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Survey of Canadian Average House Prices in the Third Quarter 2006

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发表于 2006-9-29 08:09 | 显示全部楼层 |阅读模式
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Canada's housing market both vigorous and stable 4 R# g- o9 @' \7 t  ~  o: K

2 ~' R+ P5 E6 f; w- Country's market poised to show growth throughout 2006 -
, i  L9 k  Z6 L% d- Y! E: W7 h
# B: A- I0 z$ @& F    TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market! |" s8 O: s5 O2 D. S3 v6 |
exhibited moderate price increases and stable unit sales during the third
+ w( W! V" c# n+ ]  Rquarter. Wide regional variances continued to be the dominant characteristic
3 L, _1 C1 U8 J8 O( f- F# V0 lin the market, exemplified by frenzied levels of activity and double digit: ?0 J$ d% f: k# w( j5 P* ?
price gains observed in the energy and commodity rich Western provinces, and! ]0 m! W1 ]8 L  W( f" o
more reasonable sales volumes and moderate price appreciation in Ontario,7 m( K2 T: p% r5 e  K* A
Quebec and Atlantic Canada, according to a report released today by Royal) ]9 k; r  h1 i. @- w7 c
LePage Real Estate Services., X& @% ]& X/ W  @& v# m: F

; H* V" g, X& E, m$ L7 s) `& K7 a    Nationally, market trends established through the first three quarters7 e. N8 R* }- C3 k6 ~5 x2 X
are forecast to continue for the remainder of the year. Robust economic. z4 T/ e5 `' h/ J/ r: K+ {! M; a
conditions, low unemployment rates, modestly growing salaries and wages, and" J! }0 c0 `' N
sound consumer confidence contributed to the overall strength of the+ @) e5 J3 I3 I  Q# J% h/ I
residential real estate sector.' @( A* z: o. p

4 i/ f  @" v3 h1 W5 d    Of the housing types surveyed, the highest average price appreciation
6 }6 u) E9 I8 }) ^; u3 B4 poccurred in detached bungalows, which rose to $300,365 (+16.3%)& _8 l7 ^  o2 y6 f
year-over-year, followed by standard condominiums, which rose to $211,5628 C7 S/ P. Y0 h7 e* k
(+14.2%), and standard two-storey properties, which increased to $365,380
* e# Z; d8 M$ v) e(+13.2%).
8 D. z% p, y+ Z* b
, W: ]+ z1 W; c6 C    "Canada's sturdy housing market continued to demonstrate steady growth4 }+ K5 h! s) k; n8 I( r4 F
during the third quarter. For all but the west, we have moved on from the
5 g5 J  j8 B6 u6 V5 f1 nfrenzied expansion that characterized the first half of this decade, and are' F9 @$ O, a% Q3 h
poised to show continued growth at a more moderate pace," said Phil Soper,
# N2 f& ]/ i! U, mpresident and chief executive officer, Royal LePage Real Estate Services.  J4 f. J) L: t7 a/ M9 ]$ Q$ i6 i
"Gone is the sellers' market that we have lived with for some years. We
/ B# V% w' n2 X. l' z& }1 R6 Pwelcome the more reliable conditions that are characteristic of a healthy
  X: v0 I$ u6 ~/ g- }% Q. U4 Lbalanced market."$ `$ F; E* p* p" s) C1 `
4 H0 w$ B1 m7 P$ H# d
    Despite the double-digit rise in average national house prices,$ [  X: W. A% ~" o; X8 V5 G
considerable regional variances were exhibited again this quarter. The shift  X5 i9 R3 p% X$ f# p3 B* ~
to balanced market conditions, which began in late 2005, has continued
5 ?/ _: i: _% `$ ithroughout most of the Central and Eastern regions of the country. In the core
) s4 K/ K% m4 G1 Senergy producing western provinces, the combination of very high in-migration,3 H- Z/ ^  i7 U4 f: S. ^. _6 Y
manageable affordability, and a shortage of inventory has driven record, f! x  }! x. L4 t1 d
breaking price appreciations.- B! y9 w: n3 F% m& U
" q! X% E4 c" z: l
    Echoing the second quarter and supported by Alberta's rapidly expanding% y5 w, M9 F! E5 {* C; \8 U* ~
economy, Calgary and Edmonton led the charge of Canadian cities with the
. _7 K  U; B/ T$ y' A% {/ jlargest house price appreciation in all housing types surveyed.
8 a- x$ `" p7 M2 F, ^+ f8 m4 G, i( n- q$ _- G* A
    In Ottawa and Toronto, growth remained steady, supported by solid
* _9 B, j9 g" ^5 geconomic fundamentals, an increase in available inventory and strong consumer
! X( g! J; A/ c: ]  D# u. H1 Bconfidence. While the pace of price appreciation in Ontario leveled off% B( U; V5 r8 W/ n+ l% D
slightly, the province's real estate market remains poised for modest growth.# `' F8 n" ~% x+ G* i: I
In Atlantic Canada, new housing and condominium construction offered buyers
7 W9 z% g0 t; P: s8 W3 \greater selection at more competitive prices, resulting in a slower rate of3 R% ~% k3 ?6 z  U8 U  o6 M9 M
price appreciation when compared with 2005.! p) L7 r6 r0 Q  I
) p$ P$ P" x" c7 q& [/ R$ f; p
    While the pace of growth in Canada has slowed, the domestic housing: s0 X; Z7 P5 {2 x6 g0 u7 C7 i) a3 z
market is expected to outperform the American market. The economic and: T' D% ?5 X$ m7 F5 I& ?
financial fundamentals driving the residential real estate sector in Canada
8 i! B, R, T9 gare markedly different than those found in the United States.
2 w/ e6 z1 T6 i* m( |" f2 R+ H9 {! Z  D2 w
    Added Soper: "Canada's housing market is likely to outperform the
. B; Z0 w/ L0 [& G& M* V6 E$ a* hAmerican market through 2007. A number of factors are working in Canada's
0 V9 z" v' i0 H9 c6 wfavour, including healthy personal and governmental debt levels, the8 m3 ?+ e$ U! t
relatively modest rise in interest rates in our country, and general5 \3 x: R1 J& V
affordability in our major cities. In addition, Americans are now seeing the& m4 Y( c# ]* M
downside of a tax system that encourages maximum homeowner leverage, and3 G0 Z& t0 F) j- f2 j
aggressive financial products such as zero- and negative-amortization8 S5 j$ M7 n4 G7 ]9 p
mortgages that work only in a high price growth environment."6 n/ h' ?5 Q' `% X3 p$ \6 Q7 }9 Y

