The average price of a home in Fredericton saw a modest increase in the first quarter of 2018, according to a new survey. 

The Royal LePage House Price Survey, which was released on Friday, says the aggregate price of a home increased 1.4 per cent to approximately $251,000.

The survey also reports that the median price of a two-storey home decreased 7.1 per cent to around $278,000, while the median price of a bungalow increased 9.6 per cent to nearly $228,000 during the same period. 

Lincoln Thompson, a broker and owner of Royal LePage Gardiner Realty, cites a growing trend stemming from the region's aging population of buyers downsizing to different types of homes as a possible reason for the difference in prices. 

Thompson says the price of two-storey homes are declining primarily due to the influx of high-end apartment retirement buildings coming onto the market, adding that he's seen a trend of homebuyers who are over the age of 60 downsizing from two-storey homes into these properties or bungalows. 

Nationally, the survey says the aggregate price of a home in Canada increased 6.2 per cent to around $605,000.