Newspaper article The Canadian Press

National Home Prices Soared to Largest Q2 Gain in Five Years, Royal LePage Says

Newspaper article The Canadian Press

National Home Prices Soared to Largest Q2 Gain in Five Years, Royal LePage Says

Article excerpt

Biggest home price gain in Q2 in 5 years: report

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TORONTO - Realtor Royal LePage says the national average home price climbed 9.2 per cent during the second quarter compared to a year ago -- the largest year-over-year gain in five years.

In its latest report, the realtor says the national average home price grew to $540,223 during the quarter, fuelled by low borrowing rates.

Royal LePage says the average price of a two-storey home rose 10.7 per cent from a year ago to $619,671.

The average bungalow price climbed 7.9 per cent to $437,121, while the average condo price was $348,189, an increase of 4.2 per cent.

The real estate agency is predicting that during the second half of the year, the average home price will increase 12.4 per cent, compared to the second half of last year.

The company says that's because the U. …

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