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Canada's housing market both vigorous and stable 1 j" q W# U" y' h$ n Q
) |, C! R5 T! C8 E& X1 d! i
- Country's market poised to show growth throughout 2006 -
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TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
2 }- f6 y4 P7 Y$ `! ^5 D) _/ s. J4 \exhibited moderate price increases and stable unit sales during the third
1 d3 `. v. y' Zquarter. Wide regional variances continued to be the dominant characteristic
% |. @ E: T1 R" ~( Zin the market, exemplified by frenzied levels of activity and double digit
1 d( W( l: p$ K3 P3 `1 I0 uprice gains observed in the energy and commodity rich Western provinces, and" ?- P8 L# b1 u# q3 W" {
more reasonable sales volumes and moderate price appreciation in Ontario,
) |: ~' j8 C6 W. m& R+ M- n eQuebec and Atlantic Canada, according to a report released today by Royal& W- b. d+ H( _+ V9 Y P6 r- f4 ], l3 ~, n
LePage Real Estate Services.* s4 D6 X' y8 t
& Q% U5 i- k N9 t+ {- I4 [ Nationally, market trends established through the first three quarters
, m" O2 L& x: x) ~$ B9 U, Qare forecast to continue for the remainder of the year. Robust economic$ `& b9 C, O# ?5 s8 y
conditions, low unemployment rates, modestly growing salaries and wages, and
9 Y f( v# X/ u2 xsound consumer confidence contributed to the overall strength of the1 Q* t8 I! [! Z" K% I# ]- Q
residential real estate sector.6 I/ T3 P# b- a: g' z1 v8 [/ Z) _# b u; L
$ ~- W! X; D7 T/ @- \6 o( g
Of the housing types surveyed, the highest average price appreciation
9 c. c7 Q$ j r u0 p! r1 N+ @# N! Boccurred in detached bungalows, which rose to $300,365 (+16.3%)
5 j+ r* T, U$ k! L+ o+ wyear-over-year, followed by standard condominiums, which rose to $211,562& I* v2 v( E" u6 U7 f
(+14.2%), and standard two-storey properties, which increased to $365,380
( J2 p+ w7 T9 `' j7 s$ \$ G(+13.2%).7 c' l$ }9 Q5 l) q
0 g: t2 ?/ E3 Y4 L
"Canada's sturdy housing market continued to demonstrate steady growth- `# g8 m5 L9 i
during the third quarter. For all but the west, we have moved on from the: U% |' c$ ]7 E
frenzied expansion that characterized the first half of this decade, and are
$ A2 D, o7 J) S, L# g5 \poised to show continued growth at a more moderate pace," said Phil Soper,
1 l( @8 L" |" {2 Rpresident and chief executive officer, Royal LePage Real Estate Services.
! G8 G9 U! _- g, j"Gone is the sellers' market that we have lived with for some years. We
4 ^- Y" p5 v2 v$ o) p5 f$ ~/ T- }welcome the more reliable conditions that are characteristic of a healthy! }0 b4 |# K% ~; c" _
balanced market."
3 Q& h( `* L8 b5 W, t! M' e4 C4 \- X, R1 m4 _+ O7 i L& M+ ~% P
Despite the double-digit rise in average national house prices,* E, A' o7 ~! b0 A
considerable regional variances were exhibited again this quarter. The shift
* g9 k7 M: b9 u' H8 }( Z) C; dto balanced market conditions, which began in late 2005, has continued
# R# l- i2 e' e' Xthroughout most of the Central and Eastern regions of the country. In the core
+ K, `) l9 p- Jenergy producing western provinces, the combination of very high in-migration, i$ {2 h3 x; R# C7 r
manageable affordability, and a shortage of inventory has driven record
2 L4 R8 u* F# F7 f; Y) X, Z, \breaking price appreciations.
: n& f$ v `! |- r
: b: E3 N$ R1 t- U( T ~, G# [: z Echoing the second quarter and supported by Alberta's rapidly expanding5 K, \% w. b0 S2 \, x' a
economy, Calgary and Edmonton led the charge of Canadian cities with the3 J# [3 A7 t- h
largest house price appreciation in all housing types surveyed.
