The Royal LePage House Price Survey was released on Thursday and it showed a strong year in price increases for home prices across Hamilton in the first quarter of 2016.
The Greater Vancouver and Greater Toronto Area (GTA) real estate markets continue to lead the country in home price appreciation, with Canada’s economic landscape supporting robust housing demand in these metropolitan areas.
Meanwhile in Quebec, the residential real estate market in the Greater Montreal Area is showing the most promising signs of renewal seen in recent years, posting home price increases and a noticeable surge in unit sales in the first quarter.
The price of a home in Hamilton saw a healthy increase in the first quarter of 2016, rising 5.8 per cent year-over-year to $400,593, according to the Royal LePage House Price Survey[2] released Thursday.
More specifically:
· The median price of a two-storey home increased 5.2 per cent to $431,266
· The median price of a bungalow increased 8.2 per cent to $351,520
· The median price of a condominium decreased 2.4 per cent to $243,399
Nationally, the price of a home in Canada increased 7.9 per cent year-over-year to $521,621 in the first quarter.
When broken out by housing type, the price of a two-storey home rose 9.2 percent year-over-year to $629,177 and the price of a bungalow increased 6.8 per cent to $426,216. During the same period, the price of a condominium increased 4.0 per cent to $344,491.
