Royal LePage report says pace of rising home prices slowed in second quarter

A report by Royal LePage say the pace of rising home prices slowed in Canada in the second quarter due to softness in the Greater Toronto Area market.

The real estate brokerage firm says some regions in the Greater Toronto Area saw prices fall compared with a year ago.

Royal LePage chief executive Phil Soper says new federal mortgage stress-test measures helped slow the real estate market in much of the country.

The Royal LePage national house price composite showed the price of a home in Canada increased 2.0 per cent year-over-year to $613,968 in the second quarter of 2018.

That compared with a 6.2 per cent year-over-year increase in the first quarter of the year.

The median price in the second quarter of a two-storey home rose 0.8 per cent year-over-year to $720,504, while the median price of a bungalow climbed 1.8 per cent to $512,979. The price of condominiums rose 8.1 per cent year-over-year to $435,421.