( ]% t  U& y5 j* t$ ?1 [    <<
* M: o, P% ]% P9 f" C                             REGIONAL SUMMARIES# I! V8 V. F1 n4 a
    >>" j( X, Z) z5 s& J- h% M

; m  j7 w' ^$ k# v    Balanced conditions continued to characterize the housing market in3 T% Y3 n+ ?, B  d, D( i
Halifax, as significantly higher inventory levels helped to moderate the rate0 M7 g! x" S2 G, }
of price appreciation. Buyers were increasingly choosy, taking more time
" d1 Q, m+ x! Ulooking for newer, low-maintenance properties that were not in need of
/ F" g  @, c0 A+ ~% i4 nrenovations.
& V" p- a: ?* {9 |3 z+ {
( }& g+ c0 z  G: ^( x    The housing market in Moncton remained healthy and strong as a slight
! i- B  V; b  w, j9 {! Y% hincrease in inventory helped to moderate the rate of price appreciation
4 j9 F+ e  o: M/ n: o4 Qcompared to the same period in 2005. Activity was brisk throughout August and: Q0 G, e" D/ {3 h
September and is expected to remain this way through the fourth quarter.7 B7 C  F: c/ T$ R

* Q* {, `' G% n; Z    The housing market in Saint John underwent its traditional summer& h' w+ C0 P2 `# |# F2 O
slowdown in the third quarter, with activity picking up towards the end of the7 i9 ^. e# y; x' G* d$ q
quarter. The local economy continued to thrive, as construction on a new' K! X, ]+ R9 o" Z$ \/ ~/ L% v$ P3 e9 n
600,000 square-foot shopping area has begun, bringing several new box stores
0 r8 H+ `( |* Z" ^to the area. Buyers have begun seeking less expensive fixtures for their homes" ~+ a# w( o3 |
and are instead opting for more affordable housing options.
' I3 X1 k: Y! d( b$ U% J
. o3 s$ I" _& \0 C9 ]3 h    In Charlottetown, the housing market started to move towards balanced
! j. t1 T% Y' Hconditions, as some sellers had to begin to lower the asking prices on their: m0 x7 x% h" h) B
homes to make them more competitive. Activity from out-of-town and US buyers$ j. ?: W. A1 p7 b& M9 S4 h! s
was down slightly compared to 2005, likely attributable to the strong Canadian
0 B5 }" s4 ]  Q7 Ndollar. Inventory levels began to creep up in the third quarter, providing
1 y. t' m! I/ @# lbuyers with more options when looking for a home.
. ]3 q! \, l8 D5 i
2 W- z. v: ?! ~7 k6 Q    Activity in St. John's slowed slightly in the third quarter, particularly! F: Z1 n/ W/ K: P) Z
among higher-priced properties, where there was a slight over-supply of homes
) J7 V$ _' U/ g0 j" w7 b+ J: ?4 gpriced over $200,000. Listing periods have increased when compared with 2005,( Y1 K! d/ Y, m3 r# m
as some of the pent-up demand that had characterized the market over the last. C3 H9 Z) H  W, m3 f1 [  P6 G$ L. h5 S; v
few years has been satisfied, resulting in more normal, balanced conditions.
. x- V8 |. m, w6 E. c. a1 _8 z' g4 K, B4 K0 l- @
    Montreal's housing market recorded modest increases in average house2 E0 y& q# x3 U- b) U
prices, due to a slight seasonal slowdown in the third quarter as inventory: j" x* \6 |3 Z7 {/ R
levels rose. Part of this can be attributed to the fact that many renting
9 Z  G- i: l. J3 C( jfirst-time buyers were motivated to close on the purchase of a home by July 1,8 w+ F3 j  r4 `& X& x6 e# u
when rental leases expire in Quebec. Once this date has passed some of the9 K% _' F1 D' r$ r( X" v
pressure is taken off the market, allowing buyers to visit more homes before; \1 Z0 y  _9 D2 V+ q
