Housing prices continue to drop in Saskatoon: Royal Lepage

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Housing prices continue to drop in Saskatoon: Royal Lepage

The firm said that in the third quarter home prices in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area, Calgary and Ottawa all went up by between 1.5 and 3.5 per cent from the second quarter.

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.

Royal LePage's House Price Survey released on Thursday said the price of a two-storey house in Regina fell by 2.3 per cent in the past year down to $395,817.

It was the third month in a row showing unchanged new home prices in Toronto, Canada's largest city. The retreat was mostly due to a 2.7% fall in the Toronto market.

As well, the Bank of Canada has raised interest rates twice this year, which has made mortgage rates more expensive.

While Toronto saw the biggest price increases year-over-year, home sales in the region have slumped in wake of Ontario's 16-point plan aimed at cooling the market. That drop was the largest monthly decline since September 2010. "They should not. market conditions appear to have stabilized over the last four months", National Bank Financial economist Marc Pinsonneault said in a note to clients.

The most dramatic shift was in the condominium market, where the average price dropped down to $234,263 by 7.8 per cent compared to past year.

Toronto was up 18.0 per cent compared with September 2016, while Hamilton gained 19.5 per cent and Victoria added 14.7 per cent. Vancouver climbed 10.5 per cent compared with a year ago. In the Greater Toronto Area, prices in the third quarter were up 21.7 per cent from the same time previous year, while Montreal prices were up 14.3 per cent, and Ottawa saw growth of 7.9 per cent. The central bank has said it is closely watching how the economy and consumers react to higher borrowing costs.

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