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Canada's housing market both vigorous and stable C! V! ]( Z5 q3 m
* K) |+ t O8 M3 Z" ]! Z0 [- Country's market poised to show growth throughout 2006 -
1 Y @1 t0 \; @6 F2 {5 R$ V8 S( |" c/ @1 x1 R: x" x9 k( [
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
' h3 L1 W0 V( N3 Sexhibited moderate price increases and stable unit sales during the third
" H' p, |! r& M$ X4 w, \' Fquarter. Wide regional variances continued to be the dominant characteristic6 L1 a! M* `9 U; U9 \
in the market, exemplified by frenzied levels of activity and double digit
4 Q) d+ a3 O9 H6 Wprice gains observed in the energy and commodity rich Western provinces, and# M* @3 l: i! D; Y- W6 X
more reasonable sales volumes and moderate price appreciation in Ontario,; W4 m) y2 R a. b4 \, g, t8 F- @+ T
Quebec and Atlantic Canada, according to a report released today by Royal! [, p$ [0 h. y' _
LePage Real Estate Services.
6 M5 b( M% Q9 {% W2 V" l3 ^0 N1 N4 }' p2 l
Nationally, market trends established through the first three quarters) v5 c4 p! y0 g) m `1 q; z9 ]* Y$ \$ M
are forecast to continue for the remainder of the year. Robust economic
0 x0 O N n* \5 N3 \* m! g9 @conditions, low unemployment rates, modestly growing salaries and wages, and0 }7 x0 x5 H* T4 c; R
sound consumer confidence contributed to the overall strength of the
9 t8 K* m8 `" M: \residential real estate sector.
8 F. A# u1 r) I9 ^1 E6 r8 i- s: t' _# b* i
Of the housing types surveyed, the highest average price appreciation& i) H4 Y) E1 t3 O. [/ C
occurred in detached bungalows, which rose to $300,365 (+16.3%)
" U3 Y; [, c% ?7 Gyear-over-year, followed by standard condominiums, which rose to $211,5624 L' f! r" b; v/ n
(+14.2%), and standard two-storey properties, which increased to $365,380
4 \7 ]! K5 e6 W% m, j+ J4 y(+13.2%).
& L, A: @, k& y" ~" i. \
7 Z0 y m @% s8 z "Canada's sturdy housing market continued to demonstrate steady growth; `6 J) H) p0 ]3 j+ I
during the third quarter. For all but the west, we have moved on from the
1 f0 ^9 ?6 ]) V& n7 M6 vfrenzied expansion that characterized the first half of this decade, and are2 v& z6 _+ a" g: q
poised to show continued growth at a more moderate pace," said Phil Soper,; m1 c. B$ V: t7 l6 U
president and chief executive officer, Royal LePage Real Estate Services.
+ _; p6 ?! G0 L' t"Gone is the sellers' market that we have lived with for some years. We, v5 i" z& O0 n5 e8 g' U& J
welcome the more reliable conditions that are characteristic of a healthy
- R, `: [" D3 T) j/ f# O9 M z: Ebalanced market."
6 T$ J: e! d3 I$ v9 r$ a8 h6 z! e4 K
' ]5 K- L, I' _+ ` Despite the double-digit rise in average national house prices,# D# `2 `( S( [) l# A
considerable regional variances were exhibited again this quarter. The shift. G" x$ x( K- D" T$ a3 M0 j, N& C
to balanced market conditions, which began in late 2005, has continued: Z0 `% h8 Y/ a/ n" n+ e
throughout most of the Central and Eastern regions of the country. In the core
/ o' H2 q% Q" O$ V a3 henergy producing western provinces, the combination of very high in-migration,3 @# C" S7 W9 [2 `2 R
manageable affordability, and a shortage of inventory has driven record6 u+ F' n% m2 f3 U
breaking price appreciations.
