TORONTO — A report by Royal LePage says the average home price in Canada in the second quarter edged lower compared with a year ago.
The firm's house price survey says the aggregate price of a home in Canada was down 0.7 per cent year-over-year at $809,200 in the second quarter of this year.
On a quarter-over-quarter basis, the report says the aggregate price, which averages out median values of all housing types, was up 4.0 per cent.
Royal LePage says the real estate market is close to the point where it will have recovered fully from the drop in home prices last year when interest rates began to rise.
The aggregate price in the second quarter was down 5.6 per cent from the peak reached in the first quarter of 2022.
The firm says prices in the fourth quarter this year are now expected to be up 8.5 per cent compared with the fourth quarter of 2022.
This report by The Canadian Press was first published July 13, 2023.
The Canadian Press