inflation is unavoidable, said David Madani of Capital Economics.
Two recent interest rate hikes by the Bank of Canada have helped rein in demand, and analysts are divided over whether the market will manage a soft landing or see a United States style housing crash.
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