7 @, P; | T) m2 y
" }8 M# j# M3 c _/ ^7 e8 n9 N Echoing the second quarter and supported by Alberta's rapidly expanding
/ t4 D; [- e9 U& @' b* c5 leconomy, Calgary and Edmonton led the charge of Canadian cities with the
6 D: A P: K- R0 w+ M2 @largest house price appreciation in all housing types surveyed.. c, B- x0 x, q) e$ e3 b0 F4 E& h
, C+ s, o/ [+ Y$ l In Ottawa and Toronto, growth remained steady, supported by solid$ t1 Z8 T$ G4 @& h
economic fundamentals, an increase in available inventory and strong consumer7 e0 e9 h5 }* [9 X
confidence. While the pace of price appreciation in Ontario leveled off' N# v- D9 M4 ]4 |0 C( @/ [1 R6 T
slightly, the province's real estate market remains poised for modest growth.3 [$ E* H( i- r9 P. A, h0 {, O3 e
In Atlantic Canada, new housing and condominium construction offered buyers3 W- Z" P/ Y$ c3 W; w9 h
greater selection at more competitive prices, resulting in a slower rate of
3 S# K! o' x% o1 `# Q9 m# Mprice appreciation when compared with 2005./ Y$ P4 X0 t& h7 N
1 T. k8 H7 J$ \ i! |$ s While the pace of growth in Canada has slowed, the domestic housing
d1 _, C* Z. s& R4 y, mmarket is expected to outperform the American market. The economic and
. d0 W3 B4 S y4 z9 F2 Gfinancial fundamentals driving the residential real estate sector in Canada
1 J$ e. d; j; T! t5 Q) sare markedly different than those found in the United States." K* k3 {2 P' G5 I5 W! @- k. n+ J
, ` ?) Q/ l& `2 _
Added Soper: "Canada's housing market is likely to outperform the7 `! F* Y$ |7 p0 I
American market through 2007. A number of factors are working in Canada's
) W+ ~- Y) T4 c6 ~' E2 U- i7 Ofavour, including healthy personal and governmental debt levels, the& ]- n% B& i6 ^, @9 }" E, q
relatively modest rise in interest rates in our country, and general
6 h. e$ b% F! `8 Faffordability in our major cities. In addition, Americans are now seeing the' P. i3 D1 g! S( \: o- z2 P# K4 c
downside of a tax system that encourages maximum homeowner leverage, and1 p2 p+ [* p, b; ^8 }9 T
aggressive financial products such as zero- and negative-amortization
6 l( j* m$ C8 f: L3 j* \2 Bmortgages that work only in a high price growth environment."
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) u! A, F( N. W* O0 b <<
( }3 V8 T+ \3 X- V REGIONAL SUMMARIES- Y9 _. W0 l2 C, K2 W: v$ _- W1 Y
>>
$ ^0 N5 C' {1 D, x* M/ P
2 j6 C* h w; s& W0 E, Y Balanced conditions continued to characterize the housing market in2 r! I- V. e/ q0 k2 {1 ?
Halifax, as significantly higher inventory levels helped to moderate the rate
4 B A( Q3 B! {& w% Rof price appreciation. Buyers were increasingly choosy, taking more time
0 _0 v6 O: G- w; N! Xlooking for newer, low-maintenance properties that were not in need of2 a! C! z8 {+ X3 X* Q3 Y9 p
renovations.
! o$ ]/ J0 d, s0 U( h& y3 }5 G) C" R
# p' k( g9 z1 n/ _ g The housing market in Moncton remained healthy and strong as a slight
: i5 X5 F" N3 y5 ?' cincrease in inventory helped to moderate the rate of price appreciation. x% D, A2 `+ s
compared to the same period in 2005. Activity was brisk throughout August and, W9 D- n9 v5 d: j7 z+ o; [
September and is expected to remain this way through the fourth quarter.+ D5 D1 d# C2 l) k [
' x, P4 d) O% ?% O
The housing market in Saint John underwent its traditional summer
* z3 b* z7 U e# Aslowdown in the third quarter, with activity picking up towards the end of the
/ l. b9 [) o# Y+ \/ Xquarter. The local economy continued to thrive, as construction on a new
1 Y! R: i: b4 w" K( N, I# q& l600,000 square-foot shopping area has begun, bringing several new box stores- C0 I' k1 p! z+ \
to the area. Buyers have begun seeking less expensive fixtures for their homes$ W- W8 u# c4 B1 i$ {& F
and are instead opting for more affordable housing options.+ p, H% x# x# `; T) ^) n) \% s% ^
3 n6 O; G) r0 j% P: Z4 s In Charlottetown, the housing market started to move towards balanced1 F, N! V/ l' w/ e
conditions, as some sellers had to begin to lower the asking prices on their3 g0 d/ L) n- r+ k9 s
homes to make them more competitive. Activity from out-of-town and US buyers" |+ O3 f& z3 S- S/ A& l" V2 d ?: D
was down slightly compared to 2005, likely attributable to the strong Canadian H4 z3 ]. B$ n( I) Z
dollar. Inventory levels began to creep up in the third quarter, providing' F+ u% A m- @$ S
buyers with more options when looking for a home.
