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Canada's housing market both vigorous and stable . w/ L6 d$ J+ o2 g7 X
- B: L3 o' E4 k$ c# D- t$ H7 d5 n' ^- Country's market poised to show growth throughout 2006 -
: t, ~ E4 N5 e% Z$ d3 C2 N1 v# n3 t5 ]# n) \' o$ q
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
5 w* O1 x, {% {; k; a2 dexhibited moderate price increases and stable unit sales during the third+ z i3 H1 Q' a9 V( [
quarter. Wide regional variances continued to be the dominant characteristic
, m2 ]. p0 C& m( hin the market, exemplified by frenzied levels of activity and double digit
# k9 E `! ~$ q8 a/ g( N; r# Jprice gains observed in the energy and commodity rich Western provinces, and
$ O$ F* |) h0 gmore reasonable sales volumes and moderate price appreciation in Ontario,
2 B T5 u- D+ C% w w, }# M0 |% aQuebec and Atlantic Canada, according to a report released today by Royal
$ C/ _ a7 a1 uLePage Real Estate Services.$ V5 u" J# _* ~; X$ V9 |7 K
$ N: v6 O! y& o Nationally, market trends established through the first three quarters
K5 M2 C5 t2 V% M+ w) xare forecast to continue for the remainder of the year. Robust economic1 l, e/ \9 e5 c% i& O
conditions, low unemployment rates, modestly growing salaries and wages, and
. e" U# n' S. }5 I( v# Msound consumer confidence contributed to the overall strength of the
, [1 N4 W1 X4 B, F( O$ rresidential real estate sector.7 u& W9 \8 t' ^& ?5 @
4 A5 W/ z# {5 _( O H1 Z; [3 ^
Of the housing types surveyed, the highest average price appreciation
4 e4 y2 \* l7 T- x5 o; @occurred in detached bungalows, which rose to $300,365 (+16.3%)
0 N+ T! A) C% Q6 Q6 yyear-over-year, followed by standard condominiums, which rose to $211,562" Q: k$ y7 u4 s" c% N' v
(+14.2%), and standard two-storey properties, which increased to $365,380, E( P* [- q6 i8 f L* ?
(+13.2%).
% g1 [) i6 |7 r5 E. I4 M: G, V% x8 `- k4 W# V1 B
"Canada's sturdy housing market continued to demonstrate steady growth
$ R) D" J( d, m- ]- zduring the third quarter. For all but the west, we have moved on from the
/ l5 f' ^8 f4 p0 q& ]3 T, e( @frenzied expansion that characterized the first half of this decade, and are
( E+ j0 Q. N& I: i6 ]9 Wpoised to show continued growth at a more moderate pace," said Phil Soper,( }: D, G Y0 R' z( t& I
president and chief executive officer, Royal LePage Real Estate Services.
, h- k3 e, e' E! w9 i5 `0 W# w% y4 j"Gone is the sellers' market that we have lived with for some years. We' g! g) M4 q( ]* _! q3 e
welcome the more reliable conditions that are characteristic of a healthy5 E$ {3 W! t! z2 S, Z* ?
balanced market."0 z* x6 C+ r6 W- D; Q! K
0 ]$ C. J! e) U5 w, M2 a; y
Despite the double-digit rise in average national house prices,
1 V; Q; @: S7 p1 [, E9 l2 h+ yconsiderable regional variances were exhibited again this quarter. The shift. C) Y9 G# T8 h. P9 t! B' L
to balanced market conditions, which began in late 2005, has continued
7 f4 B: u* G* U0 f4 J$ _9 wthroughout most of the Central and Eastern regions of the country. In the core$ x$ l1 W: V/ ~2 T; r+ `; l1 e
energy producing western provinces, the combination of very high in-migration,/ H0 v9 `2 Y6 s4 ~/ q/ c, L
manageable affordability, and a shortage of inventory has driven record
) Q' e/ f1 Z, N6 G5 H ~2 \breaking price appreciations.
* @1 m3 i; J( o7 b& a' R0 P) Q$ r% D' t1 N$ b
Echoing the second quarter and supported by Alberta's rapidly expanding
6 ~5 e6 w" T* Veconomy, Calgary and Edmonton led the charge of Canadian cities with the+ q1 p# K6 \% Z! `9 u/ a
largest house price appreciation in all housing types surveyed.
