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Canada's housing market both vigorous and stable ) }" c0 w+ F& Z
1 f. r: a8 U) r; A4 g# J
- Country's market poised to show growth throughout 2006 -
6 A" Z* h& I8 S* T+ y5 c+ X; i2 [" k$ d2 ~
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market u' ?% G0 p* A9 W( j9 U& w# y( j
exhibited moderate price increases and stable unit sales during the third
2 S- s7 Q) A5 h& oquarter. Wide regional variances continued to be the dominant characteristic
; u" H8 N! c5 B4 L, bin the market, exemplified by frenzied levels of activity and double digit
" }: ?" \9 K4 a8 F4 aprice gains observed in the energy and commodity rich Western provinces, and9 C4 h* o: e6 ~3 P2 Y
more reasonable sales volumes and moderate price appreciation in Ontario,
' {: U2 @) O# C3 cQuebec and Atlantic Canada, according to a report released today by Royal
6 N# T# R: k$ a' u2 sLePage Real Estate Services.
& t, C9 ?( d( E: o6 }. _! j
6 x! N; l0 h# ^) |' m Nationally, market trends established through the first three quarters- c% j @& o0 S& ?
are forecast to continue for the remainder of the year. Robust economic
& a. e& \$ w9 R, C/ X+ rconditions, low unemployment rates, modestly growing salaries and wages, and
5 \0 l4 a9 p6 |$ l$ { asound consumer confidence contributed to the overall strength of the
5 C d3 O* n% V" r; o' Y6 Y Qresidential real estate sector.4 d1 x) i3 _1 }
. b" j# w- W! ] Of the housing types surveyed, the highest average price appreciation2 e! u# {/ c' i( j! U Q; E
occurred in detached bungalows, which rose to $300,365 (+16.3%)
7 }/ N& Q1 B0 R# I- G" m8 U1 {$ byear-over-year, followed by standard condominiums, which rose to $211,562* l- p: T7 r9 o5 Q
(+14.2%), and standard two-storey properties, which increased to $365,380
h& H* c9 d! ]# q+ z(+13.2%).; W/ }, E7 l& e2 u* L! f
! k1 c) L5 u7 d+ [# ?( h0 k
"Canada's sturdy housing market continued to demonstrate steady growth
# v7 ]$ C. }% L! k& uduring the third quarter. For all but the west, we have moved on from the
6 @+ p0 E1 B1 v- ~4 Xfrenzied expansion that characterized the first half of this decade, and are, u' F2 H6 b1 F( w A; v
poised to show continued growth at a more moderate pace," said Phil Soper,
) T- _; O9 _" _' `president and chief executive officer, Royal LePage Real Estate Services.
' ~" z$ d2 e7 U; N' m5 F"Gone is the sellers' market that we have lived with for some years. We
$ g I* Y$ J& M$ N* V! d) w) `welcome the more reliable conditions that are characteristic of a healthy
4 m# G, Y1 j8 J. {# kbalanced market."- M4 w" K- g) N
: x _/ D# L" v; u, f& L) s0 O Despite the double-digit rise in average national house prices," W4 U! w) H! a1 S6 N K
considerable regional variances were exhibited again this quarter. The shift
/ f* y* m4 I) h" i1 k4 Pto balanced market conditions, which began in late 2005, has continued
) V# b/ A/ s( a% U+ q dthroughout most of the Central and Eastern regions of the country. In the core' Z- b/ u- a: ` @
energy producing western provinces, the combination of very high in-migration,
1 `& ^0 L' f* i( Q7 l8 omanageable affordability, and a shortage of inventory has driven record9 ~* M5 G- f& Q4 Y6 Z/ k
breaking price appreciations.
