Single-family house prices still going up: Royal LePage

Real estate company Royal LePage says housing prices are expected to increase steadily for the rest of the year.

It says big cities such as Toronto, Vancouver and Calgary are driving increases in national average home prices, while smaller cities had more moderate gains.

Royal LePage says the average price of a home in Canada increased between 3.9 per cent and 5.2 per cent in the second quarter of 2014 and prices are expected to go up steadily for the rest of the year.

In Montreal, single-family house prices continued to rise, up 2.6% to $296,250 for a detached bungalow. A standard two-storey home rose 1.7% to $404,357.

Condo prices stagnated, from $239,528 to $239,611.

While the Montreal market recorded lower price gains than its metropolitan counterparts, some reports say real estate demand has gone up, particularly that of luxury homes, following the election of a Liberal government in the Quebec April election. But Royal LePage says it's difficult to make the link.

"It remains to be proven. I have not seen the data that would support that," said Dominic St-Pierre, director for the Quebec region,

"I would not think that the election would have a particular or more significant impact for the rest of the homes."

St-Pierre acknowledged the uptick, but added, "when you look at it from a yearly perspective, elections usually don't change anything."

Royal LePage says the second half of the year will much stronger in Montreal and it expects a 2.5% sales decline for 2014 providing they stabilize over the next few months.

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