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Canada's housing market both vigorous and stable ) m6 N8 t% ^3 g+ R
; b0 z8 B. D$ z; o* Z- Country's market poised to show growth throughout 2006 -
% G1 s( c. `! s6 i5 k0 f$ k
T- N, Q" b& M" z- [ TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market( I9 T* y- z# m( ]7 u f
exhibited moderate price increases and stable unit sales during the third
8 A1 H" Y+ N6 H7 Tquarter. Wide regional variances continued to be the dominant characteristic
* Y1 e3 D' ?% i5 ]& ]in the market, exemplified by frenzied levels of activity and double digit4 i; E/ v, F$ ], J
price gains observed in the energy and commodity rich Western provinces, and
' m! ?- a4 Y0 e2 \3 pmore reasonable sales volumes and moderate price appreciation in Ontario,+ y2 I( O8 k/ B) e) E
Quebec and Atlantic Canada, according to a report released today by Royal
2 a2 `1 ~3 w+ pLePage Real Estate Services.
# n$ t8 u9 P0 [" X/ i# v5 E% S- ~/ k0 ]% a% v, Y
Nationally, market trends established through the first three quarters
. \, b ?; x2 aare forecast to continue for the remainder of the year. Robust economic% j7 I0 n% m7 p8 k; b$ _/ g6 ], [ `) K
conditions, low unemployment rates, modestly growing salaries and wages, and- U8 L( w+ `4 _2 C5 j( u3 N
sound consumer confidence contributed to the overall strength of the
) e$ U. I* }0 S( W4 }residential real estate sector.
" l/ {0 S! Y& y6 K5 K# I, f/ c. v- s8 Q
Of the housing types surveyed, the highest average price appreciation T; [9 o! Z- ]& p; g: T
occurred in detached bungalows, which rose to $300,365 (+16.3%) c0 w' f2 y9 Q, j* O: ?( n
year-over-year, followed by standard condominiums, which rose to $211,562
( X6 c: k9 I S' i: ]5 I(+14.2%), and standard two-storey properties, which increased to $365,380
( T9 Z' g }1 F' [(+13.2%).1 b# S# W6 A- x" s8 B5 A
! s2 s- ^& E- w+ ~: d8 E "Canada's sturdy housing market continued to demonstrate steady growth
1 J3 a9 o# P0 v$ B( z0 Hduring the third quarter. For all but the west, we have moved on from the
! S; m. q8 p& Zfrenzied expansion that characterized the first half of this decade, and are6 F6 o- v" F8 I2 U5 L! u
poised to show continued growth at a more moderate pace," said Phil Soper,: _6 L; t+ f8 ?2 B4 D6 ~+ k
president and chief executive officer, Royal LePage Real Estate Services.
5 L+ _6 Q& k- |3 W% x. M, L"Gone is the sellers' market that we have lived with for some years. We) j% Q! i# L% w0 B; g
welcome the more reliable conditions that are characteristic of a healthy& A t3 I0 A9 z3 J/ h. k& l/ N
balanced market." ~# D( C/ t8 J, `7 ?. I
( l7 b1 J2 m% H9 j6 G1 u
Despite the double-digit rise in average national house prices,* e2 ^! G+ A6 |+ E- v5 K
considerable regional variances were exhibited again this quarter. The shift4 R" _7 L0 X3 I) \
to balanced market conditions, which began in late 2005, has continued- q/ @& T5 a7 H# y+ }* F
throughout most of the Central and Eastern regions of the country. In the core
1 Y! `* a0 c5 L/ D. venergy producing western provinces, the combination of very high in-migration,
/ A7 |$ }4 H1 p5 g& V& @manageable affordability, and a shortage of inventory has driven record
- d+ k( M! A( J: i; L# P: t. Ybreaking price appreciations.2 n! a3 h! {" [) [: C- n
5 |8 E. b: M& ~8 {& M Echoing the second quarter and supported by Alberta's rapidly expanding
; E' C1 W) |0 o3 k1 Peconomy, Calgary and Edmonton led the charge of Canadian cities with the
