Condo prices in Regina struggle according to Royal Lepage

A real estate sold sign hangs in front of a Toronto property last fall

"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", said Royal LePage CEO Phil Soper.

Overall, the aggregate price of a home in Metro Vancouver increased 2.5 per cent year-over-year to $1,229,133.

Real estate prices keep climbing, says a report released Thursday from Royal LePage.

Keith Church, the broker of record for Royal LePage's local brokerage, says the numbers point to a continuing seller's market in the region.

"If that is the case, a large part of the price correction to be seen in the Toronto home resale market might be behind us", he added. The price index for Hamilton slipped 1.9 per cent.

"Waning foreign investment should impact the Toronto market less severely". After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth.

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It shows that the aggregate sale price of a home in the region - a weighted average that takes into account different types of housing being sold - hit $483,133 in the third quarter of 2017.

In Alberta, the province's economy continues to emerge out of a recession.

Randy Ryalls, general manager of Royal LePage Sterling Realty, says the high price of detached homes and tighter mortgage restrictions has pushed buyers into the condo market, placing a severe strain on inventory and driving competition. "As a result, inventory is down about 15 per cent compared to previous year and most notably in entry-level homes". That number is 28 per cent higher than the figure from the third quarter of 2016.

According to Soper, Montreal is a market to watch out for as it's the most affordable world-class city.

Langley, Surrey, North Vancouver, and Richmond saw third-quarter price increases of 9.2 per cent, 6.3 per cent, 4.5 per cent and 1.4 per cent, to $831,283, $796,466, $1,417,226, and $1,103,064, respectively.

Going forward, Soper says rising interest rates and a strong Canadian dollar should stabilize price appreciation in Canada's major markets into 2018.

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