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Canada's housing market both vigorous and stable " S* j. D8 a9 B- ~4 ]7 o6 U. F
# K: I- W) ?2 g3 ^" S- Country's market poised to show growth throughout 2006 -
9 n- |) G: |9 N+ F1 e7 R3 {- B1 `# h, J8 O
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market1 B! S0 ~6 Y5 t
exhibited moderate price increases and stable unit sales during the third
, J1 B! S G; R0 P; f, A: Fquarter. Wide regional variances continued to be the dominant characteristic) M. @+ f, W. a8 j* M) `
in the market, exemplified by frenzied levels of activity and double digit. E( b' A% O7 [( H; B
price gains observed in the energy and commodity rich Western provinces, and: d+ m o/ j% K' p2 A
more reasonable sales volumes and moderate price appreciation in Ontario,
2 w$ D* f2 M. d+ D1 uQuebec and Atlantic Canada, according to a report released today by Royal/ ?, ?6 {" h3 T% J8 j' g( `% m
LePage Real Estate Services.+ B0 {; B8 n! |' o% `& p9 S9 u- g5 c0 A0 v
: E) F1 K& T2 k8 {6 X2 s6 x
Nationally, market trends established through the first three quarters/ D7 k, Q! z" e. G! A! }! o
are forecast to continue for the remainder of the year. Robust economic
6 e! ~* G8 f& D& ]8 m$ L! Jconditions, low unemployment rates, modestly growing salaries and wages, and2 t3 w: e6 u$ Z& l6 d
sound consumer confidence contributed to the overall strength of the
1 f9 {8 ?) @* N% N4 L* hresidential real estate sector.
1 l& D* K; E" B5 Z. ]2 F* u. }0 X; z( s' U0 o" r5 }
Of the housing types surveyed, the highest average price appreciation/ k0 A- E7 ?( E1 {3 N
occurred in detached bungalows, which rose to $300,365 (+16.3%)* A' e5 A3 @; Z' r1 \/ a* ~
year-over-year, followed by standard condominiums, which rose to $211,562
, y( Q! n* S) _# N(+14.2%), and standard two-storey properties, which increased to $365,380
. _$ R L8 `- {, P8 O( E% C% A& K(+13.2%).
. F' F! c$ {# o% K& O1 Q8 N
; p! a1 e3 c/ K5 N7 ^" h: k# h" L "Canada's sturdy housing market continued to demonstrate steady growth
# a: X% [0 k+ A: u+ Fduring the third quarter. For all but the west, we have moved on from the$ ~ f" F2 ^: i
frenzied expansion that characterized the first half of this decade, and are# }0 @ \* q1 H+ C
poised to show continued growth at a more moderate pace," said Phil Soper,
' ^ x# k, {1 C% \0 f& V. |; A) |president and chief executive officer, Royal LePage Real Estate Services.
, X! c1 G: k4 l3 h4 M. T7 _- ]"Gone is the sellers' market that we have lived with for some years. We7 H! L- T4 `& U+ M0 {
welcome the more reliable conditions that are characteristic of a healthy' L l8 |3 E! d7 l
balanced market."
( k/ |: z% q& u% o5 t4 F4 M ~
/ X; ^0 a. l" y r6 C( e7 i Despite the double-digit rise in average national house prices,
: N; D- A% ? e0 b3 {0 oconsiderable regional variances were exhibited again this quarter. The shift
/ _/ G2 r8 i5 {! G+ pto balanced market conditions, which began in late 2005, has continued: r. k- `8 j, ]/ |. G9 g% |
throughout most of the Central and Eastern regions of the country. In the core( N: f% Y+ X7 P3 W/ z! T
energy producing western provinces, the combination of very high in-migration,' |( p) u) c, m& R7 l
manageable affordability, and a shortage of inventory has driven record3 n# u, f" ], p* z8 C( @
breaking price appreciations.
( ^4 ^6 v5 w f8 | B: T: c4 }4 T: a; r
Echoing the second quarter and supported by Alberta's rapidly expanding
) N3 e2 A, o% c0 Q8 Deconomy, Calgary and Edmonton led the charge of Canadian cities with the3 e! ~7 t) S ~6 @/ ~) C, [
largest house price appreciation in all housing types surveyed.7 g6 g' o+ V6 w, d/ B
; B) E! k/ q( I9 M
In Ottawa and Toronto, growth remained steady, supported by solid5 Y4 b4 y8 W5 S3 p5 E5 G
economic fundamentals, an increase in available inventory and strong consumer
3 Q' J# |6 _ y7 Dconfidence. While the pace of price appreciation in Ontario leveled off
) A b/ B+ O! i9 C0 Fslightly, the province's real estate market remains poised for modest growth.