2 z, V w/ j. }% ? F6 j! \( s; Nlargest house price appreciation in all housing types surveyed.7 |1 q0 b9 P. s' Y$ O
4 m0 W1 Q% m! X8 U
In Ottawa and Toronto, growth remained steady, supported by solid6 r! G& D; s4 [3 R/ g9 d) O
economic fundamentals, an increase in available inventory and strong consumer; D1 `, U* u4 A2 ~8 p
confidence. While the pace of price appreciation in Ontario leveled off1 E+ h- K, [% K) i% k- h' S& x
slightly, the province's real estate market remains poised for modest growth.; B: a0 N* o9 B1 ? @$ i
In Atlantic Canada, new housing and condominium construction offered buyers
( `) z8 B, |4 Z7 ]greater selection at more competitive prices, resulting in a slower rate of
2 X: r: g k* }2 G. q2 rprice appreciation when compared with 2005.$ ~6 |: Y+ q# W% ^
9 M7 o& F# ?0 i4 d* m While the pace of growth in Canada has slowed, the domestic housing
. _, P& h0 ^* B& k- N& Qmarket is expected to outperform the American market. The economic and
& X+ C. j+ U( E Z1 f8 y; r6 X' tfinancial fundamentals driving the residential real estate sector in Canada8 V$ J+ k& ~7 L# A; x
are markedly different than those found in the United States.: m. E. G! @; y' F7 O
6 _" T! g" S/ i Added Soper: "Canada's housing market is likely to outperform the; N4 I$ G5 k# \% F" Z, X) v& x6 T
American market through 2007. A number of factors are working in Canada's
; _/ C, K D5 L& T! @; Mfavour, including healthy personal and governmental debt levels, the# T" j5 Q+ R3 t' W
relatively modest rise in interest rates in our country, and general& J! J) e1 T, @4 K2 _* m" T0 k
affordability in our major cities. In addition, Americans are now seeing the7 }2 ?- b3 ^1 W0 }# O( D
downside of a tax system that encourages maximum homeowner leverage, and
3 U3 b J- T, F* Z9 Jaggressive financial products such as zero- and negative-amortization6 p3 E5 B: V8 j2 A, p/ e
mortgages that work only in a high price growth environment."$ I7 T+ {% h, a
+ H& m3 q* j. u1 n# I& B <<
6 A* m- a( Z _ REGIONAL SUMMARIES! s/ W$ |. Y" @/ `5 H' j
>>6 @( o, W$ J" ]' I& Z* K3 h
" y7 M i/ X) A6 X E Balanced conditions continued to characterize the housing market in1 } L- C, I3 \) }1 N: C1 J7 {! N
Halifax, as significantly higher inventory levels helped to moderate the rate4 Q2 @. T% b3 r2 R3 p2 x# c+ H
of price appreciation. Buyers were increasingly choosy, taking more time
- P8 i- D/ x! ?* `looking for newer, low-maintenance properties that were not in need of! m1 G. \# P) \0 m& K5 P' G8 t
renovations.6 n$ i* Y1 H) ^2 n& B; N; W
) Y' S! P6 B) [. f/ V( q/ y The housing market in Moncton remained healthy and strong as a slight
3 J8 T& S, J5 Gincrease in inventory helped to moderate the rate of price appreciation& q2 C2 P( P. T- g
compared to the same period in 2005. Activity was brisk throughout August and; z8 O& k( O6 b# c0 v7 Z5 d. W% q/ m
September and is expected to remain this way through the fourth quarter.# E/ _: n) t$ m
1 N% H' N; @' Q1 E The housing market in Saint John underwent its traditional summer% ?9 E4 L; d9 s% T! C* Z
slowdown in the third quarter, with activity picking up towards the end of the
; a% d0 X% t- J: C( Qquarter. The local economy continued to thrive, as construction on a new9 m" K6 ^$ z; s1 W; H- F
600,000 square-foot shopping area has begun, bringing several new box stores) W* ~; u& f0 n% t, x
to the area. Buyers have begun seeking less expensive fixtures for their homes
6 u) `; v+ y4 p4 M- d8 N8 iand are instead opting for more affordable housing options.