- o( i8 Z' d7 ]! h. j' E" D# ?8 e/ a. D r+ S
In Ottawa and Toronto, growth remained steady, supported by solid
$ w1 W! N2 t! d! leconomic fundamentals, an increase in available inventory and strong consumer
9 \# x. f2 d! ?2 tconfidence. While the pace of price appreciation in Ontario leveled off
h" K7 ?5 P* [7 w3 |9 dslightly, the province's real estate market remains poised for modest growth.
, s* `8 P9 F; i; d2 k% Q( s" m2 c& qIn Atlantic Canada, new housing and condominium construction offered buyers
& j1 e$ x. J4 P0 j7 a! N0 {* Kgreater selection at more competitive prices, resulting in a slower rate of
8 ^& O! x5 J" i' ^5 Fprice appreciation when compared with 2005.3 o, l }3 [1 ]% Q
% |3 N% Z# H' W5 ^! _! C) z) d. L, d
While the pace of growth in Canada has slowed, the domestic housing
% l6 Q/ v8 v) s6 amarket is expected to outperform the American market. The economic and+ v4 j3 V p# N/ T
financial fundamentals driving the residential real estate sector in Canada# q0 W2 s4 e/ I; D- ^
are markedly different than those found in the United States.# P% t2 C" J t) Q
( X7 v2 f8 {: E2 ^) O, k0 r Added Soper: "Canada's housing market is likely to outperform the
, S2 F. J; o& l) \American market through 2007. A number of factors are working in Canada's" X6 W( W. t" F
favour, including healthy personal and governmental debt levels, the5 e4 k |# W) F9 F2 b+ F
relatively modest rise in interest rates in our country, and general
1 a' N' R7 ]+ x+ waffordability in our major cities. In addition, Americans are now seeing the
1 K& a* h1 `2 bdownside of a tax system that encourages maximum homeowner leverage, and
. c1 i1 t" q% i) A7 Paggressive financial products such as zero- and negative-amortization
% U! H3 s- ]5 p2 a9 i9 V# ]4 {mortgages that work only in a high price growth environment."- j6 {% Y3 I1 F
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<<; a% B* \# o8 k' B# v" S Q
REGIONAL SUMMARIES
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3 ^* Q1 Z# \: y3 m: }; d* ~ Y8 _& ~
- T0 V; _5 F% }4 \5 E* l7 V Balanced conditions continued to characterize the housing market in7 A3 {8 M1 h4 [; p
Halifax, as significantly higher inventory levels helped to moderate the rate
5 u: i6 c% Z+ G2 o4 p5 B9 e" _ Q% Qof price appreciation. Buyers were increasingly choosy, taking more time$ J' X/ y$ |' J' g/ U' s
looking for newer, low-maintenance properties that were not in need of
( h. h e2 A- i! ?0 I- jrenovations.
6 e; x' ^' o" [* l) {' \- B1 P4 Z* |- q. O. {' ]
The housing market in Moncton remained healthy and strong as a slight- _& G4 n! `& U6 G, o" }9 Z% g$ K
increase in inventory helped to moderate the rate of price appreciation' `( G1 o4 z4 ~, |( m N k
compared to the same period in 2005. Activity was brisk throughout August and' B" ?) n4 p8 m, D' D% e$ ^' Y/ Q
September and is expected to remain this way through the fourth quarter.
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The housing market in Saint John underwent its traditional summer4 v3 ] B y5 q0 l: {8 x( h
slowdown in the third quarter, with activity picking up towards the end of the V) I7 R. l' X. p6 _. s- b, {# y3 J. W
quarter. The local economy continued to thrive, as construction on a new
% o3 C# C- M# y6 b600,000 square-foot shopping area has begun, bringing several new box stores
' z% W* ~, G0 Xto the area. Buyers have begun seeking less expensive fixtures for their homes. s. M. y0 [8 K3 @
and are instead opting for more affordable housing options.
4 z1 H$ G( H! J$ [( p I% t/ U% ?$ v) [' e- x! I" L" R
In Charlottetown, the housing market started to move towards balanced
- F5 X W5 ]7 K( E' q% vconditions, as some sellers had to begin to lower the asking prices on their
- v8 R9 e' a0 r& V0 z6 _homes to make them more competitive. Activity from out-of-town and US buyers7 `- ^8 }0 f, G U* M* Y
was down slightly compared to 2005, likely attributable to the strong Canadian, T, K" n9 o9 h: B3 o
dollar. Inventory levels began to creep up in the third quarter, providing0 u- w* q& @' p( a1 O; g2 x
buyers with more options when looking for a home.