. B; ] \- S4 B5 n3 u& S: @, {! N7 k+ D2 C2 p9 \6 S
Echoing the second quarter and supported by Alberta's rapidly expanding! D/ I' k$ \5 e
economy, Calgary and Edmonton led the charge of Canadian cities with the! z+ s/ ~, {% g, p) y @/ a" [
largest house price appreciation in all housing types surveyed.1 G8 v0 k+ O: ]; {5 q4 b
/ R/ C" ?+ g! q+ q) d
In Ottawa and Toronto, growth remained steady, supported by solid2 m6 m- \( T% s: _+ ]
economic fundamentals, an increase in available inventory and strong consumer
- l7 P# J' P& U+ g2 Z- L; [confidence. While the pace of price appreciation in Ontario leveled off
2 |& Y4 ?) {8 L3 Zslightly, the province's real estate market remains poised for modest growth.# r) d: c2 B( `3 J8 u2 H! J
In Atlantic Canada, new housing and condominium construction offered buyers
5 x* n8 `- v3 X, `1 ygreater selection at more competitive prices, resulting in a slower rate of
1 W4 c& K/ b' [, n3 Wprice appreciation when compared with 2005.
" [* Z, ^5 @4 |/ B9 L. i3 i4 `# c9 v4 Y+ ^* g, \! D* Q/ E4 |
While the pace of growth in Canada has slowed, the domestic housing; C2 F$ Z) y! p/ j4 g0 X$ t: z
market is expected to outperform the American market. The economic and
3 W9 |0 S$ H/ Mfinancial fundamentals driving the residential real estate sector in Canada1 K5 ~. U6 g- u; l# C
are markedly different than those found in the United States.* d+ w" | ~/ J8 v" X8 t5 K
) F' V3 B( \; A$ H Added Soper: "Canada's housing market is likely to outperform the
! L* {1 W* B$ ~+ I3 s( bAmerican market through 2007. A number of factors are working in Canada's
: Y% j$ ]! G. g Rfavour, including healthy personal and governmental debt levels, the
2 p+ F) |, d6 k7 l" M" \, t( R* arelatively modest rise in interest rates in our country, and general$ M0 U5 }, \: S1 n
affordability in our major cities. In addition, Americans are now seeing the
; E; R1 @' ~" n( Z5 c4 c4 xdownside of a tax system that encourages maximum homeowner leverage, and. B$ }& G% A/ W
aggressive financial products such as zero- and negative-amortization3 u0 Q; T( q5 B4 s6 I# q
mortgages that work only in a high price growth environment."
; f: L! C* S: C2 e3 j/ m9 A3 | b9 z- o8 m+ B
<<8 ^" d1 Q: B& t7 a6 U
REGIONAL SUMMARIES$ @6 y8 N3 Q; H& g, h( M8 \
>>' H5 N* [+ D% l9 R3 U$ g7 u/ a" F
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Balanced conditions continued to characterize the housing market in
% H6 v, Y- ?9 a9 IHalifax, as significantly higher inventory levels helped to moderate the rate
. z( V0 I; Q2 k W4 S& Yof price appreciation. Buyers were increasingly choosy, taking more time
/ l6 C* k' a. W: Z* |* rlooking for newer, low-maintenance properties that were not in need of
8 i9 K V. R; l) M8 v* `+ hrenovations.- c* m% K; s. \) b
; h. S3 }4 h7 `- {, r6 D$ w The housing market in Moncton remained healthy and strong as a slight% ^1 M8 s' y, P! j/ l
increase in inventory helped to moderate the rate of price appreciation, r. c! z7 F9 {% d R; e
compared to the same period in 2005. Activity was brisk throughout August and8 d! H; G3 T" b; K8 x5 T# E; p: w
September and is expected to remain this way through the fourth quarter., X5 | V y# d1 y/ J! E% ^# e% Z) z
3 h/ c; a0 ?6 Z( ?$ i: f The housing market in Saint John underwent its traditional summer
# u/ C* u) y7 h' Y3 M% x& u" t; ?slowdown in the third quarter, with activity picking up towards the end of the7 p Y- E+ a2 ^1 `1 A
quarter. The local economy continued to thrive, as construction on a new
2 H2 Z! i x( f& ]4 p600,000 square-foot shopping area has begun, bringing several new box stores
1 K- k2 o; p6 |+ J( uto the area. Buyers have begun seeking less expensive fixtures for their homes9 v. D3 X; N" o) i# |
and are instead opting for more affordable housing options.) Z# O; g, {% L7 E7 b d
6 c. {9 q- q7 c1 b
In Charlottetown, the housing market started to move towards balanced
. N |+ Y5 b9 }( n. o W9 i. Bconditions, as some sellers had to begin to lower the asking prices on their
$ s4 o: r9 A8 \9 z5 Phomes to make them more competitive. Activity from out-of-town and US buyers+ l ?! N( J$ N# V4 j
was down slightly compared to 2005, likely attributable to the strong Canadian8 ]6 `/ m( E2 N8 p% p
dollar. Inventory levels began to creep up in the third quarter, providing
6 s- h" C8 D. ^, R/ Z. R! e3 w1 ^% N* Hbuyers with more options when looking for a home./ G9 n! w; L1 t8 t
3 Y, v* }! w. d' m: h( ^4 a- b Activity in St. John's slowed slightly in the third quarter, particularly# @% Q7 h& J( x; ~
among higher-priced properties, where there was a slight over-supply of homes' ~ X0 N* h5 R* ?3 Z
priced over $200,000. Listing periods have increased when compared with 2005,- ^! ^. ?6 M) ^7 b [$ T
as some of the pent-up demand that had characterized the market over the last
! I( N+ d* a- v: F. O& J/ ofew years has been satisfied, resulting in more normal, balanced conditions.
