While in the residential market of Toronto, the average cost has been reduced in the second quarter of 2018, price growth accelerated in other major cities in Ontario such as Kitchener, Waterloo and Cambridge, according to recent studies.

The average price of a standard 2-storie home increased by 8.9% annually throughout the region, which translates into $515,000 in the second quarter of the year. On the other hand, the average price of a bungalow grew by 6.2% year-over-year (approximately $440,000), and the average price of a condominium increased by 5.1% in the same period of time (up to $ 290,000).

However, Kieth Church, broker of a recognized brokerage, emphasizes that although prices have risen in all housing categories year after year, the appreciation rate has slowed compared to the double-digit gains of the previous year. We are beginning to see a shift towards a balanced market where sales and prices are more stable Church added that the region's economic growth attracts buyers from the Toronto metropolitan area. It is also predicting a healthy influx of first-time buyers and retirees looking to reduce the size of their homes to small condominiums.  

The aggregate price of a home in the Kitchener / Waterloo / Cambridge area increased 8.2% year-over-year in the second quarter of 2018 (up to $486,000). Housing costs in the region are expected to continue rising steadily in the next quarter, the report said.

At the national level, the appreciation of prices was reduced to a relative advance in the second quarter of 2018, a development influenced mainly by what was characterized as smoothness in the GTA, where many markets have suffered year-on-year declines in the prices of the houses.

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