REGIONAL REAL ESTATE MARKET SUMMARIES
The residential real estate in market in St. John’s, Newfoundland saw strong year-over-year price gains across all three housing types surveyed every quarter this year. However, market has showed signs of cooling as inventory starts to rise.
Detached bungalows and two-storey houses in Montreal saw an 8.7 per cent year-over-year increase in the fourth quarter, while standard condominiums jumped 11.3 per cent. Average prices in Montreal are forecast to increase by a more modest 3 per cent in 2011 as a more balanced market emerges.
Ottawa’s housing market saw year-over-year price appreciation ranging between 6.3 and 10 per cent across all housing types surveyed this quarter. However, as inventory grows, Ottawa can expect price increases to be closer to 4 percent in 2011.
House prices surveyed in Toronto increased modestly year-over-year. Standard two-storey homes witnessed the largest increases at 5.6 per cent. Market activity slowed in the second half of the year as buyers rushed to the market in the first half of the year in anticipation of interest rate hikes and HST. For 2011, price increases are expected to be very modest at approximately 1 per cent.
Detached bungalows, standard two-storey homes, and standard condominiums in Winnipeg witnessed strong year-over-year price gains this quarter. Detached bungalows performed the strongest, increasing 10.3 per cent compared to the fourth quarter of 2009. Although the market is showing signs of cooling, sellers are still seeing multiple offers and are often receiving higher than their asking price. Winnipeg is expected to maintain its momentum throughout 2011 with prices rising around 7 per cent.
Single family homes performed best in Regina, which saw standard two-storey homes increase 9.1 per cent, while detached bungalows rose 8.4% and standard condominiums increased 2.4 per cent. Prices in Regina are expected to increase an overall average of 5 percent in 2011.
Both Calgary and Edmonton are positioned for house price increases in 2011 with a rebounding energy sector. In 2010, Calgary witnessed moderate year-over-year price depreciation across all housing types surveyed. Edmonton saw more modest price depreciation for two-storey houses, while condominiums decreased 5.7 per cent. Detached bungalows witnessed the only price increase among housing types surveyed at 1.2 per cent.
Single family homes in Vancouver dominated house price gains as two-storey houses rose year-over-year by 9.8 per cent in 2010. Condominiums on the East Side performed particularly well and, on average, Vancouver’s standard condominium market rose 7 per cent. Vancouver prices are expected to increase 3.7 per cent in 2011.
Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets. Click here to view the chart
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