6 h/ z5 `9 Z6 h5 ]8 Z2 t. ? T s0 d. k' S0 k P4 B& q
In Charlottetown, the housing market started to move towards balanced- Q( \! K2 X& K( l
conditions, as some sellers had to begin to lower the asking prices on their9 `# M% l! u5 f, d7 R: f. \
homes to make them more competitive. Activity from out-of-town and US buyers
1 b7 f5 `; R. P, twas down slightly compared to 2005, likely attributable to the strong Canadian6 b4 g$ i4 Z# V y& Y2 m
dollar. Inventory levels began to creep up in the third quarter, providing
0 Z' g4 b ?: c. T- P5 Xbuyers with more options when looking for a home.
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Activity in St. John's slowed slightly in the third quarter, particularly
1 c" i; ]; _3 w; h+ F R( samong higher-priced properties, where there was a slight over-supply of homes' }$ c% l! U/ G; R0 ?1 c2 k
priced over $200,000. Listing periods have increased when compared with 2005,( V8 D! Q# ?- Q) V- h! ^; K# r' f
as some of the pent-up demand that had characterized the market over the last
5 F* C8 W/ D# _few years has been satisfied, resulting in more normal, balanced conditions.' A+ x2 ?0 h$ F; m# p, X
4 }# _! o/ L; D Montreal's housing market recorded modest increases in average house
: R/ `: M( ~5 o( `5 V8 ]; {1 tprices, due to a slight seasonal slowdown in the third quarter as inventory: X( @2 k# _- G5 J0 r
levels rose. Part of this can be attributed to the fact that many renting
1 Q" k% j7 A/ ~5 o% K4 @9 R% tfirst-time buyers were motivated to close on the purchase of a home by July 1,% B- ?5 Y( [( p
when rental leases expire in Quebec. Once this date has passed some of the
5 N) Q1 L9 P8 H: V+ Q; ?# y+ Npressure is taken off the market, allowing buyers to visit more homes before
3 g4 M% I2 j& h7 e3 Mmaking a purchase.1 _' N0 ]- e! h: O8 n* c
5 I- s& ]* _6 K4 [2 v- ?& a2 n } Ottawa held its position as one of the country's most stable housing
+ ~! t$ b3 }5 v$ \5 D) M) @6 F2 N pmarkets in the third quarter, reinforced by a vibrant local economy and strong- `* \5 ]% w8 O' s
confidence, resulting in modest increases in average house prices. The city# a: V" q E# [" L5 h/ n4 C. o
centre remained a bright spot in Ottawa, with homes in this area attracting6 A, W8 p9 _9 s( g7 [# D
attention due to their convenient location and proximity to downtown
( _+ H/ G9 ?; g9 O& v3 tamenities.+ i# t/ S9 w5 X; i! W
; Q+ C% B2 U/ n1 u- R; U* @) p. @/ G The housing market in Toronto sustained healthy activity levels3 X) c9 a$ W* I3 e# T
throughout the third quarter, as a strong economy helped to maintain demand( g7 @$ T. L0 V( J
across the city, causing average house prices to rise moderately. Toronto has7 f; G w2 q* E
continued to experience modest growth in average house prices, and has been
$ T3 j9 r: G$ B. Ndriven primarily by purchasers who are buying homes as their principle5 d; n! i/ m; ^# R* e
residence, rather than for investment.5 s' B$ E& Q$ q. y# ]
* X+ z# L" p0 D, z7 s The vibrant Winnipeg housing market continued to show its strength as' n" e" ^3 w, c9 i' @; T- j: {- B
house prices rose during the third quarter. The booming local economy resulted9 t$ s5 J9 ~- q6 X8 f0 ~7 ^' i T
in a historically low unemployment rate, helping to bolster consumer
+ r* s; G& c2 q' Q# M7 Z8 Gconfidence and Winnipeg's ranking as the city with the lowest capitalization. T4 I- Q3 m1 h. |, Q: N
rate among the country's larger cities - helped to encourage buyers to enter! J2 F- {8 Q4 D Z
the market.
3 j; d6 z+ p6 Q* I
2 ^4 I/ q! Z: l, h3 J In Regina, the market experienced a slight seasonal slowdown through2 N* U& d/ [- v" }
July, as there were fewer purchasers in the market due to summer vacations. In
# z& z' h, x' O- [1 KAugust, activity resumed to the busy pace previously seen in the spring
8 F- S# W: e1 P9 N$ @) T! Imonths, as the influx of purchasers made it more difficult to find a home due' Z9 _1 e# f8 A
to the shortage of available inventory.