% a( [. s6 {- V+ m
$ ]3 p8 d% U+ U4 z In Ottawa and Toronto, growth remained steady, supported by solid
4 b7 a/ N9 Z) T$ ?# N( l* reconomic fundamentals, an increase in available inventory and strong consumer0 n) i8 h. O/ T! B
confidence. While the pace of price appreciation in Ontario leveled off% q$ _* i1 g6 Y* N) g
slightly, the province's real estate market remains poised for modest growth.1 n5 \( i: h. z1 `2 Q ?
In Atlantic Canada, new housing and condominium construction offered buyers2 ]# |$ }8 {; V3 A* E2 v: x1 s$ E: ~
greater selection at more competitive prices, resulting in a slower rate of
n- S+ b- y, b, g# X* Q" p- |" G3 dprice appreciation when compared with 2005.; O0 x) v5 f4 a( o! {* t
6 }' D2 J$ J2 `0 X9 Z While the pace of growth in Canada has slowed, the domestic housing
3 T* O" e. G m3 }1 H, Jmarket is expected to outperform the American market. The economic and
" R/ m+ I! f- v4 g; [) tfinancial fundamentals driving the residential real estate sector in Canada1 T. U* b3 ^' d' [( q: M
are markedly different than those found in the United States.
$ w6 g8 q1 C% A
& T) p" K4 Q9 t$ D Added Soper: "Canada's housing market is likely to outperform the/ z2 {5 o2 m5 t; r
American market through 2007. A number of factors are working in Canada's
0 f7 ^6 v i" J, j3 _) X# E& C0 dfavour, including healthy personal and governmental debt levels, the
# f( J" c/ g& r+ m. S# ]relatively modest rise in interest rates in our country, and general
A6 x b# E* B6 n! ^. X; Raffordability in our major cities. In addition, Americans are now seeing the' S. m n+ q* K% j/ z+ w9 z/ N
downside of a tax system that encourages maximum homeowner leverage, and8 g1 J$ z# i' v$ t5 P, V
aggressive financial products such as zero- and negative-amortization
& Q5 T1 V; m3 h: Bmortgages that work only in a high price growth environment." F( c4 r7 B0 v/ ~
4 l! i4 [4 f# l
<<& _% X- I$ c, j, n5 F) E/ I9 q
REGIONAL SUMMARIES
" g8 `2 G1 Q* Z3 F7 m( O$ ?: n >>) l3 q y1 A) w! D2 k7 l% g6 |
' K' X6 X6 y/ T! s) v9 Z, m Balanced conditions continued to characterize the housing market in
9 r |: _# U/ VHalifax, as significantly higher inventory levels helped to moderate the rate0 ?( \. I: K" v
of price appreciation. Buyers were increasingly choosy, taking more time
6 u K" ]4 G8 ?$ elooking for newer, low-maintenance properties that were not in need of
$ d1 c" T6 M2 y7 Frenovations.1 H; E- ~+ c3 x& x/ D- k& Q
/ u* a4 b. H- u. [; `% ]) D8 h The housing market in Moncton remained healthy and strong as a slight! T" i; _% H9 r% z4 Z
increase in inventory helped to moderate the rate of price appreciation
1 D; n0 ]% D1 \- A0 u$ Icompared to the same period in 2005. Activity was brisk throughout August and
, E' R7 Z( x Z' j, SSeptember and is expected to remain this way through the fourth quarter.
0 h7 W4 ^- _/ a9 W% y2 {4 n E2 V" `( j
The housing market in Saint John underwent its traditional summer
( g8 h* g( [8 j) M; M- Vslowdown in the third quarter, with activity picking up towards the end of the
2 V# t7 O6 ^) t/ X8 n' }quarter. The local economy continued to thrive, as construction on a new( @- v4 G& N5 }. u* [
600,000 square-foot shopping area has begun, bringing several new box stores7 @8 l1 o; @- f) F( C7 l! \
to the area. Buyers have begun seeking less expensive fixtures for their homes; q, b$ v: j* I
and are instead opting for more affordable housing options.