making a purchase./ c6 ^) \7 G& w5 E) G

! M/ r' a" ]+ q' {2 w6 @    Ottawa held its position as one of the country's most stable housing9 L& e+ k: H/ s/ y' Q3 Z( H: v. x
markets in the third quarter, reinforced by a vibrant local economy and strong
! _& J; j5 f8 p; H8 cconfidence, resulting in modest increases in average house prices. The city: A! s6 G0 a- Q. m/ N
centre remained a bright spot in Ottawa, with homes in this area attracting
/ R* {: L" k/ _6 }; Dattention due to their convenient location and proximity to downtown6 i" z* e! K) V/ o# V, Q0 P* r
amenities.
; G4 L  j6 U' K3 b: e' K4 Z5 S4 }- X9 U! t# p& q9 V
    The housing market in Toronto sustained healthy activity levels0 R2 P4 b5 D- Y8 Y0 ^$ }$ d4 F7 S
throughout the third quarter, as a strong economy helped to maintain demand
. M: i& S7 R2 Q+ M" F8 O* yacross the city, causing average house prices to rise moderately. Toronto has  L& ?" A( m1 _) L3 b0 a' Y5 i
continued to experience modest growth in average house prices, and has been- g) ]/ V6 N$ S, f
driven primarily by purchasers who are buying homes as their principle
' l* k) W1 O; lresidence, rather than for investment./ h  J, {# _) v8 u, E

3 m: V- s/ M; h+ h& E' t; c    The vibrant Winnipeg housing market continued to show its strength as
/ q& K7 L4 ?5 f4 J# thouse prices rose during the third quarter. The booming local economy resulted
. a1 J0 X. o& R, @2 [in a historically low unemployment rate, helping to bolster consumer! J8 D# {4 h( B* t) v
confidence and Winnipeg's ranking as the city with the lowest capitalization
7 T6 [! u$ o, H) J3 q$ g" Trate among the country's larger cities - helped to encourage buyers to enter* J8 O* Z- B' D& u1 h3 j
the market.0 a3 E, D5 P8 o
/ \( C( p) l$ v6 L& B
    In Regina, the market experienced a slight seasonal slowdown through
4 [; T% Z/ t6 JJuly, as there were fewer purchasers in the market due to summer vacations. In% S' K& d2 X0 Y; U4 o
August, activity resumed to the busy pace previously seen in the spring
- c# x; H# _- fmonths, as the influx of purchasers made it more difficult to find a home due% ^4 G9 R6 |! k5 p& i0 v  ]: V
to the shortage of available inventory.9 P) ?  i& L# t# Y
. D+ t# X& W6 p9 D: \
    Activity in Saskatoon remained brisk as the market maintained its
& o8 S% M7 O, M# u9 Y: `momentum from the busy spring sales period. The economy in Saskatoon remains; q7 @8 Q/ l. U: \5 v0 A
vibrant, as employment opportunities are abundant with many businesses9 b! y% H, T3 i; a
struggling to make hires and having to recruit outside the province.
, n: f) }; V2 }: ]# C
9 ~# o* }- P; K    Calgary's housing market recorded blazing average house price increases
! i8 `6 L. w, v8 m& c8 ?in the third quarter, in all surveyed categories. The burgeoning economy, low
+ `$ _, `! Q- Q# F% P* o5 sunemployment rates and low inventory levels remained the leading factors that
: E9 R1 ^% l2 t* s' r% Xpressured Calgary's house prices upwards. However, regardless of the soaring
3 C  v1 ~! g2 v( o6 zprices that characterized the market - even during the typically slower summer
/ V( P2 J) T% q4 Tseason - it is expected that activity will become slightly more balanced, as
5 B2 p- Z$ C% }9 J- cbuyers are becoming more reluctant to participate in the frenetic activity.