6 I7 u; P$ Z; _/ f! d; a% W) n( G/ D
Montreal's housing market recorded modest increases in average house! J) d2 S- ]% v# e; X
prices, due to a slight seasonal slowdown in the third quarter as inventory
$ m! |' Q! R3 w4 Xlevels rose. Part of this can be attributed to the fact that many renting6 F; `+ G6 G9 g+ y3 Q9 o
first-time buyers were motivated to close on the purchase of a home by July 1,( w- [ f+ b* U
when rental leases expire in Quebec. Once this date has passed some of the6 z' _/ } T: ?! `* ^
pressure is taken off the market, allowing buyers to visit more homes before
% r# c; j) f& b1 O) D5 I" [( Amaking a purchase.
& e5 M3 z! |% K" U1 Z0 Q+ [" |2 S8 ]5 e* l: }/ f
Ottawa held its position as one of the country's most stable housing
4 j) L; Q$ ^5 N: i; D) Cmarkets in the third quarter, reinforced by a vibrant local economy and strong: U" s- K, s# l* P8 {+ x
confidence, resulting in modest increases in average house prices. The city- \3 L7 k0 z* o! o% G( n
centre remained a bright spot in Ottawa, with homes in this area attracting0 v+ y3 P) Z y! s1 Q2 b
attention due to their convenient location and proximity to downtown
# ?$ m9 B3 D0 K3 x# c" N5 {amenities.
, H$ S, y, Z2 l. E/ \4 l
: m2 x4 [0 A5 W7 W- B The housing market in Toronto sustained healthy activity levels* @- z! z* w; V7 ?) M9 x/ ]
throughout the third quarter, as a strong economy helped to maintain demand
5 }8 C1 m7 n$ s+ L) Aacross the city, causing average house prices to rise moderately. Toronto has+ O- M0 F- u& j* o7 ]
continued to experience modest growth in average house prices, and has been% [) R% Z, o$ q, B& ]
driven primarily by purchasers who are buying homes as their principle9 _7 K, ^7 P/ x: ~' y
residence, rather than for investment.& M/ v; u$ F0 S7 z. d. T# u/ P
9 Y6 d! m( `! k5 T
The vibrant Winnipeg housing market continued to show its strength as1 y p! b; E( P& A* o3 Z( B
house prices rose during the third quarter. The booming local economy resulted3 O% z5 a- e* W0 \- j
in a historically low unemployment rate, helping to bolster consumer; ]- A- _" A2 s i8 q3 W
confidence and Winnipeg's ranking as the city with the lowest capitalization) R, i* r- b6 W
rate among the country's larger cities - helped to encourage buyers to enter4 ?0 c) C2 f8 N) D; |( D2 b
the market.
8 s( H$ Q9 E1 _& J1 l' T. j7 y" F U5 R8 @4 I: t2 u% x5 K9 T+ A) y& E' s# R
In Regina, the market experienced a slight seasonal slowdown through
7 r* ?* [( ?) Y6 d: ~July, as there were fewer purchasers in the market due to summer vacations. In
. t7 e* d8 m7 y$ z+ sAugust, activity resumed to the busy pace previously seen in the spring3 @5 t! m* v7 `3 G5 r
months, as the influx of purchasers made it more difficult to find a home due
( v' Y+ g, b# Bto the shortage of available inventory.& g) I; R' b7 B
. ~, a: h, ^. {6 j! `4 V
Activity in Saskatoon remained brisk as the market maintained its/ U* s) O4 X" K/ x2 a$ m' v! P
momentum from the busy spring sales period. The economy in Saskatoon remains! X( M5 B; k2 k" N; |* ]' x3 w
vibrant, as employment opportunities are abundant with many businesses3 r. Z2 K) a# P! j
struggling to make hires and having to recruit outside the province.