: c( J6 Z/ R2 k0 v
7 ]* v3 P9 n$ z! ~ In Charlottetown, the housing market started to move towards balanced
- j X- y! q9 gconditions, as some sellers had to begin to lower the asking prices on their. E) w7 W' `2 a/ [; {6 Q
homes to make them more competitive. Activity from out-of-town and US buyers
* ^+ n- D) Q& {was down slightly compared to 2005, likely attributable to the strong Canadian
& {/ B+ A: G8 c$ M! }0 l9 vdollar. Inventory levels began to creep up in the third quarter, providing
* ^7 ?+ W+ e1 }+ X3 c5 N; Fbuyers with more options when looking for a home.1 `" n) _" X8 u8 g1 A( z; h
; j' b! M. a! _" v* c5 G Activity in St. John's slowed slightly in the third quarter, particularly3 y. u8 S7 C5 v/ u3 j, _
among higher-priced properties, where there was a slight over-supply of homes
2 \: S5 H% C2 l7 j2 cpriced over $200,000. Listing periods have increased when compared with 2005,# H- C* f! d5 z% v
as some of the pent-up demand that had characterized the market over the last
3 t& ?" _' x2 H* t* x4 g% Efew years has been satisfied, resulting in more normal, balanced conditions.
7 v: E9 p8 d* u' T. W1 s# G2 Y2 I4 e! Y% O0 v; J
Montreal's housing market recorded modest increases in average house2 {% V6 [' |1 I7 o% p6 F; y8 p1 ~
prices, due to a slight seasonal slowdown in the third quarter as inventory
* y5 m! K: u; O- c! Jlevels rose. Part of this can be attributed to the fact that many renting+ X- w$ e9 h9 D# Z! a' o/ b
first-time buyers were motivated to close on the purchase of a home by July 1,
% y r! A2 W; ?5 N- N( ]- G- M# Jwhen rental leases expire in Quebec. Once this date has passed some of the
3 Z4 H4 _8 y/ r; gpressure is taken off the market, allowing buyers to visit more homes before" {- c% V! u7 P: {" {! `* H
making a purchase.! d4 p2 s' }' u
0 L" e9 P( C1 r( U) p. `
Ottawa held its position as one of the country's most stable housing
0 ^' x" F: t1 v% I: d4 h, mmarkets in the third quarter, reinforced by a vibrant local economy and strong! } [ N; r7 {* `
confidence, resulting in modest increases in average house prices. The city
) @4 I( f3 R$ o& N# fcentre remained a bright spot in Ottawa, with homes in this area attracting* U" o( \5 b) L: n& K3 V. u: H3 T4 R
attention due to their convenient location and proximity to downtown
# m6 O! T6 \2 E5 A' I& z0 T( Uamenities.
f) m: s+ P, f. A. ~) o. K
# W3 }+ m4 q% U, P3 m! B) _2 U The housing market in Toronto sustained healthy activity levels
" H9 N" b, K; }) I' L& Bthroughout the third quarter, as a strong economy helped to maintain demand
% j- r+ t& r( ~7 s) Iacross the city, causing average house prices to rise moderately. Toronto has" J: W2 E6 O" ?! e% l
continued to experience modest growth in average house prices, and has been1 \3 q6 J$ b) d9 o b% ]! ~. A
driven primarily by purchasers who are buying homes as their principle
3 j9 i' Y7 Q. ~9 tresidence, rather than for investment." |- Q# L, s- X0 F
; a: j( p4 P4 ]$ R( s! ]+ e7 } The vibrant Winnipeg housing market continued to show its strength as9 D# u& [7 J \ I2 u& y9 C
house prices rose during the third quarter. The booming local economy resulted, l0 ?* E, P* @) Y2 o& @
in a historically low unemployment rate, helping to bolster consumer7 q4 @% h: k: c6 S3 w9 f
confidence and Winnipeg's ranking as the city with the lowest capitalization9 C/ i; M, z$ _. w1 e4 _% y3 j
rate among the country's larger cities - helped to encourage buyers to enter
" o2 G }, F- d6 y+ b9 Kthe market.: l6 z% v) ~! P% w' m
! a7 g8 f r) N6 L8 {. p6 n1 l# z# [
In Regina, the market experienced a slight seasonal slowdown through2 N% v+ l- Q; j, t5 T; }
July, as there were fewer purchasers in the market due to summer vacations. In
2 A6 C3 q3 J0 ?0 }August, activity resumed to the busy pace previously seen in the spring: w! l0 M7 ^/ ]5 |& s T3 z- ?9 e9 h
months, as the influx of purchasers made it more difficult to find a home due5 ]! r6 \' D" L4 c
to the shortage of available inventory.% l# ?4 [1 D0 r
' O3 ]! F) _. k4 v* x; Z Activity in Saskatoon remained brisk as the market maintained its& M7 ^" t$ S0 }/ |
momentum from the busy spring sales period. The economy in Saskatoon remains
/ I/ `' n! h! d: [* x5 {8 Q& Avibrant, as employment opportunities are abundant with many businesses) q% S; A8 {" T, a; ]" V$ G
struggling to make hires and having to recruit outside the province.