4 y! N; r' R) i! a
( u# A* v: u0 r6 D    Edmonton's booming local economy continued to thrive in the third quarter/ L( \) E9 L% S% c
as activity in the oil sands north of the city continued to flourish. Edmonton( E& U9 j8 k, y5 W
remained the hub of activity for those coming to work in the oil industry,
7 ]3 ^% o, w$ V3 Y+ `; ^maintaining tight inventory levels across the city, resulting in prices
5 x. c9 J  C4 u7 mincreasing at record levels. However, as inventory levels continued to improve
7 p3 W0 B+ g0 H" w- D% iin the third quarter the rate of price appreciation should moderate slightly, F% m8 g" c: e1 p$ R3 Z" X
towards the end of 2006.
    & s3 j/ [% }9 o1 Q' {; ^9 Q
- T' C' N$ ]# v1 O7 \- e  ]
While Vancouver has seen a slight reprieve from the severe shortage of
6 w+ K$ i7 D- H9 I" Ninventory that had previously characterized the market, supply is still unable
, ~1 F2 O4 M, [to meet demand, driving house prices upwards. Vancouver has a very diverse
; o  I1 ~( O1 Q! ^group of active buyers - from first-time home buyers to baby-boomers to
, j) b- j$ y, r3 Z/ p; {# A/ J; Oforeign investors - all of whom fuel the demand for houses, placing added
% r1 Y0 R, t7 H! v/ v; k: d! \pressure on tight inventory levels.* b/ R. V* f2 i) F* `/ E6 O# v

# X/ W3 T% w6 \- S+ h" F    Victoria's market is vibrant and supported by strong economic8 [5 W. s- O# G4 m( e4 B! M/ K
fundamentals, fuelled by a booming tech sector and a migration of young people: c$ w5 T. ]3 e$ y; T# P. c; J" z& z/ a
into the city that has continued to support the area's house price increases;
- s; _( B5 ?% B9 d8 X2 Ewhile increased inventory levels have afforded buyers more time when searching
# P* @- q  c% ?3 h8 ffor a home, helping to normalize the market's pace.6 W! N% y9 o% L# |  S& @9 C

