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Canada's housing market both vigorous and stable
Q! e& }2 b8 r9 `8 q# h$ x7 ~$ e" n- O
6 h4 v( E' W$ `! ^) t9 G- Country's market poised to show growth throughout 2006 -
7 ~8 }- z' U$ q+ e+ h) m+ [ h1 P( f/ }8 e" A. n% E: p x+ G% ]
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market* M3 r7 n) `+ H8 O& t6 R
exhibited moderate price increases and stable unit sales during the third% D) q; M9 y t+ G) i+ l7 d
quarter. Wide regional variances continued to be the dominant characteristic
9 @1 v$ ?. X3 R0 A9 fin the market, exemplified by frenzied levels of activity and double digit
8 f( ~1 ?6 j2 t3 n2 x2 _price gains observed in the energy and commodity rich Western provinces, and
+ m C4 A& M( e: c3 tmore reasonable sales volumes and moderate price appreciation in Ontario,9 Y8 e0 H0 F* c
Quebec and Atlantic Canada, according to a report released today by Royal' v7 ~4 H& u" m' ~ Z+ x- T
LePage Real Estate Services.
e- G9 m* b. w5 |" ]
+ V! h9 U. z; k, ?& d$ w4 R' @ Nationally, market trends established through the first three quarters0 e* Z/ J5 \3 N7 j( A% G
are forecast to continue for the remainder of the year. Robust economic" W$ |5 M, w# n1 {! ]4 V6 Z
conditions, low unemployment rates, modestly growing salaries and wages, and2 z. M4 g2 t1 O- \( |1 Q" ?
sound consumer confidence contributed to the overall strength of the: V# E1 |" _5 r h+ ?, B3 q$ c
residential real estate sector.% k: \. X6 t9 B* r# v7 h) Y! F
7 {: w, f* M7 [) e
Of the housing types surveyed, the highest average price appreciation
% k0 _! E) H# p; d4 Y. z zoccurred in detached bungalows, which rose to $300,365 (+16.3%)5 m$ j r. y2 ~) O8 s) |0 O
year-over-year, followed by standard condominiums, which rose to $211,562
+ S6 u9 e4 Q! _4 t% b(+14.2%), and standard two-storey properties, which increased to $365,380( {2 _+ Q; w/ C/ C, [" H1 R
(+13.2%).* g f+ w; a" M( f1 j1 _: }
7 \/ O( ]2 g8 j; ~1 [ "Canada's sturdy housing market continued to demonstrate steady growth+ k+ k$ ~+ t& H. g
during the third quarter. For all but the west, we have moved on from the
( Y0 J0 H$ o) O# a1 d9 C7 y, T5 Nfrenzied expansion that characterized the first half of this decade, and are
\% Y w1 d- g7 B/ g0 Rpoised to show continued growth at a more moderate pace," said Phil Soper,- K2 w* M) g' U' e7 h% r8 G/ V
president and chief executive officer, Royal LePage Real Estate Services.
( p/ A, C2 ]' M+ D1 l"Gone is the sellers' market that we have lived with for some years. We
- C5 j; d. y: D# dwelcome the more reliable conditions that are characteristic of a healthy8 g& ^7 I$ U2 x: U1 K+ R% j: }
balanced market."
) j9 V. p( h, ^: X! n# j @, ~6 w, L1 J: X
Despite the double-digit rise in average national house prices,
( R! n6 `4 v7 M. P. pconsiderable regional variances were exhibited again this quarter. The shift- ^! Q" ]- F' z5 [: i& R1 k
to balanced market conditions, which began in late 2005, has continued
; {* O: F$ A. F' E; L( Mthroughout most of the Central and Eastern regions of the country. In the core7 d+ f5 b) E8 ?/ R& t
energy producing western provinces, the combination of very high in-migration,
$ k4 q8 u* |" {$ N! M- ?manageable affordability, and a shortage of inventory has driven record
, P- p- z" n% U$ [$ o8 Xbreaking price appreciations.