- e% c# ]: v+ a$ b: _5 g7 y+ j& I" c0 A- i1 a' |7 |9 H
Activity in Saskatoon remained brisk as the market maintained its
7 t: r* J: o+ B" S0 _momentum from the busy spring sales period. The economy in Saskatoon remains
' I& d+ |. e$ R# t) r1 e" G2 v" Hvibrant, as employment opportunities are abundant with many businesses
+ h4 ~- K* U5 t9 wstruggling to make hires and having to recruit outside the province.
# S5 ~. `4 [' `( i! {7 \
9 d! U# F' }" y6 ~! j$ r Calgary's housing market recorded blazing average house price increases
% E3 W# N R2 m! Xin the third quarter, in all surveyed categories. The burgeoning economy, low
. }$ c1 I( U, y2 _" x6 a& punemployment rates and low inventory levels remained the leading factors that" u1 k% S8 l' V6 L+ N
pressured Calgary's house prices upwards. However, regardless of the soaring
/ O) H5 ]% S3 c# D1 u% v5 p! tprices that characterized the market - even during the typically slower summer6 D3 B8 g. h$ F5 M
season - it is expected that activity will become slightly more balanced, as6 S' ~# l q) W5 A. q
buyers are becoming more reluctant to participate in the frenetic activity.
8 ^3 P5 e2 W: I1 a4 T9 H+ Q
) ]. `% D$ [8 M4 G( ?; Y Edmonton's booming local economy continued to thrive in the third quarter; F# `7 y( @) @+ C
as activity in the oil sands north of the city continued to flourish. Edmonton
* t; Z; ]! Q. K6 ?* M+ @remained the hub of activity for those coming to work in the oil industry,
. n5 O& l( D! h9 R7 F6 Omaintaining tight inventory levels across the city, resulting in prices0 W" i" d& l4 r1 e4 M1 m9 ~
increasing at record levels. However, as inventory levels continued to improve
5 e9 ? ]: p& y; _/ y- K8 o3 hin the third quarter the rate of price appreciation should moderate slightly
/ Z; ]* X& b% Q4 g7 k( }( dtowards the end of 2006.
* j1 Z1 y _4 w& l$ ?7 L
3 W" A, o W+ X( k" w& MWhile Vancouver has seen a slight reprieve from the severe shortage of
6 N8 y" t3 n: z3 D/ a9 ~inventory that had previously characterized the market, supply is still unable: E9 T0 G, \ B, y1 r& v; A, d9 S
to meet demand, driving house prices upwards. Vancouver has a very diverse2 O# n3 P: i0 g3 l9 |4 T7 j& [" q2 p
group of active buyers - from first-time home buyers to baby-boomers to% [& I, s6 t0 z1 c/ B2 ]
foreign investors - all of whom fuel the demand for houses, placing added
( D6 j& `& f: ]4 z/ _pressure on tight inventory levels.
! K: |- W: E) z2 w" S
# C8 R5 ~- n, q# P" X: l* _7 ? Victoria's market is vibrant and supported by strong economic7 y" ^( e7 x s9 h; n
fundamentals, fuelled by a booming tech sector and a migration of young people
1 A; R) b1 w- m% w9 E& @into the city that has continued to support the area's house price increases;
. `0 ~8 N1 ]4 K: f/ H1 Gwhile increased inventory levels have afforded buyers more time when searching* G1 {" B5 ^1 \$ z2 Y; M
for a home, helping to normalize the market's pace.8 u1 H n6 ?- Y1 i G* X
7 \/ P; Q! K2 ^' h- O7 @, `
<<
6 g, o) u1 l& f4 D Survey of Canadian Average House Prices in the Third Quarter 2006) R+ `. |( q& n1 u9 w
0 p: L' c8 ^2 }3 C1 R- [9 P/ ` -------------------------------------------------------------------------. ~! c: u0 L% X' U
Detached Bungalows Standard Two Storey
+ a8 }+ N" i7 n4 x$ |! i -------------------------------------------------------------------------
1 A) L, t& Z/ g$ h( \+ f 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3' o) c0 w0 x; w! t4 Z
Market Average Average % Change Average Average( p( S) F4 B3 @
-------------------------------------------------------------------------