6 }8 v j4 O8 i8 w% P& a" a- Q- J- x
% s# m$ i' Y& J$ n# O Activity in St. John's slowed slightly in the third quarter, particularly
: s6 W$ s. x4 u6 Qamong higher-priced properties, where there was a slight over-supply of homes
1 a; m" v- ^7 k: Z; L0 e3 hpriced over $200,000. Listing periods have increased when compared with 2005,) f: E4 g, L; P3 j; X9 N$ z
as some of the pent-up demand that had characterized the market over the last
5 ^- i$ y' j% x, ufew years has been satisfied, resulting in more normal, balanced conditions.; U# B5 j& n6 P) j& N( S
; [# ?$ I& U7 C4 n& I Montreal's housing market recorded modest increases in average house
1 P8 q* {. T/ h# V) q3 v# pprices, due to a slight seasonal slowdown in the third quarter as inventory4 T+ P' f& E/ h* o
levels rose. Part of this can be attributed to the fact that many renting
, a2 l0 \! O. Rfirst-time buyers were motivated to close on the purchase of a home by July 1,
. V* ?( k9 D$ fwhen rental leases expire in Quebec. Once this date has passed some of the+ X; W$ _: \9 F9 R
pressure is taken off the market, allowing buyers to visit more homes before- g$ K/ [- x- D0 B% b+ Y
making a purchase.
; \3 X) P4 V8 A" \; D2 Z% U( G& v( ?) k
Ottawa held its position as one of the country's most stable housing
) W9 ~& v o& smarkets in the third quarter, reinforced by a vibrant local economy and strong
A5 T, m3 R2 Q' X1 h a4 mconfidence, resulting in modest increases in average house prices. The city. _9 c' H/ |7 o7 Q9 J6 d( ]. H, g5 A
centre remained a bright spot in Ottawa, with homes in this area attracting% b/ q) Q6 h& a) w* ^3 I& ?
attention due to their convenient location and proximity to downtown6 D" J# d# U2 O1 t6 s/ v
amenities.; M4 k8 T5 h/ ~( k3 W$ E0 g5 V
+ w+ ~, d$ r% k; r0 R! s9 k | t The housing market in Toronto sustained healthy activity levels3 O* L; ?+ a& L8 a7 d: @, X3 f
throughout the third quarter, as a strong economy helped to maintain demand
. l& m& h1 J2 [) Q0 X9 f( w1 Macross the city, causing average house prices to rise moderately. Toronto has( I2 K- N2 a, ]
continued to experience modest growth in average house prices, and has been
" }- D, d5 ? d9 G" r7 vdriven primarily by purchasers who are buying homes as their principle
) z# ]# z) N3 z. A# M. u# e" sresidence, rather than for investment.! V4 A8 [# i( g- Z# @1 ^. e
" G0 ]- c$ T! Q% c/ v The vibrant Winnipeg housing market continued to show its strength as
- @2 ?1 ~2 z; W# a# K3 shouse prices rose during the third quarter. The booming local economy resulted0 u9 g6 Y( P/ B# d- @
in a historically low unemployment rate, helping to bolster consumer
- A. {) w* x+ v( X, E: mconfidence and Winnipeg's ranking as the city with the lowest capitalization
. |' Y: A e8 z8 D" b1 vrate among the country's larger cities - helped to encourage buyers to enter
; \) ]2 R6 R8 ]* Z" w, |2 mthe market.