! N+ Y5 I9 K4 y5 Y1 t- M4 d
7 e$ @: [4 F, m' v* b/ h Echoing the second quarter and supported by Alberta's rapidly expanding7 f& K7 @: g) l4 d7 X% u3 V
economy, Calgary and Edmonton led the charge of Canadian cities with the
: n2 [3 P( C7 V# P, Y# c* `( Nlargest house price appreciation in all housing types surveyed.5 n" l# r1 G, r1 i' {
3 P5 f1 C5 _# R( n- a M In Ottawa and Toronto, growth remained steady, supported by solid
1 @$ M7 W2 R3 m5 W0 t4 t+ meconomic fundamentals, an increase in available inventory and strong consumer
$ Q# e8 a( T$ L }" Vconfidence. While the pace of price appreciation in Ontario leveled off
0 h! L4 ?9 Q* n& m. K0 K4 ^ ^slightly, the province's real estate market remains poised for modest growth.3 ^$ X$ k$ ~4 g8 R( |6 |# R
In Atlantic Canada, new housing and condominium construction offered buyers
" b+ ]+ a; v7 x, Lgreater selection at more competitive prices, resulting in a slower rate of
- c( v8 F8 v$ P, W1 @" o( k4 G7 qprice appreciation when compared with 2005.
: j! y$ T% ]6 x' { t$ U1 n q0 }, O" Z6 M
While the pace of growth in Canada has slowed, the domestic housing
% j) r7 p2 O' q/ b1 Dmarket is expected to outperform the American market. The economic and# e: C6 r4 K, I# R Z+ d0 U
financial fundamentals driving the residential real estate sector in Canada
* X' C e* V, Vare markedly different than those found in the United States.. Z0 }2 ~2 T! }7 @. N
2 _( p, Y# a; s: m! P Added Soper: "Canada's housing market is likely to outperform the
% o$ F3 X9 n6 x; J q3 ^7 cAmerican market through 2007. A number of factors are working in Canada's L7 j, N% X8 g0 r+ p* \
favour, including healthy personal and governmental debt levels, the# N' F! M: I B' H3 }. ~
relatively modest rise in interest rates in our country, and general: I& N- ^/ _5 }/ P# [1 A
affordability in our major cities. In addition, Americans are now seeing the' N1 }/ E. K, ^; C* ^
downside of a tax system that encourages maximum homeowner leverage, and
; W7 S Q" L- e/ Raggressive financial products such as zero- and negative-amortization
" N. L q# S! I) M9 Qmortgages that work only in a high price growth environment."
$ l: d) f6 c+ z/ G7 D$ m. ]* d6 a/ g- K6 x8 z4 H/ R8 {
<<2 t. f' G6 _/ m" A5 \6 q
REGIONAL SUMMARIES
7 b7 o5 S$ z4 {! I >>/ b- J& Q9 U1 v+ V3 b7 `1 Z! M6 ?4 q
- [+ \) A1 J, n1 L1 a* X G
Balanced conditions continued to characterize the housing market in
/ u; `3 \% J2 ]/ }, S1 c% wHalifax, as significantly higher inventory levels helped to moderate the rate% E/ q# A& i2 r
of price appreciation. Buyers were increasingly choosy, taking more time$ g% ]8 [3 a1 ^ X( H
looking for newer, low-maintenance properties that were not in need of7 l0 y* O, z3 e R
renovations.) U H+ u F( [9 N" `! d& [+ y
# N( T, F6 p6 T2 X" f The housing market in Moncton remained healthy and strong as a slight
; B. O& ?( J0 @) g4 `increase in inventory helped to moderate the rate of price appreciation! Y& _7 U, V+ Q B R
compared to the same period in 2005. Activity was brisk throughout August and" _/ ^5 X3 X! u3 b( a' a5 F0 a5 B
September and is expected to remain this way through the fourth quarter.