9 T2 V$ c1 E0 i# a2 oIn Atlantic Canada, new housing and condominium construction offered buyers* H( }8 Q7 D5 G6 o: p t7 {2 W8 q. q
greater selection at more competitive prices, resulting in a slower rate of
" o" w, j* [4 L0 I8 Z' S8 |# ]price appreciation when compared with 2005.
! h& ~8 v+ k0 \$ \
, E) }; ~2 u! p, z8 R While the pace of growth in Canada has slowed, the domestic housing
& ]. n" b1 [0 C9 Y3 y, p" Z5 Imarket is expected to outperform the American market. The economic and
( K( c s$ i; T' zfinancial fundamentals driving the residential real estate sector in Canada9 \+ g7 n: K2 j0 X1 z' c2 O
are markedly different than those found in the United States.& W8 g1 W: P, P! Q% O
% X* a. C' v& y) ^( C
Added Soper: "Canada's housing market is likely to outperform the
0 A; H2 K* p% J" yAmerican market through 2007. A number of factors are working in Canada's1 e/ h. T0 H/ [4 R: `: l m
favour, including healthy personal and governmental debt levels, the5 b: d$ |/ Q) {
relatively modest rise in interest rates in our country, and general% ?- J1 b' k( x& f- C! ]% l9 o- s
affordability in our major cities. In addition, Americans are now seeing the) a# r+ u* L5 q, D
downside of a tax system that encourages maximum homeowner leverage, and
) m+ u! w; T, l" p/ }$ a7 k, ^aggressive financial products such as zero- and negative-amortization
3 f. z" ~6 y* ]) ^8 L# U" }( Z9 hmortgages that work only in a high price growth environment." `1 ]0 g$ \2 O% j' D* T/ e5 _
! S7 @3 q- J6 F& M2 j
<<- L0 z+ a6 k' s! S0 {+ _
REGIONAL SUMMARIES
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8 L3 F( b; B& [" y$ B Balanced conditions continued to characterize the housing market in
* L. v4 E; b; E# }Halifax, as significantly higher inventory levels helped to moderate the rate
7 v+ ` E; c8 S! o3 T# Xof price appreciation. Buyers were increasingly choosy, taking more time
7 S0 ]" ]# p- `looking for newer, low-maintenance properties that were not in need of
% k5 E6 E7 u6 j9 g% erenovations.; B% B# N e0 ?: {% y+ z4 i
$ b) E+ O; p- R2 w3 r
The housing market in Moncton remained healthy and strong as a slight
& F$ p3 [4 l( n( k5 dincrease in inventory helped to moderate the rate of price appreciation! Q% u" X5 M3 R, |& F# n3 l' s- |
compared to the same period in 2005. Activity was brisk throughout August and- x- ]4 C: L6 K% ~+ o
September and is expected to remain this way through the fourth quarter.
; o% h; [& w+ \; v" x3 c# e
" n3 @( c$ @2 Y( b8 S! W The housing market in Saint John underwent its traditional summer* n1 g1 o \' o2 ?; e: ]
slowdown in the third quarter, with activity picking up towards the end of the
* P* O/ ^1 i0 ^6 Q g1 _6 Y! }quarter. The local economy continued to thrive, as construction on a new! F3 ]9 }3 }3 C7 G0 D9 c
600,000 square-foot shopping area has begun, bringing several new box stores
, {2 b- m6 n; K8 B0 ~ Kto the area. Buyers have begun seeking less expensive fixtures for their homes
