Real estate: Prices won't rise as much as expected, says Royal LePage

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Real Estate: Prices Won't Rise As Much As Expected, Says Royal LePage

Real estate demand has temporarily dropped in southern Ontario and British Columbia, according to Royal LePage.

The brokerage firm Royal LePage is revising downwards its forecast for the increase in the sale price of homes in Canada. Greater Toronto is the metropolitan area that will post the weakest growth in the fourth quarter, according to Royal LePage.

The company thus anticipates an increase of only 3% in the average selling price of properties in the Toronto area in the fourth quarter compared to the same period last year.

By comparison, Royal LePage forecasts growth of 5% in Greater Vancouver, 8% in Calgary, 10% in Ottawa and 12.5% ​​in Montreal.

The brokerage cut its domestic growth forecast to 5% in the fourth quarter, after predicting a 15% rise last April.

Anticipated rise in property prices in Canada

Region

Average forecast price (4th quarter)

Expected growth (4th quarter)

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Toronto

$1,153,394

3%

Vancouver

$1,315,965

5%

Regina

$385,307

7%

Winnipeg

$385,776

8%

Calgary

$622,944

8%

Halifax

$528,432

9%

Ottawa

$813,670

10%

Montreal

$599,175

12.5%

National Average

817 $950

5%

Source: Royal LePage

Royal LePage explains that the accelerated rise in the Bank of Canada's key rate caused a drop in temporary real estate demand in the South Ontario and British Columbia.

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