Housing prices up in most Canadian markets in early 2013
Buying a home in Canada is becoming less affordable for the average Canadian, according to a study conducted by RBC.
Published Thursday, April 4, 2013 8:00AM EDT
Last Updated Thursday, April 4, 2013 9:43PM EDT
TORONTO -- Royal LePage says average prices for three common types of housing were up year-to-year in most Canadian markets in the first quarter.
The average national price for standard two-storey detached houses was up 2.2 per cent and detached bungalows rose 2.4 per cent.
The average price for condominiums rose less than the other two categories, increasing by 1.2 per cent from first quarter of last year.
Some local markets didn't fit the national pattern.
For example, Vancouver, Victoria and Saint John, N.B., had year-to-year price declines in all three categories of housing.
Vancouver remained, by far, the most expensive market in Canada with the average price for detached bungalows or two-storey houses above $1 million while the average condo price was nearly half a million dollars.
According to the Royal LePage survey, the national average price for two-storey houses was $407,044, the bungalow average was $364,857 and the average price for condos was $246,071 in this the first three months of 2013.