! @; C% C* _. u
% I, H" @, }6 Y5 K In Regina, the market experienced a slight seasonal slowdown through
2 `/ i3 ~- E f5 \1 z# y" oJuly, as there were fewer purchasers in the market due to summer vacations. In- A- a8 D* A" d8 S
August, activity resumed to the busy pace previously seen in the spring- |8 F" J" w W) i
months, as the influx of purchasers made it more difficult to find a home due$ X: X8 |9 m" \: J! U5 D$ [
to the shortage of available inventory.0 E/ g" ?6 }% w5 c* Y( j
6 d# s* ]; G% h4 m6 t
Activity in Saskatoon remained brisk as the market maintained its
9 ^3 W! E" y, ~1 i; F, \momentum from the busy spring sales period. The economy in Saskatoon remains
# e# F' i6 I8 @% L U Pvibrant, as employment opportunities are abundant with many businesses
+ h; d0 D8 \& Z/ }* vstruggling to make hires and having to recruit outside the province.7 M! u2 x. t- o1 E3 U& `
% q( U) j! G& Y- C
Calgary's housing market recorded blazing average house price increases
# M; v+ Y$ G+ z( A+ S+ win the third quarter, in all surveyed categories. The burgeoning economy, low' o8 ^6 D: V2 [/ Y; b. e0 w
unemployment rates and low inventory levels remained the leading factors that
2 p3 I* |6 j. ]: ~pressured Calgary's house prices upwards. However, regardless of the soaring
# o& B o- S/ B: T! U& \1 _prices that characterized the market - even during the typically slower summer
. ~3 m7 u% H- ^. f9 i9 k; mseason - it is expected that activity will become slightly more balanced, as5 b; Z% C* j' J" J. q" u
buyers are becoming more reluctant to participate in the frenetic activity.# ?& K/ y# H6 `4 _" g' f
/ O' S6 M a: Y
Edmonton's booming local economy continued to thrive in the third quarter3 z! V; b! ?8 Y3 F: y2 G
as activity in the oil sands north of the city continued to flourish. Edmonton2 o$ I. }5 y/ }- H# E1 F% b2 e
remained the hub of activity for those coming to work in the oil industry,
0 Z) @* ~3 U) n. p9 gmaintaining tight inventory levels across the city, resulting in prices. [9 a& [" I1 c( C/ X& t8 X
increasing at record levels. However, as inventory levels continued to improve2 z( Z* Q4 j3 }- D0 b* g
in the third quarter the rate of price appreciation should moderate slightly( r% Q5 |1 h% I! o3 i. f3 t, D" A. v
towards the end of 2006.
% ~" `+ J) K# n
9 S& H' Q5 p/ [3 {6 }" PWhile Vancouver has seen a slight reprieve from the severe shortage of( v, y7 u' g5 _; c" s z
inventory that had previously characterized the market, supply is still unable x3 y6 \! L c( T5 V( H O
to meet demand, driving house prices upwards. Vancouver has a very diverse
0 d5 o% k" R% C1 Ugroup of active buyers - from first-time home buyers to baby-boomers to. {: @3 V# ?- I$ {7 R
foreign investors - all of whom fuel the demand for houses, placing added1 `, q( C8 w; K f* T9 z
pressure on tight inventory levels.
7 f9 [% a' G: d% Q/ S0 |, ` U& B, B. }% u! l6 M; v g
Victoria's market is vibrant and supported by strong economic
! Q0 R# L9 N) e6 }fundamentals, fuelled by a booming tech sector and a migration of young people0 G# d( e$ [% r- o& ^$ p
into the city that has continued to support the area's house price increases;
8 Z8 _) [$ g9 {: uwhile increased inventory levels have afforded buyers more time when searching2 n- ?) i0 j/ ?# U1 l4 G
for a home, helping to normalize the market's pace.+ V2 f+ G7 ]+ A
8 s+ r- E7 r+ m( _4 T <<
7 Q& B4 z; ~) }2 @ Survey of Canadian Average House Prices in the Third Quarter 2006
5 Y, q5 I [4 \4 i( {1 C2 d* n' [) E9 M5 O
-------------------------------------------------------------------------
5 w$ G( \' c1 ]" [! ]+ V1 D Detached Bungalows Standard Two Storey
