The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation's largest real estate markets, showed that the priceof a home in Canada increased 4% year-over-year to $631,223 in the fourth quarter of 2018.
"The financial, tourism and education industries have helped make the regional economy resilient in the face of macroeconomic factors affecting other areas of the country", said Marc Doucet, broker of record, Royal LePage Atlantic.
According to a Royal LePage House Price Survey the average house price in Winnipeg rose 3.1% year-over-year in the fourth quarter of 2018 to $305,763.
Ethier also noted would-be buyers, be they people coming to Victoria to work or retire, see the market here as a good place to live as well as a solid investment opportunity.More news: James Middleton is speaking openly about his battle with depression
"Retirees who choose to buy a condominium are competing against first-time buyers resulting in a lack of inventory".
Housing prices in Montreal are now rising at a faster pace than those in both Toronto and Vancouver.
Ethier says the shortage of supply is further shaped by government regulations slowing the market in B.C., resulting in a decrease in new residential construction.
The aggregate price of a home - a weighted average based on the median value of condos, bungalows and two-storey houses sold during the period - was up 4.1 per cent during the last three months of 2018 when compared to the equivalent period in 2017, reaching $407,230, the real-estate company said. "Major market home price inflation through much of the decade had led to unsafe overheating in our most populous regions". Meanwhile, the median price of a condominium remained relatively flat, rising 0.2 per cent year-over-year to $331,230.More news: Canadian sentenced to death in China in drug smuggling case
Montreal will maintain its leading position in the Canadian real estate market in 2019, according to St-Pierre, albeit at a slower pace than previous year.
Meyer adds that the spike in home prices was seen nationally, with figures rising by four per cent year-over-year in the fourth quarter of 2018.
Phil Soper, the president and CEO of Royal LePage, said a cool-down in Canada's real estate sector is a "good thing".More news: Terence Crawford set to face Amir Khan in April