" j: i1 g* B8 K' X/ _
, x( U- |5 W. r9 s6 o+ _* G y The housing market in Saint John underwent its traditional summer
2 D/ a' j- K& o' Oslowdown in the third quarter, with activity picking up towards the end of the
5 t$ C& c8 ?% e S3 N( ?quarter. The local economy continued to thrive, as construction on a new
! r% _" w, ]+ Q& N( _600,000 square-foot shopping area has begun, bringing several new box stores
: c7 ~. t4 j0 x4 `% ?to the area. Buyers have begun seeking less expensive fixtures for their homes
6 ^' ~9 e7 V9 @and are instead opting for more affordable housing options./ \3 c. v7 g1 }
2 l& ^; @' @9 I3 S
In Charlottetown, the housing market started to move towards balanced
8 D2 z( `8 u0 E! Kconditions, as some sellers had to begin to lower the asking prices on their) K- y' _5 e" j1 M1 l Z
homes to make them more competitive. Activity from out-of-town and US buyers" Y, @9 ]. e( {9 t
was down slightly compared to 2005, likely attributable to the strong Canadian
% O3 b+ q, E1 z0 |6 Jdollar. Inventory levels began to creep up in the third quarter, providing
* n8 r. c5 N/ {/ d" ?; \( }8 \buyers with more options when looking for a home.. ~8 o l) Y' Y+ D U" N
, o7 _3 o5 W4 I$ q3 |7 L- h Activity in St. John's slowed slightly in the third quarter, particularly
/ ?1 g: F% M6 S9 namong higher-priced properties, where there was a slight over-supply of homes
9 s' } X2 B* g: xpriced over $200,000. Listing periods have increased when compared with 2005,
" R# |4 C; n; N3 c" p& sas some of the pent-up demand that had characterized the market over the last% |8 n, }' N3 t: p+ c% V) _ T
few years has been satisfied, resulting in more normal, balanced conditions.
n0 E& M: k, x5 e
" \6 I' o7 B. ?$ R; L' Y- G Montreal's housing market recorded modest increases in average house
; ]/ A# W- q8 cprices, due to a slight seasonal slowdown in the third quarter as inventory
# x' E2 I2 \. B- @levels rose. Part of this can be attributed to the fact that many renting+ ?- u$ x2 j* R- p3 K/ I
first-time buyers were motivated to close on the purchase of a home by July 1,3 M' E% q5 q7 B& m; a7 V
when rental leases expire in Quebec. Once this date has passed some of the
+ g$ E4 G; U/ {$ `: ypressure is taken off the market, allowing buyers to visit more homes before
' p# @' ~( v5 B1 }1 A/ A- vmaking a purchase.
/ s% V* S' D, L9 u
z0 g! S0 v$ C( g Ottawa held its position as one of the country's most stable housing3 q2 ^- B6 v, L0 ?! s3 Q, k+ U
markets in the third quarter, reinforced by a vibrant local economy and strong
# A: w1 }$ ]8 _" P. b0 f! ]confidence, resulting in modest increases in average house prices. The city
' H" Y9 P2 G' Ecentre remained a bright spot in Ottawa, with homes in this area attracting% ~' |# c0 ?# A# l3 ? Z, M
attention due to their convenient location and proximity to downtown
9 x3 w3 R. g6 samenities.3 b: A0 t6 m( x& \6 ~
6 D( h1 f0 S8 x! y L
The housing market in Toronto sustained healthy activity levels* ?% |7 s! U$ p6 V. ?/ a
throughout the third quarter, as a strong economy helped to maintain demand
/ X# d# r; G7 E8 A# Nacross the city, causing average house prices to rise moderately. Toronto has
E" q/ G; Q2 x1 k$ c Z: r1 A' Ocontinued to experience modest growth in average house prices, and has been! e& \7 Y- [ i5 d1 P: M
driven primarily by purchasers who are buying homes as their principle% F, _% F; a4 k; H3 [/ B
residence, rather than for investment.
+ @( {$ `1 b: O! w% T9 a
. C" o8 y% Q: k" g1 O9 |& v8 c The vibrant Winnipeg housing market continued to show its strength as
6 j# }% M9 K- w' p3 o1 mhouse prices rose during the third quarter. The booming local economy resulted- b4 ^5 V. v8 d3 `! f% k2 e+ D5 C