( ^' @! S. |# C/ s, K Halifax 186,333 173,333 7.5% 198,667 199,000
& l* x: _- C, C# V& k& U -------------------------------------------------------------------------
9 j6 Z. O3 Y7 R& q" `4 d& b* L Charlottetown 145,000 141,000 2.8% 175,000 170,0003 k5 B* M! a' w$ q' A
-------------------------------------------------------------------------
, F- K) E( [! Z# F# E& Z Moncton 135,000 127,000 6.3% 129,000 123,000
; A) f8 B9 ~9 j V% C' m9 [ -------------------------------------------------------------------------' P+ f+ l# i m0 G! H) |: b
Saint John 141,200 142,900 -1.2% - -
( S2 p3 j: N! [. t$ @- F$ l -------------------------------------------------------------------------
7 @& ~- M! E4 s/ b+ ? St. John's 143,667 142,667 0.7% 200,667 202,3330 S4 W9 k7 E5 ~$ Y
-------------------------------------------------------------------------
9 I* V) d- B( x$ L Atlantic 150,240 145,380 3.3% 175,833 173,583
( n0 u0 }/ n2 M$ ^1 ? -------------------------------------------------------------------------" K' C1 y: J! i% A
Montreal 213,691 203,500 5.0% 321,141 316,185* F5 u7 e! S9 z8 {& G
-------------------------------------------------------------------------
4 ^( F9 X8 q0 q" y Ottawa 290,083 278,417 4.2% 285,667 273,250
$ m' S% y$ X+ H9 c: @ -------------------------------------------------------------------------4 g4 B" Z+ b0 J2 q& V
Toronto 373,368 355,882 4.9% 481,523 474,766 E: R. l! V7 B4 K
-------------------------------------------------------------------------
- |: _2 _: Z+ x, h- l Winnipeg 181,579 159,860 13.6% 202,337 180,7079 S! B/ ^ H4 O* _( W$ O& v5 v
-------------------------------------------------------------------------
* P K; z0 `; ?9 N& i" _+ n Saskatchewan 170,667 156,083 9.3% 182,600 166,500
) n d0 J; y! F& P |/ W -------------------------------------------------------------------------2 x& X* D& G% K/ d3 V7 q6 d- }
Calgary 395,067 252,411 56.5% 405,778 264,389
5 D( y- H _' v; M- }& d -------------------------------------------------------------------------, o& e7 L; A8 v! v& }$ Y
Edmonton 286,857 194,857 47.2% 316,429 206,7149 n# X8 E& [* L' k
-------------------------------------------------------------------------7 g, _' {$ m4 P
Vancouver 704,250 601,000 17.2% 794,000 697,500& }4 W! J2 W9 q
-------------------------------------------------------------------------
$ i7 s1 Q5 r. W Victoria 375,000 348,000 7.8% 403,000 391,0008 F5 e# S# p$ e# M. ^7 H2 c
-------------------------------------------------------------------------3 O6 Y( N' m( }$ F- g
National 300,365 258,202 16.3% 365,380 322,860: v2 S2 Z! s, Z; }# c& v7 L- o
-------------------------------------------------------------------------
/ U6 b+ B) w+ L" g/ ^0 M5 j9 q, }+ e7 P9 P
-------------------------------------------------------------
- O9 C8 t3 c7 P; C1 Y3 v Standard Condominium
$ g s8 L. G; }( L# \! v* f -------------------------------------------------------------
! W- I! d' I7 Q: X5 m* U 2-Storey 2006 Q3 2005 Q3 Condo3 P8 ]" F: I: d/ h
Market % Change Average Average % Change3 b9 X) {- A$ `8 A& u
-------------------------------------------------------------: a7 p% _/ A& |* {
Halifax -0.2% 142,000 103,000 37.9%1 O2 c& y( o* P" V$ s. a
-------------------------------------------------------------4 F+ |3 |7 n, `8 f8 n
Charlottetown 2.9% 98,000 98,000 0.0%
* L4 x4 w% z( @ U9 ?7 V ------------------------------------------------------------- _4 t! w& Y ?) Y+ K
Moncton 4.9% - - N/A
$ f0 [1 a. M1 f9 z% p -------------------------------------------------------------6 R- A6 m6 G/ K, e- G