2 U; U3 o9 O& S$ |and are instead opting for more affordable housing options.
" D& Y/ y+ a" N9 U
1 z; w' ^3 I: Y9 I5 u In Charlottetown, the housing market started to move towards balanced2 p% {! A/ M2 {9 @! a- w
conditions, as some sellers had to begin to lower the asking prices on their
. @- i0 N. P, S" r0 A3 w* u" C0 mhomes to make them more competitive. Activity from out-of-town and US buyers
0 I8 c2 u# x0 o2 i; ~; N3 i+ u2 Jwas down slightly compared to 2005, likely attributable to the strong Canadian
$ d( ?, I$ k, Q3 y! odollar. Inventory levels began to creep up in the third quarter, providing
$ f* y/ w, | ^- y) `0 j3 _buyers with more options when looking for a home.3 S' N. [" P+ o( @- q
- x; P/ ]* J; O6 d% D7 D Activity in St. John's slowed slightly in the third quarter, particularly- j$ E1 L1 t6 }3 b" ?+ _& l: h
among higher-priced properties, where there was a slight over-supply of homes
# m5 ~7 j/ ?& M. {3 a7 vpriced over $200,000. Listing periods have increased when compared with 2005,5 H4 g$ Z3 ?1 e. U# q
as some of the pent-up demand that had characterized the market over the last
# t$ u5 ?- v/ @# U7 O, Pfew years has been satisfied, resulting in more normal, balanced conditions.
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Montreal's housing market recorded modest increases in average house5 |7 d: x. ^7 J! \# r
prices, due to a slight seasonal slowdown in the third quarter as inventory
$ D: q4 @# d' Y1 G8 ^( R dlevels rose. Part of this can be attributed to the fact that many renting6 x, K1 y) W! s9 n; ]+ u
first-time buyers were motivated to close on the purchase of a home by July 1,
, K( C/ [$ H1 ywhen rental leases expire in Quebec. Once this date has passed some of the$ i) @; V, H) m, ~" g( Y
pressure is taken off the market, allowing buyers to visit more homes before* V+ N) u. \- D& C6 k! K
making a purchase.; W% ?7 b! ]9 c4 A
. T. w8 A0 G% u* i Ottawa held its position as one of the country's most stable housing
- ] A1 \3 d5 x" R* C Smarkets in the third quarter, reinforced by a vibrant local economy and strong) W0 ?8 P% u% R! g& T- ~
confidence, resulting in modest increases in average house prices. The city
9 _/ h6 U5 x+ D4 Scentre remained a bright spot in Ottawa, with homes in this area attracting- y3 \2 J/ V/ v+ {
attention due to their convenient location and proximity to downtown
. ~+ u; k6 m" u, b9 B2 p- M s( y3 k( Zamenities.$ @3 }) |1 G" @8 [
7 E C' r% k$ d, z" Y' @ The housing market in Toronto sustained healthy activity levels
9 ^1 b: @0 m$ H: g: vthroughout the third quarter, as a strong economy helped to maintain demand
" Y( [3 S' Y, L! `3 N8 f9 M, f0 z; dacross the city, causing average house prices to rise moderately. Toronto has& o4 A$ B# {& Z5 p9 L( q2 ]
continued to experience modest growth in average house prices, and has been
- j5 v B: Q$ `8 O$ n4 ^3 W* Gdriven primarily by purchasers who are buying homes as their principle
8 c9 |! j$ U% v N' mresidence, rather than for investment.
) G. I# ~& u9 f( h# ]7 J8 K. T- C( @6 j
The vibrant Winnipeg housing market continued to show its strength as
0 K. S( G q1 S+ Ohouse prices rose during the third quarter. The booming local economy resulted
9 T3 e0 h p$ D5 tin a historically low unemployment rate, helping to bolster consumer& i& f7 S$ k' U
confidence and Winnipeg's ranking as the city with the lowest capitalization3 L. Z& p( w7 r3 N1 d5 G) ^
rate among the country's larger cities - helped to encourage buyers to enter
4 ?! y) t- L# C* E5 Jthe market.* L5 d( [5 \# R2 p$ W8 p
1 T/ n4 l7 Z9 Z x) o) G; ~ In Regina, the market experienced a slight seasonal slowdown through
* X1 [6 o9 ]9 N" @/ Y, |7 X3 dJuly, as there were fewer purchasers in the market due to summer vacations. In3 E }4 P- F( O9 a4 t7 Q! o
August, activity resumed to the busy pace previously seen in the spring
4 s. S( {) j' V; t. I4 o/ Zmonths, as the influx of purchasers made it more difficult to find a home due/ k* w, u, g. e: ?
to the shortage of available inventory.