+ W/ u3 z, s# }) Y+ k$ \9 @9 c5 \ ~8 ^% D
Calgary's housing market recorded blazing average house price increases
0 Z/ Y3 X, m& I1 R8 W/ L) vin the third quarter, in all surveyed categories. The burgeoning economy, low# L: C# }/ v. r) Q& \; l3 Z7 V
unemployment rates and low inventory levels remained the leading factors that
" s* S% b/ c6 \: [6 upressured Calgary's house prices upwards. However, regardless of the soaring
9 M1 V5 a: j$ b: Gprices that characterized the market - even during the typically slower summer
) o: h: {9 R6 |8 gseason - it is expected that activity will become slightly more balanced, as* X1 s1 F# Q; ~! W: p
buyers are becoming more reluctant to participate in the frenetic activity.( W6 G, c/ i2 s
@5 e' e F, o1 A( h' ~ Edmonton's booming local economy continued to thrive in the third quarter
) n) F, @' V4 Q; ]- ~as activity in the oil sands north of the city continued to flourish. Edmonton# V, h L1 |8 h8 N' U' ^
remained the hub of activity for those coming to work in the oil industry,3 K: c" r' r' D0 n" a. S5 K4 p4 ]
maintaining tight inventory levels across the city, resulting in prices( j4 l* G! E O
increasing at record levels. However, as inventory levels continued to improve
. [* Q4 N0 }; z% |8 e0 j8 rin the third quarter the rate of price appreciation should moderate slightly
# U% y* l3 R4 p1 n3 ]( {% ytowards the end of 2006. 0 j" j2 K) J1 J
5 a9 W0 ~( k3 d r6 N6 i( r; O
While Vancouver has seen a slight reprieve from the severe shortage of
2 G+ y3 M, Q7 g1 B5 d5 P, e4 [inventory that had previously characterized the market, supply is still unable
) O0 I. r3 J; g0 Z! C5 p& wto meet demand, driving house prices upwards. Vancouver has a very diverse
4 s# T" w4 R8 a& l) \ ^group of active buyers - from first-time home buyers to baby-boomers to9 F4 k' c4 ^: ?7 i+ y, M4 w
foreign investors - all of whom fuel the demand for houses, placing added
6 t# d7 T4 I6 l o9 jpressure on tight inventory levels.8 z8 R" S" G5 u* h2 I5 T5 S& M0 ^; q
6 W3 M; Y& a: `
Victoria's market is vibrant and supported by strong economic* l) G2 r- W4 M9 H. @$ L
fundamentals, fuelled by a booming tech sector and a migration of young people8 _7 Q6 Q# k$ M9 T7 R$ r( s1 p( [
into the city that has continued to support the area's house price increases;7 c, l5 m6 n: n$ L9 f6 ~0 n
while increased inventory levels have afforded buyers more time when searching; O" @' ]. |9 b
for a home, helping to normalize the market's pace.4 e( p+ M$ ~. Y2 C1 y
9 P3 _" ~7 d4 B% H# X <<
& j" E/ @2 L3 o; ^" @. C3 l Survey of Canadian Average House Prices in the Third Quarter 2006
: h2 v% g, k% p& M: f- W$ q& b5 |5 G2 E
-------------------------------------------------------------------------& s( b Z- n+ U+ [( ?6 K! W' i
Detached Bungalows Standard Two Storey* F" {' V/ Z4 y+ s
-------------------------------------------------------------------------) ^% g5 P! _+ _! e% l. D
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3 U2 ^! {3 Q; a, a
Market Average Average % Change Average Average
0 h0 {+ g( g2 L& @0 w -------------------------------------------------------------------------; e+ l) V" g! A
Halifax 186,333 173,333 7.5% 198,667 199,000, W+ V) x9 ~/ x
-------------------------------------------------------------------------( K5 r8 `# |* E! X' S ^- B
Charlottetown 145,000 141,000 2.8% 175,000 170,000
0 x' I' s; f) }4 D8 g -------------------------------------------------------------------------
9 U# d0 d$ q4 H. H4 A, J Moncton 135,000 127,000 6.3% 129,000 123,000
- i, ^# r1 ^$ [; {: U. D -------------------------------------------------------------------------