in a historically low unemployment rate, helping to bolster consumer
2 W% p' j6 W! u% jconfidence and Winnipeg's ranking as the city with the lowest capitalization
# q" x! j7 m9 G( T' i' grate among the country's larger cities - helped to encourage buyers to enter
# B. v* \* h' }7 Bthe market.
l9 u1 ?& U3 }8 q; D& F6 u2 |2 l& M3 t$ K Z& n; L
In Regina, the market experienced a slight seasonal slowdown through
% V" f r' ^8 a8 f5 FJuly, as there were fewer purchasers in the market due to summer vacations. In0 q! c6 M7 H8 c1 |% \
August, activity resumed to the busy pace previously seen in the spring
8 o) W4 l: o2 a9 C. W; J0 R/ n; Tmonths, as the influx of purchasers made it more difficult to find a home due
7 l" u. @- ~: G4 K' [to the shortage of available inventory.; x9 ?$ {7 t- @5 S7 z, N" U/ d
. D4 Q6 H: c; a( n3 y n
Activity in Saskatoon remained brisk as the market maintained its
5 `/ A1 i. S5 \' j. w0 R7 Pmomentum from the busy spring sales period. The economy in Saskatoon remains; R/ f$ s$ g4 M# p* O) W$ D" ?( S) N& T
vibrant, as employment opportunities are abundant with many businesses
2 |& o9 S! c4 Z9 E! X. bstruggling to make hires and having to recruit outside the province./ o' r5 h# s2 U+ x9 ]8 f7 t
) o- I, \' g" E% y" e: r4 q$ ^+ P Calgary's housing market recorded blazing average house price increases
6 f( x9 f8 a% H3 }in the third quarter, in all surveyed categories. The burgeoning economy, low1 S* z4 `& B0 w
unemployment rates and low inventory levels remained the leading factors that, b6 y9 l$ f5 B k5 s& K
pressured Calgary's house prices upwards. However, regardless of the soaring# f1 A5 h; G- |8 w4 W$ d
prices that characterized the market - even during the typically slower summer% C+ ?% Y% n1 U# H6 {
season - it is expected that activity will become slightly more balanced, as- r: A$ \1 R+ x7 O! X- u* ^
buyers are becoming more reluctant to participate in the frenetic activity.
5 m) x3 ~; X3 C4 D' l) J& ]% s/ D+ @7 C- V
Edmonton's booming local economy continued to thrive in the third quarter" a M7 A' Y2 F- E* d% `2 B
as activity in the oil sands north of the city continued to flourish. Edmonton
: E' I8 p; \3 [8 ], S( Q) a8 `remained the hub of activity for those coming to work in the oil industry,: D. p/ x @9 y4 w2 j5 C* U
maintaining tight inventory levels across the city, resulting in prices) [' Y3 p8 r* S: ^; W
increasing at record levels. However, as inventory levels continued to improve
2 Q9 c3 q, A1 R: w" e# ?in the third quarter the rate of price appreciation should moderate slightly
]' z: ]% H5 `3 w$ o- Ktowards the end of 2006. 2 R, a, L) [) g4 A3 d( G
9 k v. d& d' [
While Vancouver has seen a slight reprieve from the severe shortage of9 N: @" q1 _5 c) I0 ^4 U
inventory that had previously characterized the market, supply is still unable) V4 \, U5 R8 k" O/ U8 O2 e
to meet demand, driving house prices upwards. Vancouver has a very diverse
; i0 \3 [ I' n# \group of active buyers - from first-time home buyers to baby-boomers to. k _" M! P' T7 b- l& H; ?: H3 c" ?
foreign investors - all of whom fuel the demand for houses, placing added# g. Q9 R) n5 Y0 C
pressure on tight inventory levels.* d0 b# r/ G$ ^4 o1 @$ |" Q
) s1 c9 s9 A0 n5 y, P' i* s5 Y0 t Victoria's market is vibrant and supported by strong economic* z' R6 I! |/ M6 b
fundamentals, fuelled by a booming tech sector and a migration of young people
4 e" V) u! n( O/ N' m* uinto the city that has continued to support the area's house price increases;8 [5 u( _' A7 C9 ~" ?
