House prices in Canada are expected to jump late this year

Phil Soper stated that the spring market "has never flourished" but he expects the second half of the year to be stronger, the buyers will find themselves in the market. adjusting to the new stress test rule that took effect on January 1st.

to prove that they could still pay their mortgages even though interest rates had to increase considerably beyond the rate that they had negotiated with their banks.

million. Soper said that he had never seen a change in federal housing policy that would have had such a significant impact on buyers in every market in the country.

"It really had an impact on people from coast to coast to coast, in slow markets or in emerging markets like Alberta and Saskatchewan, and in overheated markets. like Toronto, "he said.

However, he said that buyers have begun to adapt to the new rules by buying a cheaper type of house, or looking to buy in cheaper neighborhoods. Royal LePage expects a slight increase in sales volume and house prices this year

The firm expects the Greater Toronto Area to experience the largest price increase in the second half of 2018 fourth quarter compared with the second quarter of this year, the 5.6% increase would reach $ 867,826

The planned increase would cancel a 1.9% drop in prices in the Greater Toronto Area in the second quarter compared to the same period last year. , says the company

Mr. Soper said his firm's data now show a slight rise in single-detached homes in the Toronto area for the first time since the rule of the stress tests came into force, which could mean that the market has hit the bottom. That's why the forecasts indicate higher prices in the next quarter, "he said.

Ottawa expects prices to rise 4.9% in the second half of the year to $ 460,938, while Royal LePage predicts prices will increase by 3.6% in Metro Vancouver to $ 1.32 million, and Calgary and Edmonton are also expected to see prices rise in the second half, with increases expected by 2.7% and 3.6% respectively.

However, prices are expected to fall 0.9% in Regina.Royal LePage said the second quarter of 2018 experienced a sharp divergence between l & # 39; housing market collapse in the Greater Toronto Area and significant price gains in a number of other Ontario cities outside the GTA.

Even though prices fell by nearly 2% in the Greater Toronto Area in the second quarter compared to same time last year, they increased by 11% in Niagara and St. Catharines, 9% in London and 8.2% in Kitchener / Waterloo, 10% in Kingston and 6% in Hamilton [19659017] The story continues under advertising