( x6 F) R; T: N% B# T+ w2 B
9 O+ o2 B7 O2 P7 P0 i' M- v' h Activity in St. John's slowed slightly in the third quarter, particularly4 l& \7 o, F; g4 O/ Y @! ]/ T
among higher-priced properties, where there was a slight over-supply of homes, n! V3 Y" c M
priced over $200,000. Listing periods have increased when compared with 2005,! a6 `; }, R* [, r
as some of the pent-up demand that had characterized the market over the last
& ~& h; @ t$ k3 {8 ^few years has been satisfied, resulting in more normal, balanced conditions.
. m7 z6 p% P: c' y! G, [ Q. x
6 a$ r: ?5 Z1 m6 E Montreal's housing market recorded modest increases in average house
; B2 \1 _2 }8 g, r) n" Y, Oprices, due to a slight seasonal slowdown in the third quarter as inventory
2 Y- l) W( h9 o' T2 `levels rose. Part of this can be attributed to the fact that many renting
3 l; D" o5 }$ Y+ u; @5 tfirst-time buyers were motivated to close on the purchase of a home by July 1,
5 [; ]6 r& |% Y" i' Z) h) zwhen rental leases expire in Quebec. Once this date has passed some of the; \& M0 R8 [+ f1 A- _
pressure is taken off the market, allowing buyers to visit more homes before
9 u8 R1 Q3 `" m, J5 C- cmaking a purchase.
1 K$ I1 o6 r5 O% k! F
7 e H5 W. S! ] Ottawa held its position as one of the country's most stable housing
" F5 R) f. }8 ]1 c. X4 Dmarkets in the third quarter, reinforced by a vibrant local economy and strong8 t$ n/ f+ t, l$ [
confidence, resulting in modest increases in average house prices. The city
* C. j( [7 O1 ccentre remained a bright spot in Ottawa, with homes in this area attracting. s+ f6 F7 l, G7 R6 v; @2 X2 r& H3 J) N
attention due to their convenient location and proximity to downtown
( r4 n/ \9 q( Hamenities.# s* ~ L$ z: b, K
4 g9 a4 \ r/ C
The housing market in Toronto sustained healthy activity levels1 W( K9 R; I: ^6 H( u; ?2 F" H8 K
throughout the third quarter, as a strong economy helped to maintain demand5 F& J) z$ T( ~& z7 z6 u2 s
across the city, causing average house prices to rise moderately. Toronto has
# {' H" T3 M" o' K5 Jcontinued to experience modest growth in average house prices, and has been
2 l# {# Y: X( D' |: D0 z' bdriven primarily by purchasers who are buying homes as their principle1 v/ ^% [; ?4 w/ M
residence, rather than for investment.. J' a* ~& [2 W; i" Y
! i$ k4 A0 [) D
The vibrant Winnipeg housing market continued to show its strength as
: @; r) \, _7 u. j, }/ khouse prices rose during the third quarter. The booming local economy resulted
, j; g; f0 L. Jin a historically low unemployment rate, helping to bolster consumer
2 ?1 ~1 C( ?) t- ~confidence and Winnipeg's ranking as the city with the lowest capitalization0 t5 X6 u% L* a9 C" }$ `
rate among the country's larger cities - helped to encourage buyers to enter
( A; u* C' ]' G% Ethe market.1 {( e! Q# i* }6 ~0 e+ e& }3 U2 w
9 C' X% u9 h6 L6 ~5 [( o* l5 ]
In Regina, the market experienced a slight seasonal slowdown through
! ~; W/ ~6 h- V2 u, y5 qJuly, as there were fewer purchasers in the market due to summer vacations. In6 `7 F; l s& p. v( I$ K4 l
August, activity resumed to the busy pace previously seen in the spring( S) h6 g# m$ x( [) o* U
months, as the influx of purchasers made it more difficult to find a home due- {! o, s# d' q+ w# S3 C5 |7 p
to the shortage of available inventory.! J) b$ b( O' f' e# X7 v
/ |! ?: _& w0 h0 S: B* M Activity in Saskatoon remained brisk as the market maintained its6 P2 x6 w3 g# a) ~' _
momentum from the busy spring sales period. The economy in Saskatoon remains
2 W1 L* e* Q0 I% u% Qvibrant, as employment opportunities are abundant with many businesses; N: }/ |0 j1 O" y! E5 ?8 R8 Y
struggling to make hires and having to recruit outside the province.