# `3 R5 [, i* Q -------------------------------------------------------------------------3 \2 n* }6 ^( ]
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
. y; K, O+ h0 I3 i' D* v4 H Market Average Average % Change Average Average
5 j! j/ J, E! E9 P6 G -------------------------------------------------------------------------
+ f- m5 G% L0 F$ j' j Halifax 186,333 173,333 7.5% 198,667 199,0001 G5 C' g$ J5 g
-------------------------------------------------------------------------: [ p3 R6 x V# ~& P
Charlottetown 145,000 141,000 2.8% 175,000 170,000: T( o1 V; E/ p# R
-------------------------------------------------------------------------
( l' ^# s9 i) X- V- h* h9 g Moncton 135,000 127,000 6.3% 129,000 123,000
& v( u9 G: A$ {4 b -------------------------------------------------------------------------/ I6 ]9 o% f8 M0 N9 P- I/ ]; r
Saint John 141,200 142,900 -1.2% - -
2 c' v- ^$ }4 j+ v -------------------------------------------------------------------------
4 a- m" G# k6 ?( M8 m St. John's 143,667 142,667 0.7% 200,667 202,3339 P, E; r5 p$ }; r0 W
-------------------------------------------------------------------------
; P- g2 e. G$ q. c9 X/ {$ c5 W Atlantic 150,240 145,380 3.3% 175,833 173,583
2 m& r2 j7 C1 S0 d -------------------------------------------------------------------------
- T4 R' A- |. I+ T0 s Montreal 213,691 203,500 5.0% 321,141 316,185
4 |* X( \. H0 M* I: M -------------------------------------------------------------------------
$ I K" c: T; B1 R" u _' K- I Ottawa 290,083 278,417 4.2% 285,667 273,250. F7 j8 t @3 z
-------------------------------------------------------------------------
/ N& [+ y* Y9 g& u& H7 Q1 b Toronto 373,368 355,882 4.9% 481,523 474,7666 }* L7 L5 r6 T6 Z" }
-------------------------------------------------------------------------
7 _( @; V. w$ o& e; s$ d7 B! \& U Winnipeg 181,579 159,860 13.6% 202,337 180,707
& x# S* k* p9 q. z" E) h7 ? -------------------------------------------------------------------------
( }8 h/ S" @/ T1 d1 s Saskatchewan 170,667 156,083 9.3% 182,600 166,500. n0 X$ s5 t- r# F7 w( o! X
-------------------------------------------------------------------------! v& t9 x! ^. { A D2 \8 ~, N
Calgary 395,067 252,411 56.5% 405,778 264,389! z: D1 L# V2 A7 N5 }
-------------------------------------------------------------------------
$ V5 k5 n8 D" w0 H% E G8 K3 k3 c Edmonton 286,857 194,857 47.2% 316,429 206,7145 E5 n, z: q6 E9 n$ c2 _$ K
-------------------------------------------------------------------------
2 o9 m. C6 I- {0 K: W! `+ V" v$ A Vancouver 704,250 601,000 17.2% 794,000 697,500
- a, b$ d4 r$ c -------------------------------------------------------------------------
( E, V ^7 p, x) m* ^1 i Victoria 375,000 348,000 7.8% 403,000 391,000
8 W0 I5 D j" W9 t# V' T -------------------------------------------------------------------------
1 n& R+ Y* ?4 F" q National 300,365 258,202 16.3% 365,380 322,860
2 l% Q3 D+ N- F; f -------------------------------------------------------------------------
4 I/ G/ Q& A, N! [. P/ _# {( b# O; C8 M# q0 f2 J
-------------------------------------------------------------0 B# s1 B7 @1 ]- V" y7 }. @
Standard Condominium* _0 |! b; m. u7 _9 j& F$ T
-------------------------------------------------------------$ v9 R7 p! `! O8 w: D3 ^
2-Storey 2006 Q3 2005 Q3 Condo% G* i5 f5 o- S
Market % Change Average Average % Change( H5 H! T: x- o; u- C
-------------------------------------------------------------0 S0 ^% b0 G, V
Halifax -0.2% 142,000 103,000 37.9%
~* k, Q( M5 @) ] -------------------------------------------------------------
/ d) V. D0 i% n" j9 |, \! w Charlottetown 2.9% 98,000 98,000 0.0% B! W& R' R6 s" u" B