while increased inventory levels have afforded buyers more time when searching
0 Y5 g- i: z( E( j8 n. C/ q) rfor a home, helping to normalize the market's pace.
6 c9 r3 L8 P7 M. B/ K# \3 h# ^8 h8 ?" a; ^5 D
<<
: B. z5 B! F4 U Survey of Canadian Average House Prices in the Third Quarter 20063 N1 I _5 G* L6 t3 ^ l# B! K) O
: \3 B$ J! W4 O
-------------------------------------------------------------------------
/ _/ \' m4 H2 k Detached Bungalows Standard Two Storey" s. O4 }% Z5 q/ N
-------------------------------------------------------------------------
. N7 k3 N7 e0 G" A( d- j 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3) Z1 @6 Q! ^. }! n* S' R* H: u# d t
Market Average Average % Change Average Average1 `: n. @" `( _4 Y1 ^; F
-------------------------------------------------------------------------( \; i+ V6 d3 y' L0 p( W
Halifax 186,333 173,333 7.5% 198,667 199,0001 e3 ^4 E2 G; h$ H9 s
-------------------------------------------------------------------------- K9 o1 m6 [& n* a
Charlottetown 145,000 141,000 2.8% 175,000 170,000; z8 l9 C6 J6 S: j* x
-------------------------------------------------------------------------' o+ B# W3 V8 g6 x
Moncton 135,000 127,000 6.3% 129,000 123,0009 @6 }1 v8 O: ?6 I
-------------------------------------------------------------------------
) J9 F1 W, _$ I! u5 d! s; I U9 R) ~ Saint John 141,200 142,900 -1.2% - - Z. M, W, T- t. c% f3 U$ k3 K4 w7 J" b
-------------------------------------------------------------------------7 N' x: n/ y& U
St. John's 143,667 142,667 0.7% 200,667 202,333
5 R* H% v! t; b! c" a4 s -------------------------------------------------------------------------
( I+ M7 Q% s' a3 n) }4 c/ U7 Y Atlantic 150,240 145,380 3.3% 175,833 173,583 j- \8 t! c0 B7 G8 h
-------------------------------------------------------------------------# r+ i8 f( O- O* K, r5 q
Montreal 213,691 203,500 5.0% 321,141 316,1852 s8 J7 W; V! A2 P$ [# q: @* `
-------------------------------------------------------------------------1 i1 H% K3 \% ]8 A) }0 @6 Y6 W# G9 F
Ottawa 290,083 278,417 4.2% 285,667 273,2500 Z: ?! l! E. g; u" k2 D
-------------------------------------------------------------------------
) @+ w& C1 b+ p" Y7 y; M Toronto 373,368 355,882 4.9% 481,523 474,766; n6 ~8 l7 h- c) {
-------------------------------------------------------------------------4 P; |& d0 q$ w) t+ s
Winnipeg 181,579 159,860 13.6% 202,337 180,707% q" m* j. H( @8 [& m7 d
-------------------------------------------------------------------------
! B" O! h( k* z- [ Saskatchewan 170,667 156,083 9.3% 182,600 166,500
: L3 T& N* P L5 } -------------------------------------------------------------------------
& X+ w2 f8 q8 F8 P! N) H3 A Calgary 395,067 252,411 56.5% 405,778 264,389
) [* Q5 v) a3 S# q4 X- K9 i -------------------------------------------------------------------------7 d1 U* C( M' o) E. n! L2 }" A" h
Edmonton 286,857 194,857 47.2% 316,429 206,714! P k9 r6 {: N4 t$ M C7 N4 }
-------------------------------------------------------------------------
0 }& g5 T3 j; n8 [$ u Vancouver 704,250 601,000 17.2% 794,000 697,500
9 `. W. Z8 J; C% ^9 y -------------------------------------------------------------------------" T, ~6 W( @: D' b3 M
Victoria 375,000 348,000 7.8% 403,000 391,000' e) ~0 P" M- m b Q) B3 @
-------------------------------------------------------------------------
9 z1 j/ \6 v# N% q, P National 300,365 258,202 16.3% 365,380 322,860
2 T- F1 x2 c& ~: f0 c9 G -------------------------------------------------------------------------) a. A( c" ^4 C! J3 Y8 G
) ]; n- F* M o. I
-------------------------------------------------------------
4 G/ @5 I$ K, S- O* k Standard Condominium/ B4 t0 V* P9 ~- O' A5 X
-------------------------------------------------------------
* j& q9 b5 ?8 Y# {) a" S$ c3 N8 H3 O 2-Storey 2006 Q3 2005 Q3 Condo
8 Y g7 b0 W, A3 t6 G Market % Change Average Average % Change/ y0 R+ O0 }! t) A$ M+ R0 ?% T4 r
-------------------------------------------------------------" g) `) f- P$ A7 t7 j: Z, M) }, ]
Halifax -0.2% 142,000 103,000 37.9%
/ q# E; V9 S3 @) E: E+ v! }' v -------------------------------------------------------------6 A0 G+ W: t T5 F
Charlottetown 2.9% 98,000 98,000 0.0%) \9 P9 ]- Q3 b1 W% J+ p, T
-------------------------------------------------------------0 U& z4 L3 u( X8 j# c' y: l2 n
Moncton 4.9% - - N/A4 e# m) [0 K2 x" Y( j
-------------------------------------------------------------
9 ^ x' g7 r. G6 E Saint John N/A - - N/A
, t7 |$ P# i a" p+ s7 w -------------------------------------------------------------
/ @0 E7 e( Y2 I% [, k; P* @ St. John's -0.8% 146,333 145,667 0.5%
2 d* s- i7 B4 [ -------------------------------------------------------------, I3 ` O3 ^- m2 _4 H) h
Atlantic 1.3% 128,778 115,556 11.4%
( `5 C$ v$ m' K9 I9 R -------------------------------------------------------------3 o. P8 n5 Z0 d, a& `, X& i5 `
Montreal 1.6% 193,190 188,016 2.8%' o: d J* z* g6 y' C1 h
-------------------------------------------------------------( E& d" p4 z3 f6 i- j6 E4 w
Ottawa 4.5% 181,083 172,250 5.1%: E% z( K) ~# y: l
-------------------------------------------------------------
( w- x* W/ {& ]0 _5 U( F) d! l4 g3 C4 | Toronto 1.4% 252,088 242,918 3.8%, V- E' G. ?* {) u0 r- G7 L. ?