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Calgary's housing market recorded blazing average house price increases
) O. i6 o/ r" Q+ m* sin the third quarter, in all surveyed categories. The burgeoning economy, low
' @+ b* ^5 w) K v' ?/ [unemployment rates and low inventory levels remained the leading factors that
d- j o0 L) E$ Vpressured Calgary's house prices upwards. However, regardless of the soaring
[+ d2 E: M/ J+ }6 K& y' C1 ?4 G. ~prices that characterized the market - even during the typically slower summer) z! I. y1 |) A; [7 _0 ]& e
season - it is expected that activity will become slightly more balanced, as
0 M6 q: X. v% B5 h& d+ O5 Hbuyers are becoming more reluctant to participate in the frenetic activity.% j) `: b; g% V; h% j7 I8 `$ T: _7 K
H% i6 A; Z0 A: Y/ Q P# ^4 M Edmonton's booming local economy continued to thrive in the third quarter
Z/ x5 E( [% m nas activity in the oil sands north of the city continued to flourish. Edmonton& T$ J G' X: s# Z# r
remained the hub of activity for those coming to work in the oil industry,- M# ?# `# X! `. L% L4 H
maintaining tight inventory levels across the city, resulting in prices
; ^7 ~% c4 L' `0 Z+ Eincreasing at record levels. However, as inventory levels continued to improve7 |* R9 X' O4 H# L
in the third quarter the rate of price appreciation should moderate slightly
+ ? s! m7 d; z. k- Qtowards the end of 2006. 2 B# ~. v7 u: l( g4 k b
! g2 m, l* w& ?- i+ o' [% |8 X
While Vancouver has seen a slight reprieve from the severe shortage of
& T* Q# E5 A" a8 y3 V K$ K( Rinventory that had previously characterized the market, supply is still unable
+ ]% Z1 O+ E2 a9 Cto meet demand, driving house prices upwards. Vancouver has a very diverse) e! S" _8 R+ }7 a, f% H7 R. H! R
group of active buyers - from first-time home buyers to baby-boomers to/ d) R; M: F6 y; P/ d3 @# J- S
foreign investors - all of whom fuel the demand for houses, placing added" l% n$ @ a4 f, J
pressure on tight inventory levels.- H0 F8 T( z6 a* s8 ]
- l/ ]: X/ C5 Y+ ]8 R Victoria's market is vibrant and supported by strong economic
" n0 F4 s% Y5 @2 f$ h1 d4 J- g/ sfundamentals, fuelled by a booming tech sector and a migration of young people
$ ^* E4 x1 I) y. P% J; linto the city that has continued to support the area's house price increases;; [# j, w: L- y& t1 [( |# F# ~
while increased inventory levels have afforded buyers more time when searching
- n2 p% Z. S) d' Q, qfor a home, helping to normalize the market's pace.- M" L& g$ h5 t$ ?2 C2 H- r( P
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<<
A+ U, y) e! s3 R Survey of Canadian Average House Prices in the Third Quarter 20068 P+ }4 q, ~, F* M0 w
$ ]( ~4 h% ` c2 g; }2 T
-------------------------------------------------------------------------; ^2 U1 r% Z# w7 ~- [2 \+ r0 o* M
Detached Bungalows Standard Two Storey) _) U7 f2 J7 ~9 t, y4 ^$ c5 z
-------------------------------------------------------------------------
! B: s8 m' p$ N5 E+ I6 l! Q 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3) |+ n! U6 k: P2 u) i( U" O: B
Market Average Average % Change Average Average: i9 T% V; |9 B) R9 V9 t/ O+ g
-------------------------------------------------------------------------
1 k4 m" x( z; [9 m+ N) ` Halifax 186,333 173,333 7.5% 198,667 199,0008 H2 ]' f( J% I, t: l
------------------------------------------------------------------------- Q4 A. W7 D8 C3 r: L0 \) g
Charlottetown 145,000 141,000 2.8% 175,000 170,000
