Atlantic Canada home prices among the highest in the past three months: Royal LePage

A real estate sign is pictured. THE CANADIAN PRESS Jonathan Hayward

New real estate numbers show Atlantic Canada has seen some of the highest increases in home prices in the past three months compared with the previous three.

Royal LePage released its third quarter home price update and market forecast for the year on Thursday.

The real estate company’s reports show the highest quarter-over-quarter increase for a single-family detached home was in Pickering, Ontario, where prices increased by 5.6 per cent.

The next-highest increases were in Charlottetown at four per cent, St. John's, N.L, at 3.2 per cent and Saint John, N.B., at 3.2 per cent.

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In Halifax, the aggregate price of a home decreased 0.7 per cent to a median price of $510,100 in the third quarter of 2024.

Matt Honsberger, a broker and owner of Royal LePage Atlantic, says buying and selling activity remains up compared to 2023 levels in the region.

“Housing inventory continues to rise throughout the Halifax region, but not enough to meet the backlog of demand,” he said. “Competition for homes in the lower end of the market remains tight, while those shopping in the move-up segment have the advantage of more listings to choose from. More properties are needed to satisfy the high demand from first-time buyers.”

Royal LePage forecasts the aggregate price of a home in Halifax will increase 6.5 per cent in the fourth quarter of the year.

Meanwhile, the national aggregate home price increased 1.6 per cent year-over-year to a median price of $815,500 in the third quarter of 2024, and decreased 1.1 per cent from the previous quarter.

With files from The Canadian Press