Canada’s residential real estate market showed slowing year-over-year price growth in the first quarter of 2019 but according to Royal LePage, London’s market remains hot.
According to the realty firm’s House Pricing Survey for the first quarter of 2019 — the price of an average home in London is $393,610, rising 10.7 per cent from the end of December 2018.
“I’m expecting an active spring with similar price gains to last year as affordability, low unemployment, and the area’s economy are appealing to buyers,” said Peter Meyer, owner and broker of record, Royal LePage Triland Realty in a statement.
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Royal LePage broke out the numbers by housing type:
– The aggregate price of a home increased 10.7 per cent to $393,610
– The median price of a two-storey home increased 10.1 per cent to $443,969.
– The median price of a bungalow increased 9.5 per cent to $335,198.
Nationally, the price of a home in Canada increased by 2.7 per cent year-over-year to $621,575 in the first quarter of 2019.
Phil Soper, president and CEO, of Royal LePage said in a statement: “We are expecting this to be a sluggish year overall in Canada’s residential real estate market, with the hangover from the 2018 market correction and weaker economic growth acting as a drag on home price appreciation, balanced by lower for longer interest rates.”
Elsewhere in Western Ontario, Windsor also saw a double-digit increase rising 12.4 per cent year over year.
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