Saint John N/A - - N/A) R4 a/ V1 N% Z
-------------------------------------------------------------7 T8 ]6 _ `1 H# Y* ^ Y7 K
St. John's -0.8% 146,333 145,667 0.5%
2 M$ E, U W& Q# o$ b& ]. h ------------------------------------------------------------- }: V( p; \3 u
Atlantic 1.3% 128,778 115,556 11.4%8 b: v, j. B- n8 T* T1 a
-------------------------------------------------------------
+ c |. k" U9 B; I: h Montreal 1.6% 193,190 188,016 2.8%
/ d* c& ]" h3 }1 |, o3 U -------------------------------------------------------------- K: s/ C1 i, R. k( U: U, Q: j
Ottawa 4.5% 181,083 172,250 5.1%0 c4 S5 \* M+ D( l4 w8 C/ Z) i
-------------------------------------------------------------
5 E" s+ e' V7 Y% ] Toronto 1.4% 252,088 242,918 3.8%
0 |! j: ^, }! u$ I; G2 ^9 O -------------------------------------------------------------3 i$ H# i3 f1 j4 H
Winnipeg 12.0% 105,648 96,008 10.0%, k- v/ l1 U5 \9 \
-------------------------------------------------------------; \% w- G+ }: I- ~
Saskatchewan 9.7% 106,250 101,000 5.2%; W. C5 D$ L7 W0 H2 T* I
-------------------------------------------------------------# M* k- b3 f3 T$ c! ~ O
Calgary 53.5% 245,844 153,867 59.8%
4 i" [: Q' i! J -------------------------------------------------------------
6 g6 U6 P: s$ K r" v; C3 Q Edmonton 53.1% 200,433 131,500 52.4%
+ j, z* M! F8 P( k/ q$ i -------------------------------------------------------------
' y0 [/ W$ a" D9 {& d( B Vancouver 13.8% 366,250 323,250 13.3%4 r+ s# m. g o% H3 ?" T" V+ J
-------------------------------------------------------------) }& h& t& `2 @2 K8 \% s
Victoria 3.1% 229,000 220,000 4.1%
+ G- u J7 m% @) I. Z c -------------------------------------------------------------
+ V" R9 `1 f% n0 Q. t# T National 13.2% 211,562 185,296 14.2%* o, E$ _* I* k( G) o
-------------------------------------------------------------
5 E" O' z g9 S: u# i' d1 F >>
* ?2 J& H5 o. ^2 P' s$ m/ l& Y# w9 @2 s$ f; r/ }! v
Average house prices are based on an average of all sub-markets examined9 r$ Q% ^& i3 h/ W
in the area, except for the smaller markets of Charlottetown, Moncton, Saint
; k% v# A5 w3 c9 B! S D$ g$ }John and Victoria.1 W0 Z. F+ |# P) {
- B8 z% v$ B a The Royal LePage Survey of Canadian House Prices is the largest, most
7 b$ o* R3 H2 B# C; J4 M/ M5 Icomprehensive study of its kind in Canada, with information on seven types of! P; D# o/ G n: Q, o1 X, j! D+ U9 L
housing in over 250 neighbourhoods from coast to coast. This release
6 q" g/ P! f& y: g' `: t0 m& Breferences an abbreviated version of the survey, which highlights house price" A; E! g' u& G: e& N3 N
trends for the three most common types of housing in Canada in 80 communities, l: N$ R+ J8 C3 b" r
across the country. A complete database of past and present surveys is
" X! U3 g8 e9 y L o2 oavailable on the Royal LePage Web site at www.royallepage.ca, and current
; o: `) |% P* a# |8 Y) G, ]' {figures will be updated following the end of the third quarter. A printable+ Q- d; I. j0 _1 l
version of the third quarter 2006 survey will be available online on
# D0 |5 Y4 x# l& wNovember 15, 2006.2 b9 I/ {. s/ {; P, N& y8 I
Housing values in the Royal LePage Survey are Royal LePage opinions of2 D# N; t$ f2 r; g7 A0 m+ X
fair market value in each location, based on local data and market knowledge
9 a/ k/ F6 w" t# p3 n* d& k( ~9 v, c! X" w5 zprovided by Royal LePage residential real estate experts. Historical data is7 q2 j: e3 f5 l% {2 t( o
available for some areas back to the early 1970s. |
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