Vancouver area sees autumn boom in housing market: Royal LePage

The latest house price survey and a market survey forecast from the real estate franchisor reveal pent up demand continues to fuel record sales across …

VANCOUVER — Royal LePage says a pandemic-induced lull in home sales across Metro Vancouver earlier this year has produced an autumn boom in the housing market.

The latest house price survey and a market survey forecast from the real estate franchisor reveal pent up demand continues to fuel record sales across the region and prices are climbing as a result.

Royal LePage says the third quarter saw the aggregate price of a Greater Vancouver home jump 4.4 per cent year-over-year to just over $1.1 million — with a 4.5 per cent hike forecast in the fourth quarter.

Strongest demand is for detached homes as buyers seek more room, home offices and private outdoor space, but the surveys show demand is also healthy for slightly more affordable condos.

Royal LePage sees Montreal residential property market cooling off this fall

After a torrid summer that saw Montreal outperform Toronto and Vancouver on the residential real estate front, look for cooler temperatures this fall.

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After a torrid summer that saw Montreal outperform Toronto and Vancouver on the residential real estate front, look for cooler temperatures this fall.

Aggregate home prices in Greater Montreal will probably climb 9.5 per cent in the fourth quarter from a year earlier to reach $478,000, real estate firm Royal LePage said Wednesday. That’s down from the 12.5 per cent year-over-year increase recorded in the third quarter, according to the company’s data.

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Royal LePage sees Montreal residential property market cooling off this fallBack to video

“Slowly, the market is starting to cool off a bit,” Dominic St-Pierre, Royal LePage’s vice-president and general manager for Quebec, told the Montreal Gazette in a telephone interview.

“The fourth quarter should show an increase relative to last year’s fourth quarter, but if we compare prices with those of the third quarter, they should be roughly flat. Essentially, what we’re forecasting is that prices are going to stay where they are for the rest of the year.”