% C5 X) \: U2 a0 g7 g3 Y- x
% ^5 J, R8 i1 e2 c1 F8 g% H4 m. W' v Activity in Saskatoon remained brisk as the market maintained its B' {7 x$ i9 c8 c/ ~
momentum from the busy spring sales period. The economy in Saskatoon remains
+ L$ P/ x+ ?& L z1 W4 b; Kvibrant, as employment opportunities are abundant with many businesses
/ V/ H: d+ E9 O1 K! Gstruggling to make hires and having to recruit outside the province.
0 L" l3 [: ?2 b7 f0 y* U. T* B! f3 ^# q" p8 r. D1 c3 q1 f5 j& Q/ c6 Y, }
Calgary's housing market recorded blazing average house price increases: y, \3 T( w$ y2 f
in the third quarter, in all surveyed categories. The burgeoning economy, low
' E& E* [% J' v3 D/ N8 }. yunemployment rates and low inventory levels remained the leading factors that1 `: c" h4 a0 b+ S1 r
pressured Calgary's house prices upwards. However, regardless of the soaring
3 I8 B$ v5 |9 `& eprices that characterized the market - even during the typically slower summer
4 i8 {( @7 n4 b+ t7 wseason - it is expected that activity will become slightly more balanced, as( l. ]) a. @& W3 r2 a$ c. l C
buyers are becoming more reluctant to participate in the frenetic activity.8 |3 i) O( z; {6 Z! a( G
" `$ w1 y; D: _- U4 R# G7 E Edmonton's booming local economy continued to thrive in the third quarter( s9 l8 r* @6 _3 K8 ?* M% [
as activity in the oil sands north of the city continued to flourish. Edmonton3 c- @9 ~1 m6 h3 ?
remained the hub of activity for those coming to work in the oil industry,
* L( a& L1 u9 }. mmaintaining tight inventory levels across the city, resulting in prices
% v0 m( P) i" l3 l, o: p7 s5 ?. _increasing at record levels. However, as inventory levels continued to improve
' n( a. k* [: t @0 I+ Din the third quarter the rate of price appreciation should moderate slightly0 M7 i7 u5 r+ R d6 J
towards the end of 2006.
( e% j0 a4 H8 ~9 I9 V/ x; x3 u5 G
7 M3 E9 t9 R) H) X) o0 g0 J7 MWhile Vancouver has seen a slight reprieve from the severe shortage of
0 s" X P0 k7 x( Xinventory that had previously characterized the market, supply is still unable
( q u. S/ m5 g% w }6 Ito meet demand, driving house prices upwards. Vancouver has a very diverse
* c* O* ^5 d9 \& F+ I* w- jgroup of active buyers - from first-time home buyers to baby-boomers to' U% |- |/ Y$ T: |: p) f
foreign investors - all of whom fuel the demand for houses, placing added# _) H7 f3 H& U+ y% I
pressure on tight inventory levels.4 ~4 _1 i: j. p2 {8 e, T' u0 J/ E) Q
9 G! K' }1 t3 x, b
Victoria's market is vibrant and supported by strong economic& Z. \- l2 M: h s5 ^
fundamentals, fuelled by a booming tech sector and a migration of young people$ D! |, k+ ?9 v1 a/ u/ r
into the city that has continued to support the area's house price increases;. K! T$ d# G+ O/ q' B
while increased inventory levels have afforded buyers more time when searching9 t0 d, {6 _8 L' @( {( c* @- x7 i8 ^, L
for a home, helping to normalize the market's pace.8 M( n' h, }6 _- |- d- B+ @
l& Z% i3 B4 ], z/ m# e' Q8 f <<
/ `# h, O, Q# e# e Survey of Canadian Average House Prices in the Third Quarter 2006
* A" l0 |1 Q6 m& c k: I2 A L* t5 ?