-------------------------------------------------------------
3 F4 Y7 P5 T+ ?8 _ Winnipeg 12.0% 105,648 96,008 10.0%
; ?6 x. ^' a1 @& V, |5 x -------------------------------------------------------------2 U1 N' M& O2 m1 ^6 d ]( H
Saskatchewan 9.7% 106,250 101,000 5.2% r# B' \) ~1 M! \+ u7 k8 x
-------------------------------------------------------------
, H1 l' |6 n# u3 m8 R8 K Calgary 53.5% 245,844 153,867 59.8%
) P: M# M4 |, Q3 K9 J -------------------------------------------------------------5 A/ p0 J3 o% s5 f2 `
Edmonton 53.1% 200,433 131,500 52.4%
- i! z- \" W& z: c W- }0 F) P -------------------------------------------------------------* W9 n: o" v, o& H) h) @
Vancouver 13.8% 366,250 323,250 13.3%
% V( S( { v1 J' {* B! I, N, T- L -------------------------------------------------------------
( h2 B- e' ^# A3 f Victoria 3.1% 229,000 220,000 4.1%) h' a( B; P5 k. A7 x9 \
-------------------------------------------------------------% h0 i; T1 y( H4 P6 W
National 13.2% 211,562 185,296 14.2%, j/ g/ V( l2 C9 a% I' `
-------------------------------------------------------------& \ @( d* R+ E0 V+ z2 A
>>
7 L! k6 @ C, w# g
' b6 b4 c+ P9 A. Q Average house prices are based on an average of all sub-markets examined+ C# @2 V- T! c% P0 I# N/ J: j1 @
in the area, except for the smaller markets of Charlottetown, Moncton, Saint
' j# I7 n/ ]3 r+ d; A# Y/ B. R4 \0 |John and Victoria.' @7 v' ^, D% Y0 ^1 W! q
# v8 K( z" u' \; u, E
The Royal LePage Survey of Canadian House Prices is the largest, most7 i9 ?/ m3 a) v5 F6 b3 s7 V/ b
comprehensive study of its kind in Canada, with information on seven types of2 o0 M( K. O( k8 h( w/ X, c
housing in over 250 neighbourhoods from coast to coast. This release, \0 ~/ P8 C! u) j
references an abbreviated version of the survey, which highlights house price
3 s# I8 i7 P! j% d! z4 t; o* b- Atrends for the three most common types of housing in Canada in 80 communities
W$ f v9 _# u/ U Y9 J0 v0 pacross the country. A complete database of past and present surveys is
6 e/ K! c1 O7 }# g6 z {" Navailable on the Royal LePage Web site at www.royallepage.ca, and current
/ M4 m" Y4 O, Gfigures will be updated following the end of the third quarter. A printable8 N% ]$ I2 t+ a$ V& J# k
version of the third quarter 2006 survey will be available online on, m5 u$ a( H5 W; s5 i! y
November 15, 2006. g9 l* ]2 V' U0 y
Housing values in the Royal LePage Survey are Royal LePage opinions of! `, J7 S5 ^, k7 W9 W* Z# d
fair market value in each location, based on local data and market knowledge
, p! @* Y6 T2 @: l9 N$ M' I$ Dprovided by Royal LePage residential real estate experts. Historical data is% ]; b6 |- j3 n
available for some areas back to the early 1970s. |
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