Home prices steadily rise across the country

Sep 14th, 2017 | By | Category: Featured, Home

(NC) Canada’s residential real estate market posted strong home price appreciation in the second quarter of 2017, with most regions displaying healthy housing trends.

According to Royal LePage’s House Price Survey and Market Survey Forecast, the price of a home in Canada rose 13.7 per cent year-over-year to $609,104 in the second quarter.

Over the same period, the price of a two-storey home and bungalow climbed 14.6 and 13.4 per cent, respectively to $725,336 and $511,881. Canada’s supply of condominiums also saw a significant rise in pricing, surging 13.4 per cent year-over-year to $397,869.

“Canada’s residential real estate market has gradually begun to return to normal, as conditions continue to stabilize across the country,” explained Ontario-based real estate agent, Brad Johnstone.

During the quarter, the overall health of the Canadian economy played a significant factor in the stability of the country’s real estate market. While price appreciation in Ontario largely remained unsustainable, posting an aggregate year-over-year gain of 20.6 per cent, all other provinces except for Prince Edward Island turned in positive, healthy price improvements. Most notably, Canada’s most affordable housing market, New Brunswick, trailed only Ontario in terms of appreciation, rising by 6.3 per cent year-over-year to $189,000. Next
up, Quebec rose by 5.1 per cent over the same period to $308,824.

Looking ahead to the rest of the year, the real estate firm forecasts that the national aggregate price of a home will increase by 9.5 per cent in 2017.

“With the majority of regions on solid footing, we anticipate that pricing will continue their upward trajectory, albeit at a more moderate pace,” said Johnstone.

“While sanity slowly returns to southwestern Ontario, properties across the lower mainland of British Columbia and in Alberta, having seemingly recovered from their respective challenges, are likely now on track to grow at a healthy and sustainable pace for the remainder of the year.”

Four things to think about when listing your home

Whether you’re looking to downsize into a smaller abode or want to find a new home that fits your growing needs, there are a few key considerations to make in order to maximize the return on your real estate investment.

“The decision to sell a home is often one of the most important choices that anyone can make in their lifetime,” explains Brad Johnstone of Royal LePage Niagara Real Estate Centre. “While this decision may sometimes seem nerve-racking, it doesn’t need to be. By asking the right questions and seeking out the best support, sellers can effectively streamline the process and take full advantage of their earning potential.”

Homeowners looking to list their properties should consider the following four tips to ensure that their experience is a good one:

1. Research prospective agents: As with anything, a realtor’s skillset can vary. While some may specialize in condominiums, others may focus on the luxury market. Before selecting your agent, do your homework and make sure they are a good fit. Generally, it is best to select an agent with a deep understanding of your property type and area.

2. Interview your agent and ask for a presentation: Arrange to meet with a prospective agent while all decision-makers are at the table. This will allow you to make an informed decision and determine how they will help you sell your home.

3. Be transparent: Make sure your agent knows what’s on your mind. Are you concerned about the timeliness of the sale? Are you firm on a certain price? Any information that you can provide will help smooth out the selling process and improve your satisfaction.

4. Pricing: Regardless of whether it’s a buyer’s, seller’s or balanced market, a home that is priced correctly will often sell much faster. When listing your home, be sure to sit down with your agent and decide on a value that accurate reflects the market.

Find more tips on selling your home at
www.royallepage.ca.

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