CHARLOTTETOWN, P.E.I. - The aggregate price of a home in Charlottetown saw a strong increase in the fourth quarter of 2018, according to the recently released Royal LePage House Price Survey.
The survey found that the aggregate price of a home in the city rose 7.1 per cent year over year to $295,085.
“The fourth quarter saw a continuation of strong year over year growth, reflective of a consistent flow of demand from both international and Canadian homebuyers coming to the region,” said Rudy Chong, owner and manager of Royal LePage Prince Edward Realty.
“The recently launched Down Payment Assistance Program… to support first-time buyers has also been supportive of healthy sales activity levels, while maintaining the province’s status as one of the most affordable housing markets in the country.”
Looking ahead, Royal LePage expects an active spring 2019 for both entry-level and higher-priced property categories, Chong added.
When broken out by housing type, the median price of a two-storey home saw a significant increase in the fourth quarter, appreciating 8.3 per cent year-over-year to $317,576. During the same period, the median price of a bungalow increased 8.5 per cent year-over-year to $247,086.
Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions.
Nationally, year-over-year home prices made healthy gains in many regions across Canada in the fourth quarter of 2018. 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 price of a home in Canada increased four per cent year over year to $631,223 in the fourth quarter of 2018.
When broken out by housing type, the median price of a two-storey home rose 3.9 per cent to $745,007, while the median price of a bungalow climbed 1.5 per cent to $516,950. Condominiums continued to see the highest rate of appreciation nationally when compared to the detached segment, rising 7.2 per cent year-over-year to $447,915.