) J# K7 S& w* e' b( W7 B) K    <<8 z9 T7 x: l( ]
      Survey of Canadian Average House Prices in the Third Quarter 20069 e8 d5 C, v# Y5 W0 o
! Y5 O  G! J, Z6 k9 r- s5 O
    -------------------------------------------------------------------------" z6 s9 e# S; [4 m4 R$ b" Y
                 Detached Bungalows                Standard Two Storey& |9 A  e/ N8 H% L3 M9 u* Z
    -------------------------------------------------------------------------
# }0 D, ^* D0 b* q2 S                     2006 Q3     2005 Q3    Bungalow     2006 Q3     2005 Q3) B' s  o! R+ |0 m; T* m
    Market           Average     Average    % Change     Average     Average
3 K/ Q3 r) K$ e9 R  J    -------------------------------------------------------------------------) J  `$ e! u/ Z$ A$ I4 F
    Halifax          186,333     173,333        7.5%     198,667     199,0005 k" M: }# C& ^" `
    -------------------------------------------------------------------------3 d) \1 U) ~$ r; j  K# R* u
    Charlottetown    145,000     141,000        2.8%     175,000     170,0003 y2 B. K3 q  J+ \- ]3 c1 ]' }2 W6 d5 h
    -------------------------------------------------------------------------2 `3 O5 I$ V& a: L* ?& [+ v6 a
    Moncton          135,000     127,000        6.3%     129,000     123,000
* M: j$ x' Q1 J  _  e$ \  E    -------------------------------------------------------------------------5 L: H! I8 |1 M: T' U
    Saint John       141,200     142,900       -1.2%           -           -
' _% E7 }) R6 z+ h; c+ i: f    -------------------------------------------------------------------------3 _* u3 i8 w; j, g+ N
    St. John's       143,667     142,667        0.7%     200,667     202,333
( H0 Y/ U) e7 [    -------------------------------------------------------------------------
+ }, Y" B/ M! k5 d    Atlantic         150,240     145,380        3.3%     175,833     173,583
  K$ T( Y6 j/ N' A9 G4 ~    -------------------------------------------------------------------------& Y3 x: e/ ^# b0 U* v) `! }
    Montreal         213,691     203,500        5.0%     321,141     316,185
/ T4 y; T5 I6 r5 S    -------------------------------------------------------------------------" }6 h5 V4 X5 x0 U, F: w2 G
    Ottawa           290,083     278,417        4.2%     285,667     273,250
# B  i( Z- q4 }: w& C. E5 `' r' J    -------------------------------------------------------------------------3 n' K5 c9 S7 ]8 i
    Toronto          373,368     355,882        4.9%     481,523     474,766, M) K" p. \0 q1 u5 U
    -------------------------------------------------------------------------
( {. O6 s; g# Y4 p* E+ p" u5 p    Winnipeg         181,579     159,860       13.6%     202,337     180,707( a" f" a7 S* A! v! y" P
    -------------------------------------------------------------------------* j. @8 W) V9 t: K
    Saskatchewan     170,667     156,083        9.3%     182,600     166,500& {+ ~3 F5 t! w/ t
    -------------------------------------------------------------------------
9 q! O2 m; c6 R9 G1 g; C( D    Calgary          395,067     252,411       56.5%     405,778     264,389
( {  s& ^" h/ k: e# o3 x! v. }    -------------------------------------------------------------------------9 |6 ]* y8 ]& \( ?% y9 ]
    Edmonton         286,857     194,857       47.2%     316,429     206,714
2 I& B1 z, K& o$ o    -------------------------------------------------------------------------
- B5 t% e) g' l9 H+ F# W7 p    Vancouver        704,250     601,000       17.2%     794,000     697,500
5 ^& L8 ^* S! a# @  D, K4 g    -------------------------------------------------------------------------
+ K7 p( |4 r1 n# s. [: R) a( k    Victoria         375,000     348,000        7.8%     403,000     391,0006 {8 {% l7 a8 X. y( e* a8 S3 D7 V
    -------------------------------------------------------------------------
. ?4 _) z; G! g; C( Z9 o    National         300,365     258,202       16.3%     365,380     322,860" T9 f9 r; [$ B3 C% z
    -------------------------------------------------------------------------
5 k+ L. Z1 l1 ~. f/ t/ C
( a2 H# R, D" _1 X  ~    -------------------------------------------------------------
1 r) x* I0 o, R. q5 I                               Standard Condominium
5 n' L6 g  X# F2 W; [0 y    -------------------------------------------------------------: Z% {/ b- i5 I( f) L: Y; a
                    2-Storey     2006 Q3     2005 Q3       Condo
& u2 G2 n, v6 Q* j) U    Market          % Change     Average     Average    % Change+ @* }( H- q& ^/ {3 i  Y) k
    -------------------------------------------------------------