& U8 A; d9 m9 X$ |( M -------------------------------------------------------------------------; O* t t, ~; K/ K; c& x
Moncton 135,000 127,000 6.3% 129,000 123,000
, P8 u/ c! O3 B' _ -------------------------------------------------------------------------" z1 L3 N$ h8 s# h* P
Saint John 141,200 142,900 -1.2% - -
1 P' \+ E# ^/ V7 A; v& g -------------------------------------------------------------------------9 w H+ Q+ C: C% b; k
St. John's 143,667 142,667 0.7% 200,667 202,333- X6 T" s7 A' x9 Y6 J" |) e. H2 [$ q
-------------------------------------------------------------------------1 q5 A0 Y3 f# O4 K; c4 P7 w6 q
Atlantic 150,240 145,380 3.3% 175,833 173,583
4 k8 o7 Z1 X9 U6 f Q -------------------------------------------------------------------------2 Z7 P5 W, h( F5 ^
Montreal 213,691 203,500 5.0% 321,141 316,185
. m' E: Q: Q; w -------------------------------------------------------------------------
, v0 D: o/ V- m& d( V9 ]9 w6 U Ottawa 290,083 278,417 4.2% 285,667 273,250
3 ^3 T; X9 x# ~, u& Z. m -------------------------------------------------------------------------
* `( z- W7 p' [, k Toronto 373,368 355,882 4.9% 481,523 474,766# ?2 _6 t( q: L3 K: G
-------------------------------------------------------------------------
5 v2 ]. U: P( x+ g Winnipeg 181,579 159,860 13.6% 202,337 180,707& m9 O4 F9 X k# D4 ?2 S
-------------------------------------------------------------------------
+ ?# p/ w) u, [/ S$ a6 _0 b7 ] Saskatchewan 170,667 156,083 9.3% 182,600 166,500
9 O- q B6 _+ T- I/ A" j6 h -------------------------------------------------------------------------- _- T( U2 d/ n- D; J& }+ T2 s" X5 Z
Calgary 395,067 252,411 56.5% 405,778 264,389
6 |4 j/ T$ F1 y$ C7 W3 t -------------------------------------------------------------------------
( O+ l; L& u- \+ e% U Edmonton 286,857 194,857 47.2% 316,429 206,7147 ~: B" p6 L n+ y: K" z
-------------------------------------------------------------------------
0 i5 ]! |7 Z) h* z4 L, F Vancouver 704,250 601,000 17.2% 794,000 697,500# U* I8 }- i1 U
-------------------------------------------------------------------------6 {6 } G }" {+ e2 u& Q4 ~4 p
Victoria 375,000 348,000 7.8% 403,000 391,000$ d; U5 Q0 d" a, `1 V) ]: e2 G! s7 c; c
-------------------------------------------------------------------------+ P/ X$ A# ^9 s2 t+ N/ e. w
National 300,365 258,202 16.3% 365,380 322,860
/ o7 d+ o8 S' e3 v1 j. e* o -------------------------------------------------------------------------
6 i; S$ p% P4 q4 A) W$ M9 g0 K% n# m
-------------------------------------------------------------( ^" j8 H C2 {4 M/ m; x D
Standard Condominium0 e% @( O% Y, s9 h0 {0 K) B3 I8 {
-------------------------------------------------------------: k" t( t4 {+ I4 y
2-Storey 2006 Q3 2005 Q3 Condo7 c4 X% p' L/ w8 X0 c
Market % Change Average Average % Change" a# Q" d( G7 B$ [6 I+ S
-------------------------------------------------------------
: r5 |% j- A6 @' z Halifax -0.2% 142,000 103,000 37.9%; z& V$ w* M4 d3 F
-------------------------------------------------------------0 R7 F- s! T2 K, k1 y! e0 ?" d0 \
Charlottetown 2.9% 98,000 98,000 0.0%
1 C1 R( |& s# J6 M- F8 P+ `4 @ -------------------------------------------------------------; e! w: L! p, S4 ~- J1 S5 o
Moncton 4.9% - - N/A0 g/ V+ D. C; c# j% V5 i5 c' m
-------------------------------------------------------------
% y7 G2 b' b, _5 V; g Saint John N/A - - N/A" z! v+ i/ A& n
-------------------------------------------------------------