-------------------------------------------------------------: h7 r) b! s* P) X; u
Moncton 4.9% - - N/A
5 I2 Q0 q. k' N# `! c -------------------------------------------------------------( u j6 L- \ l4 A5 P
Saint John N/A - - N/A
( ~" n2 k e; k3 u- U: f' F2 x8 ?8 H ------------------------------------------------------------- m1 p1 P5 r3 b: ~. T9 E9 Z
St. John's -0.8% 146,333 145,667 0.5%
- K* ?* v) |8 s( w -------------------------------------------------------------& ^7 e+ W) |6 X0 u; ^
Atlantic 1.3% 128,778 115,556 11.4%
6 N( Q) I! a9 A. b9 e+ ~- ]5 U -------------------------------------------------------------
$ O' i+ c" r( ^: f, H$ I Montreal 1.6% 193,190 188,016 2.8%
% y: |* F- _$ }' | -------------------------------------------------------------
% ? r; v _. S3 j' W6 z6 U x Ottawa 4.5% 181,083 172,250 5.1%
8 N/ g0 ]9 e1 R -------------------------------------------------------------' |# N: G$ C# @- U
Toronto 1.4% 252,088 242,918 3.8%
, T* |' ]! {- I& h9 u& N -------------------------------------------------------------
* h) `( a+ P( e z Winnipeg 12.0% 105,648 96,008 10.0%
5 m% d7 x q6 x4 _- n( c- ^& w8 I# n5 M -------------------------------------------------------------" G1 N' ~' T4 c9 [% [: _
Saskatchewan 9.7% 106,250 101,000 5.2%3 b( H" |+ A6 j ?3 a+ ]
------------------------------------------------------------- j' F4 ~7 A. z- J# Q9 w
Calgary 53.5% 245,844 153,867 59.8%
, \% ^8 H1 l; c* ^ -------------------------------------------------------------( {* P) j, k/ m1 f( i6 I" j! J3 W9 {3 r
Edmonton 53.1% 200,433 131,500 52.4%2 A4 Q U2 ^2 \8 b6 p s3 t+ u
-------------------------------------------------------------
+ b, U; W2 ?8 s) A) x8 f/ X& {4 ^5 J, @ Vancouver 13.8% 366,250 323,250 13.3%
1 g% l8 ~' C+ J# Q: L6 m! j. \ -------------------------------------------------------------
( k+ o+ T' c6 e) e7 G0 l Victoria 3.1% 229,000 220,000 4.1%0 ?2 P/ r$ g) O9 W, @4 \9 w9 J
-------------------------------------------------------------% @( i8 h; C3 u/ f
National 13.2% 211,562 185,296 14.2%; k0 m" F1 R, G
-------------------------------------------------------------% N7 w7 v. e9 V) h& V- A
>>
e: D+ u( B$ J8 N) N! C& x' A. W
; w; i1 v3 s2 F" t Average house prices are based on an average of all sub-markets examined
( T4 N0 Z' }; @9 Y0 C1 A! ain the area, except for the smaller markets of Charlottetown, Moncton, Saint& J# j. R9 [4 @
John and Victoria.
; U$ T% G0 f3 {; T8 a" H/ p
# w9 G g4 u+ h% | The Royal LePage Survey of Canadian House Prices is the largest, most5 @- L% I" ~8 \* ]7 F8 U9 K+ x
comprehensive study of its kind in Canada, with information on seven types of
4 L2 e8 H4 I' U& h: g, Khousing in over 250 neighbourhoods from coast to coast. This release: |/ X$ W8 v0 S8 V) i) R
references an abbreviated version of the survey, which highlights house price
: R# x% g( f9 qtrends for the three most common types of housing in Canada in 80 communities
4 C" E1 r' ~5 w$ c0 Aacross the country. A complete database of past and present surveys is
# l/ r( g$ B5 v5 qavailable on the Royal LePage Web site at www.royallepage.ca, and current6 S$ L8 A& F! \* S
figures will be updated following the end of the third quarter. A printable# [: S" b$ V4 s# g4 \/ s
version of the third quarter 2006 survey will be available online on
. e1 J! b* Z. \6 G2 g' z% XNovember 15, 2006.
+ X, L$ N- L- d+ b: g Housing values in the Royal LePage Survey are Royal LePage opinions of1 j' S7 L4 b% @- T6 D- a9 X
fair market value in each location, based on local data and market knowledge1 U: F4 M2 ^7 Z
provided by Royal LePage residential real estate experts. Historical data is( k" l( h; N! Y* P
available for some areas back to the early 1970s. |
|