3 V+ L4 v# j! |% _+ |1 O -------------------------------------------------------------------------/ s, Q3 D5 E+ e6 l; @5 v
Detached Bungalows Standard Two Storey* T/ p% c. S- D) F
-------------------------------------------------------------------------2 |0 t% k3 Y5 J2 `: M
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3/ I9 P; O% F# [" |. C' @+ ]5 [
Market Average Average % Change Average Average8 e6 ~5 A3 K0 m# n4 O
-------------------------------------------------------------------------, f# h0 i8 s# I5 n! ~* O1 ~( q/ W$ R
Halifax 186,333 173,333 7.5% 198,667 199,000# a3 s& y v" s4 E. a% G" H/ `
-------------------------------------------------------------------------$ c. ~ s+ I3 I; U+ f* a1 [
Charlottetown 145,000 141,000 2.8% 175,000 170,000+ \5 p. n1 }9 i9 j/ k' F
-------------------------------------------------------------------------& K3 t4 w( D5 d# b
Moncton 135,000 127,000 6.3% 129,000 123,000 ]- p- x2 ?: E4 d; D
-------------------------------------------------------------------------) C; u% R2 Z+ K0 B9 b0 H5 Y
Saint John 141,200 142,900 -1.2% - -. W& T. J2 q* Q
-------------------------------------------------------------------------
: |8 z; a0 L6 [ t- @% S/ ] St. John's 143,667 142,667 0.7% 200,667 202,333
- u R9 |+ i" c5 g" R/ b -------------------------------------------------------------------------
$ N6 m0 \$ |& U: u1 I& C6 o Atlantic 150,240 145,380 3.3% 175,833 173,583
& I, d/ a6 S$ R! z) _; g -------------------------------------------------------------------------
. q6 E' M& {6 P7 h! |4 K* N Montreal 213,691 203,500 5.0% 321,141 316,1859 w8 T; R. ^/ b1 ]
-------------------------------------------------------------------------
: k2 u+ X* ?( e, \0 q9 A5 r2 h Ottawa 290,083 278,417 4.2% 285,667 273,250
2 B: ]9 W+ x4 H -------------------------------------------------------------------------
% V* I& Y/ w2 U% I Toronto 373,368 355,882 4.9% 481,523 474,766
& O# \9 `: j4 w -------------------------------------------------------------------------2 J- [6 L# |/ ^+ a; ^
Winnipeg 181,579 159,860 13.6% 202,337 180,707
T+ ~3 b4 @; V1 F -------------------------------------------------------------------------
2 q2 a6 x$ b) h' o+ Z Saskatchewan 170,667 156,083 9.3% 182,600 166,500" A) h+ M5 O* ]
-------------------------------------------------------------------------
- c2 r' W2 f" ?6 Y; B Calgary 395,067 252,411 56.5% 405,778 264,389
7 `7 h! Q" C% U3 A4 _6 k9 q -------------------------------------------------------------------------
! R9 t/ b1 D, m7 `, q Edmonton 286,857 194,857 47.2% 316,429 206,714
. L* P' z, h& k F5 A -------------------------------------------------------------------------
! t/ S8 L# E f/ E6 i+ u/ n6 P Vancouver 704,250 601,000 17.2% 794,000 697,500( Z' q2 {$ e" S1 O3 D
-------------------------------------------------------------------------
$ @. ?) P8 g& k- I0 @ Victoria 375,000 348,000 7.8% 403,000 391,000
7 i3 Z) ?! f4 R2 n0 y3 P5 b -------------------------------------------------------------------------4 i# D/ W, h' Q4 |$ I- j
National 300,365 258,202 16.3% 365,380 322,860" L7 p/ O8 f4 d% ~; J' N
-------------------------------------------------------------------------
2 z9 E5 f3 b y" \3 y- N/ a
* Q0 W1 H4 c4 u: ?' L& m2 L -------------------------------------------------------------( R$ p( l2 z* v4 T) ?' K
Standard Condominium
2 y# x! x# z$ y' E/ y ~0 z$ z/ d -------------------------------------------------------------
7 C; u. A( \% M6 A 2-Storey 2006 Q3 2005 Q3 Condo7 S7 o" L8 m5 P+ i. a
Market % Change Average Average % Change
0 P6 }7 m3 [. _) v -------------------------------------------------------------% B8 U$ _# T1 O
Halifax -0.2% 142,000 103,000 37.9%. w. P7 i4 T+ O- H' r: A$ e( b5 R
-------------------------------------------------------------