' m+ V0 Z# S' ^3 _ Saint John 141,200 142,900 -1.2% - -
, D) c2 { e: `( L4 z -------------------------------------------------------------------------4 o' {9 Y3 Y) r3 y, V x
St. John's 143,667 142,667 0.7% 200,667 202,333( k: b) X3 g. Q, \; F% E
-------------------------------------------------------------------------
% [! A3 ^ J2 \; @9 Y6 S Atlantic 150,240 145,380 3.3% 175,833 173,583
9 H( d; S+ ~! @ -------------------------------------------------------------------------
0 t; o/ c. u$ z. D } Montreal 213,691 203,500 5.0% 321,141 316,185
3 x# f9 x l, c/ l" z, m -------------------------------------------------------------------------
2 ]5 y& `. v! e- g0 G3 I Ottawa 290,083 278,417 4.2% 285,667 273,250: R- ?+ K2 e5 W; w
-------------------------------------------------------------------------
( Q* b3 y9 F: t. t7 U' j& P Toronto 373,368 355,882 4.9% 481,523 474,766
5 R6 v0 S* X5 _5 F9 I8 z+ [ -------------------------------------------------------------------------
3 s) z6 @. O G6 y. ` Winnipeg 181,579 159,860 13.6% 202,337 180,707
8 h# @# n4 E& } b! X -------------------------------------------------------------------------
& k$ l; p7 i/ \/ @$ O Saskatchewan 170,667 156,083 9.3% 182,600 166,5000 s% F1 |4 @, Y7 ^' J
-------------------------------------------------------------------------9 ~$ v2 Q* q* a* I- g. n \
Calgary 395,067 252,411 56.5% 405,778 264,389
! |' ^8 F- @" }( [: w: ? -------------------------------------------------------------------------
( Q& G: V/ ^) P+ }) ^) Q X0 ` Edmonton 286,857 194,857 47.2% 316,429 206,714
5 Q M; k5 t; g: g -------------------------------------------------------------------------) [5 T- K a+ h. n9 F
Vancouver 704,250 601,000 17.2% 794,000 697,5005 ?3 p4 e1 Z" `" z* f5 B- k
-------------------------------------------------------------------------& y. z. H2 p' H: Y) A1 |6 @1 t( C
Victoria 375,000 348,000 7.8% 403,000 391,000$ Y. N% }% D" n! x/ J
-------------------------------------------------------------------------
4 k2 Z. y& [, v9 k National 300,365 258,202 16.3% 365,380 322,8602 i0 `, x& \$ Z# q i) `% k
-------------------------------------------------------------------------
/ v4 L# G* i( I B' W) {5 M8 n- ^# N+ g3 j' y0 \5 S# r4 d
-------------------------------------------------------------0 x9 l% g; M- }/ n
Standard Condominium0 ]* n5 e2 B+ G) |% }5 Y- I& G: g
-------------------------------------------------------------
1 n5 ?& E6 ]1 H9 a 2-Storey 2006 Q3 2005 Q3 Condo
2 A f* O( [, |) }0 m Market % Change Average Average % Change' @2 L+ {+ G% \( K4 l
-------------------------------------------------------------
8 \3 B# T$ f: ~6 y- C Halifax -0.2% 142,000 103,000 37.9%+ } A1 `0 P! d" L6 o& y
-------------------------------------------------------------/ M8 g6 J5 I* Y N4 @7 U8 Y
Charlottetown 2.9% 98,000 98,000 0.0%
) [7 M/ x& n! a" Y$ z -------------------------------------------------------------; L! T' w* t, M+ ?8 S
Moncton 4.9% - - N/A
5 q: o7 N4 B$ O6 B$ J* U5 t -------------------------------------------------------------$ j3 H, U+ j$ z
Saint John N/A - - N/A
3 R$ i# w Q1 {, V D2 F -------------------------------------------------------------0 ^) @, M( O: P9 z8 G
St. John's -0.8% 146,333 145,667 0.5%# N9 k H, I, F1 p# H
-------------------------------------------------------------+ y0 A: x3 C2 `+ w( H0 L
Atlantic 1.3% 128,778 115,556 11.4%, W/ |+ y! y# U1 v+ q- F! E
-------------------------------------------------------------: u4 M8 p8 S' J% n
Montreal 1.6% 193,190 188,016 2.8%' Z' J- S ~4 o. L$ U0 R
-------------------------------------------------------------; `( ]$ ?9 A, M: h4 p* i; E& e# ?
