Niagara home prices see significant first-quarter growth

The survey also found the aggregate price of a home in Calgary rose 0.6 per cent to $461,635 in the first quarter, while the price of a home in Edmonton followed a similar trend, rising 0.3 per cent to $381,733.

"The overall Canadian market is healthier in 2017 than it has been in years, yet the downside risks are greater too", concluded Soper.

The aggregate price of a home in the GTA increased 20 per cent to $759,241, but in Richmond Hill, the price surged to $1,209,741.

The torrid pace of home-price appreciation in much of Ontario contributed nearly half of the national aggregate home-price increase in the first quarter, with the rest of Canadian appreciating by a healthy, but much lower, 6.4 per cent year-over-year when excluding all Ontario-based regions. "With their higher pre-existing home values and wages, a $250,000 purchase can be made with relative ease, causing inventory to be snatched up nearly as quickly as it hits the market".

Two-storey home prices increased by 1.3 per cent to $422,848, while bungalows saw a small decrease, dropping 2.1 per cent to $236,254, compared to the same period past year.

Royal LePage CEO Phil Soper says the housing correction in Vancouver began seven months ago, around the time that the B.C. government introduced a 15 per cent tax on foreign nationals buying real estate in the city.

'Ottawa doesn't have the big peaks and the big valleys, ' said Royal LePage broker of record John Rogan. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

"The fact remains that many of these regions are not built to support large volumes of demand, causing market conditions in these areas to quickly intensify", Usher adds in the statement.

Mr. Soper said the growth well beyond the Toronto region is being fuelled by Ontario's strong economic performance, with the province now leading Canada in economic growth. Condos rose in value 229.1 per cent to $417,960.

Meanwhile, the price of a condo in Windsor jumped 16.2 per cent to $160,407.

Oshawa, Vaughan, Markham and Oakville followed close behind, posting gains of 28.2 per cent, 25.8 per cent, 23.2 per cent and 23.1 per cent respectively. On average, buyers paid $457,452 for a home.

However, Soper told BNN he would support some type of policy intervention in Ontario, pointing specifically to a speculation tax, which he said would work well in both an overheated and normal market.

Vanessa Coleman