Newspaper article The Canadian Press

'Frenetic' Price Growth in Real Estate Market to Slow in 2016: Royal LePage

Newspaper article The Canadian Press

'Frenetic' Price Growth in Real Estate Market to Slow in 2016: Royal LePage

Article excerpt

Real estate market to slow in 2016: realtor

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TORONTO - Realtor Royal LePage says it expects the national real estate market to slow this year due to eroding affordability in Toronto and Vancouver and the fallout from declining oil prices in Western Canada.

In its latest report, the realtor says the average price of a Canadian home increased 6.5 per cent to $500,688 in the fourth quarter of last year, compared to the same period on 2014.

The average cost of a two-storey home nationwide climbed to $610,134 in the quarter, up nearly eight per cent compared with the previous year.

The price of a bungalow rose 5.4 per cent year-over-year to $420,082, while the average price of a condo grew 3.1 per cent to $341,448. …

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