1 E; _' N: ]* R" C0 a m2 w" S: }% S Charlottetown 2.9% 98,000 98,000 0.0%
9 H+ h, S$ @6 O- M- l3 I1 A -------------------------------------------------------------; c4 q6 r/ H5 h3 s! S- o" l; [3 h
Moncton 4.9% - - N/A9 U' P: F: Y8 A+ j5 s9 K U7 |& ]8 ?# h
-------------------------------------------------------------
& O- u; u" z9 [3 e& P Saint John N/A - - N/A( J6 Z. _& {4 G8 n8 o
-------------------------------------------------------------! k0 H: K$ o) M8 g
St. John's -0.8% 146,333 145,667 0.5%
" S2 _# [) j, Z7 I -------------------------------------------------------------
3 m" e0 v9 B! V- g! V: j5 a5 a Atlantic 1.3% 128,778 115,556 11.4%
+ h5 d3 U! p* Z+ U -------------------------------------------------------------
7 S( L E, \8 t# |7 L) B8 r Montreal 1.6% 193,190 188,016 2.8%5 Z, @& D1 L+ U& m" n/ _
-------------------------------------------------------------
1 R/ s. h0 D8 T) g- D Ottawa 4.5% 181,083 172,250 5.1%* n" i6 `& C8 i; N& `0 l
-------------------------------------------------------------4 r6 r8 M4 j4 z$ [3 c
Toronto 1.4% 252,088 242,918 3.8%
0 K! [4 n8 H1 f1 v" x* E8 z -------------------------------------------------------------
1 N4 \ B$ V" | Winnipeg 12.0% 105,648 96,008 10.0%, i! V8 Q9 G. T* {
-------------------------------------------------------------8 T+ Y" e) J9 `1 B1 d# B% U
Saskatchewan 9.7% 106,250 101,000 5.2%1 N- Z: w& Y, _9 y" f: h4 @- p
-------------------------------------------------------------0 F! t: v& d! ~
Calgary 53.5% 245,844 153,867 59.8%( s- `( D9 L" c9 }5 ?% O. Q
-------------------------------------------------------------0 ^. U: p* G t* _5 @1 n; Y
Edmonton 53.1% 200,433 131,500 52.4%: H$ v2 X. t8 z! p5 x6 l
-------------------------------------------------------------, S s( h; S: ]; b7 j) n
Vancouver 13.8% 366,250 323,250 13.3%
9 p8 v1 q; t$ n# D6 u7 } -------------------------------------------------------------
7 h( @) H/ h9 i+ Q' F+ h Victoria 3.1% 229,000 220,000 4.1%' A2 Y9 M* h) y: ~
-------------------------------------------------------------2 s) ~9 K( B6 `4 T8 v, \ ]
National 13.2% 211,562 185,296 14.2%. T! s9 D2 l: I) {3 J% J$ E' m
-------------------------------------------------------------( i1 D v* C+ C S+ _( d W. i( \
>>
% [: R6 T0 S A5 n. |8 c: D; S* D! N" \' |' E# g! N5 I
Average house prices are based on an average of all sub-markets examined
- y. j- Z: P( Q- sin the area, except for the smaller markets of Charlottetown, Moncton, Saint
# x9 U4 [9 _/ h: yJohn and Victoria.4 U! z3 Y" G/ b/ r( E$ X/ d
- R) O' H- g4 u. A
The Royal LePage Survey of Canadian House Prices is the largest, most$ E* G1 R( l- _. g
comprehensive study of its kind in Canada, with information on seven types of
1 x J, S9 [( g- x; a2 ehousing in over 250 neighbourhoods from coast to coast. This release, W8 c* L; j2 _+ U
references an abbreviated version of the survey, which highlights house price$ J* ~' ~1 n1 Z$ m4 w
trends for the three most common types of housing in Canada in 80 communities
6 V9 ?" {! V+ x7 Q1 Wacross the country. A complete database of past and present surveys is% y8 a% q* W1 O2 x& a4 u
available on the Royal LePage Web site at www.royallepage.ca, and current/ ]1 ^6 u. Q0 w% z: L
figures will be updated following the end of the third quarter. A printable
% r/ t0 a* L) e' |& T, b, @version of the third quarter 2006 survey will be available online on# f' y& T' Q) G3 S$ S2 c1 c
November 15, 2006.6 j1 V9 L9 [8 l! u" T1 D3 Q8 Y
Housing values in the Royal LePage Survey are Royal LePage opinions of; ]5 u) r) I+ P- S9 Y/ \
fair market value in each location, based on local data and market knowledge' B0 G% k. n5 _
provided by Royal LePage residential real estate experts. Historical data is7 p; t; D; m' I! ]
available for some areas back to the early 1970s. |
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