. D0 c+ r ^/ {8 Z5 e/ Q8 F St. John's -0.8% 146,333 145,667 0.5%
M1 V X3 `! W( w! _7 s. \* ] -------------------------------------------------------------/ P6 f; P# G! G
Atlantic 1.3% 128,778 115,556 11.4%4 C% [7 P" F& d! P( h
-------------------------------------------------------------/ n- P: C/ B D! \, j
Montreal 1.6% 193,190 188,016 2.8%" \, H8 x7 |$ j3 S+ j
-------------------------------------------------------------
- ]5 w, Y ?6 q9 T$ V! l0 D Ottawa 4.5% 181,083 172,250 5.1%
4 n: S: E8 m1 R7 T- x* ^) x1 ?& X -------------------------------------------------------------4 s/ Z- u: v4 X0 m8 P7 w* r* O/ c
Toronto 1.4% 252,088 242,918 3.8%
% A* @ Z8 R5 R! |$ Y1 a -------------------------------------------------------------
# ~# p) `6 p- N. a Winnipeg 12.0% 105,648 96,008 10.0%9 t% E X- A1 P, S
-------------------------------------------------------------
6 ~, t2 j6 `: _3 A3 ]; V Saskatchewan 9.7% 106,250 101,000 5.2%" W0 t& X) ]2 ^- g
-------------------------------------------------------------3 U2 A4 B4 ]" w7 u6 H
Calgary 53.5% 245,844 153,867 59.8%
) Z: I0 V: C5 s -------------------------------------------------------------, b( m: m/ W) M$ G& n- w
Edmonton 53.1% 200,433 131,500 52.4%/ J! r5 s4 H8 F1 a
-------------------------------------------------------------
/ ~8 M9 x, j2 D0 m! l$ k. `7 T0 H* ? Vancouver 13.8% 366,250 323,250 13.3%
+ w! X) C$ Q8 o. z! e -------------------------------------------------------------4 o0 A4 O9 y8 _. H P
Victoria 3.1% 229,000 220,000 4.1%4 \) O+ |) c' a
-------------------------------------------------------------/ G* e: f; O0 Z7 G# ?8 L: E: O$ v* g
National 13.2% 211,562 185,296 14.2%
: O# j8 ^) j) ?, p L7 ^ ~ ------------------------------------------------------------- A& X2 f# K- Q2 C9 V9 r4 U% K* j# i
>>
' z) a. V, k4 S/ r, F8 C( _1 e# u9 H/ T% I; r9 ~
Average house prices are based on an average of all sub-markets examined
2 `! Z0 x# I% ~ g9 R p( ]in the area, except for the smaller markets of Charlottetown, Moncton, Saint9 N' Q: z1 v u7 ]
John and Victoria.. f$ R4 O0 W( ], y: s! t1 _
& H) x* o d( S7 J+ P; m0 _6 x, C
The Royal LePage Survey of Canadian House Prices is the largest, most
* ~ j- O t# q4 J- _+ mcomprehensive study of its kind in Canada, with information on seven types of: s, g4 f4 N5 v" w; L/ T s
housing in over 250 neighbourhoods from coast to coast. This release
2 l2 y @- v- n. v8 Mreferences an abbreviated version of the survey, which highlights house price
$ z9 M |7 @- ]0 o9 _trends for the three most common types of housing in Canada in 80 communities3 m- z) \& Y6 c2 u6 L0 A1 F2 l5 w
across the country. A complete database of past and present surveys is5 R; [0 Q; Z2 I! l+ l7 w* W# X
available on the Royal LePage Web site at www.royallepage.ca, and current
$ F7 {& k" ?* T2 o1 {figures will be updated following the end of the third quarter. A printable5 I6 c J8 Z! k1 k3 ?
version of the third quarter 2006 survey will be available online on0 S/ [) j- |3 z/ k/ k
November 15, 2006.
/ R# L) s! n- c% E5 K Housing values in the Royal LePage Survey are Royal LePage opinions of" i* f( T0 a0 A/ }. ^
fair market value in each location, based on local data and market knowledge
0 K2 d- V# K! d/ N# W' Uprovided by Royal LePage residential real estate experts. Historical data is" Y$ `+ f8 f$ C' c% C1 F( y
available for some areas back to the early 1970s. |
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