Ottawa 4.5% 181,083 172,250 5.1%
9 V: m" A6 k* L, k. ?7 S. o -------------------------------------------------------------
3 ^1 g9 [# O* V) f% p9 p7 e5 Z Toronto 1.4% 252,088 242,918 3.8%1 ^. n" l6 u. ^7 J6 B# y( P/ J
-------------------------------------------------------------
9 {- {6 J6 N' _+ f3 {: T1 y7 V Winnipeg 12.0% 105,648 96,008 10.0%
4 e0 z) c) N2 J1 c -------------------------------------------------------------
; ~# b& u6 X& M" C+ A( ~& z( V' k Saskatchewan 9.7% 106,250 101,000 5.2%3 B1 G5 S! B( b! y9 G
-------------------------------------------------------------
. e8 B7 M. W- k# y+ _ h Calgary 53.5% 245,844 153,867 59.8%
- ]0 |% ?1 a& r -------------------------------------------------------------! l% W1 e) t( Y5 o5 e$ h
Edmonton 53.1% 200,433 131,500 52.4%* B, m8 ^4 E! t) ]$ K
-------------------------------------------------------------
1 \6 b' [1 C& _ O7 Q: T Vancouver 13.8% 366,250 323,250 13.3%
0 l& o' I9 t* |1 f! ^ -------------------------------------------------------------: S! `# F& ?6 C
Victoria 3.1% 229,000 220,000 4.1%! L' k q3 {$ C8 h) m
-------------------------------------------------------------0 @4 m" I4 F$ N
National 13.2% 211,562 185,296 14.2%1 {6 g& ]) r* Z3 C
-------------------------------------------------------------
" E! l) y3 Q" u {4 R: g >>
9 f% ]: ]. [* x& Q* ~1 |/ n% S& l5 d% K8 \
Average house prices are based on an average of all sub-markets examined
6 ^3 D Y8 k( Sin the area, except for the smaller markets of Charlottetown, Moncton, Saint
# \ a. Q) Y5 }2 iJohn and Victoria. d' R! g. V8 s, w8 u
! H9 ~: C+ M4 @8 Q" ~0 \7 |/ F: q The Royal LePage Survey of Canadian House Prices is the largest, most* ]! g7 N# ~8 H7 {
comprehensive study of its kind in Canada, with information on seven types of( l& i5 t9 s, k8 N( g4 i% s2 P
housing in over 250 neighbourhoods from coast to coast. This release
3 y! t+ C1 E5 ^ ureferences an abbreviated version of the survey, which highlights house price
1 H- m6 U% x1 V0 h) M3 w2 v' Z+ R1 btrends for the three most common types of housing in Canada in 80 communities1 [3 a# `/ {! _$ r' H& o! J9 [
across the country. A complete database of past and present surveys is
3 ?( W6 d- W# p; Ravailable on the Royal LePage Web site at www.royallepage.ca, and current& r( t4 y+ v4 t( d8 u% p2 w! p
figures will be updated following the end of the third quarter. A printable
, j, L; M3 E: P1 r1 O+ {version of the third quarter 2006 survey will be available online on
- Z/ M' O {9 c0 L2 x+ E1 INovember 15, 2006.
; t/ n$ b$ `# O8 D; }) S Housing values in the Royal LePage Survey are Royal LePage opinions of1 C4 U1 b5 _0 s9 |
fair market value in each location, based on local data and market knowledge
9 r, F6 `+ @& Z) T. z, V+ }2 Tprovided by Royal LePage residential real estate experts. Historical data is
" O/ R4 a P+ r* X, f) X2 [available for some areas back to the early 1970s. |
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