' ~# k0 M3 ]1 ^4 C7 K
& r1 C* Y Y" b* _9 o c: ^# _4 G Calgary's housing market recorded blazing average house price increases
* k" u: a1 Z6 w5 \% ]1 pin the third quarter, in all surveyed categories. The burgeoning economy, low) i; ~9 J- E$ y# u
unemployment rates and low inventory levels remained the leading factors that* U% k, E# V9 Q$ A
pressured Calgary's house prices upwards. However, regardless of the soaring
. q5 n# e; |' P# a$ Zprices that characterized the market - even during the typically slower summer
8 O" S% k/ p) [season - it is expected that activity will become slightly more balanced, as7 ?% G+ w( B0 J
buyers are becoming more reluctant to participate in the frenetic activity.
2 b+ e G4 r: {6 w! D8 ^7 D# H& q7 ^
Edmonton's booming local economy continued to thrive in the third quarter
0 {! W. h' F M' r! D A# I8 Eas activity in the oil sands north of the city continued to flourish. Edmonton
2 P, p* Y# U9 z; oremained the hub of activity for those coming to work in the oil industry,
4 m- r+ @0 P8 T. q7 c! a) Tmaintaining tight inventory levels across the city, resulting in prices
6 x$ J% \& t7 a7 P& F' G/ oincreasing at record levels. However, as inventory levels continued to improve r/ L2 y" ?. m, L4 b2 c- q/ ^5 K0 f
in the third quarter the rate of price appreciation should moderate slightly
" P1 ~0 g5 r. |9 _0 Z* I8 C/ Htowards the end of 2006.
4 c. w+ ]; F" v8 m+ E3 G) s0 C: @) R7 ^( I) [( ~2 a. j- `* h" k" l
While Vancouver has seen a slight reprieve from the severe shortage of
7 m+ Q/ c( ^8 ^inventory that had previously characterized the market, supply is still unable2 w" @. X9 d9 |% ]8 }
to meet demand, driving house prices upwards. Vancouver has a very diverse& S' B5 `, p4 {% Z% T- H' N
group of active buyers - from first-time home buyers to baby-boomers to
* f5 G& l% a3 m# v9 w( F4 Xforeign investors - all of whom fuel the demand for houses, placing added
2 P. Z) \( n, h qpressure on tight inventory levels. O {% s0 h4 g' ]3 k, T
; x8 Z" d/ e) d1 O
Victoria's market is vibrant and supported by strong economic* K) {9 c% F5 w1 g( X% }/ z
fundamentals, fuelled by a booming tech sector and a migration of young people: p& s' W9 a3 V0 ^0 I8 w1 m
into the city that has continued to support the area's house price increases;
" z1 K3 G1 d" e1 ~while increased inventory levels have afforded buyers more time when searching
2 |% F5 ?4 ^+ k) b+ Y9 y+ ]for a home, helping to normalize the market's pace.7 X: w, W: g2 Y5 y
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<<7 O. x% j( p# D& S2 G
Survey of Canadian Average House Prices in the Third Quarter 20062 y5 z7 Q/ y9 j* x% b* |
1 b" n0 ?( u3 }3 O, ~, A& E5 d
-------------------------------------------------------------------------3 n; T8 ]) [) \. l+ L8 _
Detached Bungalows Standard Two Storey
0 T4 c( x$ {8 ~7 W/ w -------------------------------------------------------------------------' e; ^. {( K' t+ c7 x
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
: R! H1 @# F! B* T a4 ~) p3 q Market Average Average % Change Average Average, N+ Y3 c4 K; J. _/ L$ e0 y- X
-------------------------------------------------------------------------2 L: k D* `9 o& |' b$ ^6 f
Halifax 186,333 173,333 7.5% 198,667 199,000( B: [# C- d! }0 g
-------------------------------------------------------------------------) W& V6 f* U7 |& P/ [( Y0 T
Charlottetown 145,000 141,000 2.8% 175,000 170,000* v5 n( B/ y- I! t2 g