. T) t+ K8 n+ i2 f3 S    Halifax            -0.2%     142,000     103,000       37.9%8 A2 @" N% y, _" n. D! K' M0 b
    -------------------------------------------------------------
& V$ C6 }0 n2 b. a3 M. [    Charlottetown       2.9%      98,000      98,000        0.0%
+ ?3 d% p: m2 k! c  X" K* d    -------------------------------------------------------------
4 C" U& p! `+ k/ E    Moncton             4.9%           -           -         N/A& y6 r  u! S* E; p! N
    -------------------------------------------------------------
1 x/ D( I" B1 q8 f* w' ?    Saint John           N/A           -           -         N/A; K9 d. l' G( n; }
    -------------------------------------------------------------( ^! J* m( ]# @  V
    St. John's         -0.8%     146,333     145,667        0.5%
2 E* l. F8 M  G; V6 G! L* \: D    -------------------------------------------------------------1 p; S- Q4 @4 w( |
    Atlantic            1.3%     128,778     115,556       11.4%
- ]5 C; ^" N  ^3 ~3 N- }3 W    -------------------------------------------------------------3 o" _8 Y7 P! t/ Q  Z4 H4 k
    Montreal            1.6%     193,190     188,016        2.8%! n- C" K! \/ f0 O& o: ?/ s" e* k
    -------------------------------------------------------------( h& i( J6 x8 l; V$ i- O+ {
    Ottawa              4.5%     181,083     172,250        5.1%$ [% y' L4 \% v6 h
    -------------------------------------------------------------
  ~# q0 ^$ x+ M& z, N! V! ?    Toronto             1.4%     252,088     242,918        3.8%
. F' N' s; M2 E5 }" E) |" g    -------------------------------------------------------------
6 ~0 B/ t' ?  f% }$ S, s" h    Winnipeg           12.0%     105,648      96,008       10.0%
. v; o$ G' N- K6 }' U    -------------------------------------------------------------
2 u# i9 V9 ~! Y+ w$ B+ _# P! E& q    Saskatchewan        9.7%     106,250     101,000        5.2%
0 g9 W! `7 Z9 L& l: K% ?& K    -------------------------------------------------------------
. f  ?* u/ N4 c, M    Calgary            53.5%     245,844     153,867       59.8%, f. u4 n5 I1 `
    -------------------------------------------------------------# a; D' w6 ~* |# i
    Edmonton           53.1%     200,433     131,500       52.4%
+ J' S8 P% e, @3 g    -------------------------------------------------------------9 M6 Z/ N9 C" s1 O( i4 q# |9 Y
    Vancouver          13.8%     366,250     323,250       13.3%2 o' P* C1 t4 u" `5 B4 L
    -------------------------------------------------------------
( r% H* g' s) P    Victoria            3.1%     229,000     220,000        4.1%- U4 f3 U9 ~$ q9 ^
    -------------------------------------------------------------; E' m* A" c' B1 v2 ?3 C  a
    National           13.2%     211,562     185,296       14.2%* O' c2 [" A* L0 @* x
    -------------------------------------------------------------1 c+ N! {4 b4 p0 T  w' L2 W& o
    >>
$ f& C. Y- G7 e3 m1 l8 b1 s. ~9 I
2 u: Z# c/ o2 F2 p. K    Average house prices are based on an average of all sub-markets examined
7 Y1 ]  d" o8 s9 c8 Qin the area, except for the smaller markets of Charlottetown, Moncton, Saint
  P. n" V; r2 D3 f! SJohn and Victoria.
; H. t& ~3 b) B1 D- B  d
4 Y' v9 W! ]9 {3 P# b% \    The Royal LePage Survey of Canadian House Prices is the largest, most
) D1 b2 [2 A  I& w. X, k- wcomprehensive study of its kind in Canada, with information on seven types of
! @! F- c: @) phousing in over 250 neighbourhoods from coast to coast. This release% z. l( H% O1 |0 r' o+ r4 ]
references an abbreviated version of the survey, which highlights house price
- A2 B1 A: u, z+ u5 g5 ktrends for the three most common types of housing in Canada in 80 communities9 w2 ~0 _) v/ X2 f5 w
across the country. A complete database of past and present surveys is
7 m1 w7 j1 u. F4 _available on the Royal LePage Web site at www.royallepage.ca, and current
! y2 h5 `* Q8 m9 \3 p$ e* Zfigures will be updated following the end of the third quarter. A printable
' p+ t/ _8 Y$ N- ]6 T- \version of the third quarter 2006 survey will be available online on
- `9 t5 d" j, F* \1 h1 x8 v2 gNovember 15, 2006.
3 B$ J& p$ i% X+ o( }7 P1 ~    Housing values in the Royal LePage Survey are Royal LePage opinions of6 M3 t& R1 l. ^5 c6 Y
fair market value in each location, based on local data and market knowledge
/ C4 c! L( i. d3 \4 qprovided by Royal LePage residential real estate experts. Historical data is
. U7 o5 S4 z- M; \% o4 p( pavailable for some areas back to the early 1970s.
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