Royal LePage CEO Phil Soper said house prices in Greater Vancouver grew 30.6 per cent year-over-year in the thirdquarter of the year, marking what may have been the real estate market's "final hurrah." He said it can take about six months for prices to catch up with a change in demand, and points to last month's 32-per cent plunge in home sales in Greater Vancouver. The real estate agency said the average house price in the region soared to $1.19 million in the three-month period that ended on Sept. 30, up from $914,705 during the same quarter last year. The average price of a home in Greater Toronto rose to $693,154 over the third quarter, up 13.6 per cent compared to last year, when the average home price was $610,308. In Edmonton, where the decline in oil prices has hurt the real estate market, the average cost of a home was down 3.1 per cent to $374,712 from $386,829 a year ago.

Source: CBC News October 13, 2016 15:45 UTC