-------------------------------------------------------------------------
8 L, h j$ h9 n1 N, {. X1 R Moncton 135,000 127,000 6.3% 129,000 123,000
; C- {* Z, p: A2 }) u( T* V# c -------------------------------------------------------------------------7 F- U& d7 r' F% h3 S9 Z: d
Saint John 141,200 142,900 -1.2% - -
% W$ s1 q) z0 b- ^& N( ]: b7 W5 e -------------------------------------------------------------------------: _4 q, P; n$ Z! I# ]/ N6 U1 A
St. John's 143,667 142,667 0.7% 200,667 202,333
& m! G) l$ J* @1 M) f! V( o0 t -------------------------------------------------------------------------9 A+ Q/ h G* b& _6 A2 I
Atlantic 150,240 145,380 3.3% 175,833 173,583) ]0 R9 K/ v" r; }& [$ q" r ]
-------------------------------------------------------------------------5 \* m' ]9 t2 D, T
Montreal 213,691 203,500 5.0% 321,141 316,185
8 J/ V8 s0 f6 x- P) N -------------------------------------------------------------------------. y3 G1 L, j3 u3 C; [2 V; `
Ottawa 290,083 278,417 4.2% 285,667 273,250
; l- R/ B" T0 q* Y, K7 p) n -------------------------------------------------------------------------! V* U. k; Q F1 i7 L2 Q1 a
Toronto 373,368 355,882 4.9% 481,523 474,766) Y- R" y' H; o7 v. d8 r
-------------------------------------------------------------------------
1 ?: M4 |( f+ K# ? Winnipeg 181,579 159,860 13.6% 202,337 180,707/ @; M, d) P) U3 Q, S5 V
-------------------------------------------------------------------------! X2 c/ L0 U( t& O# p
Saskatchewan 170,667 156,083 9.3% 182,600 166,500: S# r( j/ R; s* h' x" F
-------------------------------------------------------------------------
4 |. X# a2 D2 n' a% E# E& u Calgary 395,067 252,411 56.5% 405,778 264,389
' t; a; Z6 ?* g- [5 n; w' H- h4 ]; e -------------------------------------------------------------------------5 L- b. q$ s, |3 D7 \2 M5 M5 a
Edmonton 286,857 194,857 47.2% 316,429 206,714
8 Y" Y9 s9 m) A4 g7 l -------------------------------------------------------------------------
. [# k* d6 z6 p6 e3 w3 J- Y8 l Vancouver 704,250 601,000 17.2% 794,000 697,5008 g0 `% \+ v7 [# g
-------------------------------------------------------------------------+ s) S3 z0 P/ Q! F/ I5 K; K
Victoria 375,000 348,000 7.8% 403,000 391,000
' E. d8 H9 I M -------------------------------------------------------------------------
5 ?9 j6 e5 `3 o- e National 300,365 258,202 16.3% 365,380 322,860+ r9 ?3 h6 K7 u& l. D: a
-------------------------------------------------------------------------: C8 }2 d8 e0 M7 b, a& w
4 U6 l- h8 l* i0 D/ d- ? -------------------------------------------------------------
. m# c% b" l6 Z, L# M( H+ C$ W Standard Condominium
6 _7 ^1 T% U, H" Z+ J -------------------------------------------------------------
: X- b$ [# P A$ P0 Z N! q; e 2-Storey 2006 Q3 2005 Q3 Condo8 n; d2 B) e2 G" m7 n) U: i
Market % Change Average Average % Change8 w7 ~; t+ ~/ U3 I/ @, }2 K
-------------------------------------------------------------% l' }4 ?- t- N2 M& c- F$ {
Halifax -0.2% 142,000 103,000 37.9%
4 ]* y0 o" D2 O. T -------------------------------------------------------------. e+ |( @) u! ~- z% O; C! Y
Charlottetown 2.9% 98,000 98,000 0.0%7 e+ g7 l' j7 h7 p; R, ^
-------------------------------------------------------------
! M! \$ s' j, f* c Moncton 4.9% - - N/A
( x; _$ o4 z% e2 U5 g -------------------------------------------------------------
- E0 X0 n' m2 v4 ^2 S Saint John N/A - - N/A5 j9 _5 S+ i4 @
-------------------------------------------------------------
& ] _5 u& }4 z1 V2 j9 J/ a- M St. John's -0.8% 146,333 145,667 0.5%, R' T/ V c% r% H. Z
-------------------------------------------------------------$ ]5 Y5 O% m$ B8 B
Atlantic 1.3% 128,778 115,556 11.4%: o) S" Y9 f, \
-------------------------------------------------------------; {8 m5 {( F( j. ]
Montreal 1.6% 193,190 188,016 2.8%" T: {5 [. d- C- G
-------------------------------------------------------------; l" q% s: y- a+ e3 a# h+ H
Ottawa 4.5% 181,083 172,250 5.1%6 x/ S* W" U0 U
-------------------------------------------------------------- V( @9 H4 b( M5 I3 B0 p8 y
Toronto 1.4% 252,088 242,918 3.8%
# x" ]4 m$ ]3 T0 L1 x -------------------------------------------------------------9 D; r& ^7 L! w+ U7 b1 l/ X& n
Winnipeg 12.0% 105,648 96,008 10.0%5 I- H |1 K! X1 y; K% Q
-------------------------------------------------------------" P6 r1 s" n$ ^. l2 R& O2 L' x
Saskatchewan 9.7% 106,250 101,000 5.2%( W! ~' C# G& a. d1 q
-------------------------------------------------------------
3 r5 {0 f6 [% I; ]) d2 {5 O Calgary 53.5% 245,844 153,867 59.8%
2 P! \- r2 f {* }* E -------------------------------------------------------------0 Q2 o9 n. K, l$ P6 L( e! o0 O9 T
Edmonton 53.1% 200,433 131,500 52.4%
1 |- y* v" |3 j1 W! B' Q" f' c -------------------------------------------------------------
! {7 [: H8 I% P$ |% I1 O Vancouver 13.8% 366,250 323,250 13.3%
# G& ]8 B |" k4 J+ G -------------------------------------------------------------
6 s& j5 j: H: v# ?. G Victoria 3.1% 229,000 220,000 4.1%2 B& ^* ^- W! } g5 x
-------------------------------------------------------------
" {$ y: a4 t9 K7 w# S National 13.2% 211,562 185,296 14.2%
- n* n8 b. o5 @" S5 a4 T& |$ a -------------------------------------------------------------, m; y" X& q9 F |- [ b
>>1 U7 ~/ T/ Z. E& Y2 |; b7 j
# M( c) _$ v$ j) z Average house prices are based on an average of all sub-markets examined
3 }( U( Y2 q# O6 Q7 F3 yin the area, except for the smaller markets of Charlottetown, Moncton, Saint
, |, v. i+ n" \% D$ ]4 iJohn and Victoria.
0 q6 x7 V$ b* T& v4 r/ o8 v4 Z) a4 k' C2 [+ M+ Z; R7 H
The Royal LePage Survey of Canadian House Prices is the largest, most; s. t& y8 z6 r
comprehensive study of its kind in Canada, with information on seven types of: ]; z. i' w! z$ _+ N& C) L; n
housing in over 250 neighbourhoods from coast to coast. This release0 j: \, O% a8 t
references an abbreviated version of the survey, which highlights house price
8 O1 k H1 p/ H* S- e$ V8 strends for the three most common types of housing in Canada in 80 communities! u% \9 w C8 I" u
across the country. A complete database of past and present surveys is0 W) L% H' f9 I# m* J A4 Z
available on the Royal LePage Web site at www.royallepage.ca, and current
4 n, z% ]5 c" u- W! ?$ x# {: ~figures will be updated following the end of the third quarter. A printable, I, A. B( I e& s3 a3 ]/ [
version of the third quarter 2006 survey will be available online on( G g5 H) Y" @6 D: z
November 15, 2006.$ y8 M6 `2 O: ?
Housing values in the Royal LePage Survey are Royal LePage opinions of, Z* N, S1 k# X7 A) ^
fair market value in each location, based on local data and market knowledge4 q9 _ A: x& |
provided by Royal LePage residential real estate experts. Historical data is
5 ~* X! v# g; iavailable for some areas back to the early 1970s. |
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