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Canada's housing market both vigorous and stable ! ^3 R5 w$ s k; Z; C% l" \
) }7 P& ]2 s% {# Z1 D
- Country's market poised to show growth throughout 2006 -" |$ P& v+ Q/ Y/ w; T0 G
2 h& Z2 @) X1 t8 Y- ^2 O9 R9 A
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
9 J' |* C: ]# |5 E0 N8 H& U: L1 Jexhibited moderate price increases and stable unit sales during the third
7 S8 s7 K2 X, S3 d( r0 u/ e! yquarter. Wide regional variances continued to be the dominant characteristic$ U7 A" B6 A$ o P9 I
in the market, exemplified by frenzied levels of activity and double digit
% G' d6 h5 w/ R: O2 Dprice gains observed in the energy and commodity rich Western provinces, and0 z. C$ q/ g/ B! O
more reasonable sales volumes and moderate price appreciation in Ontario,/ F0 z5 s2 ?- S2 _. o9 V9 X
Quebec and Atlantic Canada, according to a report released today by Royal4 a4 {; i7 z7 H/ I
LePage Real Estate Services.
6 V0 o/ s. u- t9 Z: O. y9 X8 B- ^* s% d d. F0 p
Nationally, market trends established through the first three quarters+ a2 J# \& G% w* W7 N. D
are forecast to continue for the remainder of the year. Robust economic8 M' c7 | h( G# c' E; r1 \" X& u4 w
conditions, low unemployment rates, modestly growing salaries and wages, and9 B0 h4 }$ X# v( ^2 V4 a
sound consumer confidence contributed to the overall strength of the
7 K1 o9 y) ]' f1 ~& Rresidential real estate sector.: \, x# i( f) Y
4 E' A% w `% I& J7 k Of the housing types surveyed, the highest average price appreciation. S6 E3 R, v# G7 o$ t+ |
occurred in detached bungalows, which rose to $300,365 (+16.3%)$ H9 t0 x" ?3 Q% P, v6 v
year-over-year, followed by standard condominiums, which rose to $211,562/ ~$ @2 ?7 c4 z. t
(+14.2%), and standard two-storey properties, which increased to $365,380 `* R% C8 t7 G( z* a' Y; m
(+13.2%).) j% D5 t! c: q
0 p, [* u6 m; m; t6 W7 C7 _
"Canada's sturdy housing market continued to demonstrate steady growth
+ E6 w; P: q- _& U8 nduring the third quarter. For all but the west, we have moved on from the
# @: ]( d; L* x& w; ]frenzied expansion that characterized the first half of this decade, and are+ {0 o8 v; z4 [4 G/ L
poised to show continued growth at a more moderate pace," said Phil Soper,+ w5 {3 Q- R K/ F' T: n% F0 e
president and chief executive officer, Royal LePage Real Estate Services. U* e2 y+ d7 H3 |% m7 y* }
"Gone is the sellers' market that we have lived with for some years. We
& f7 N0 i% w3 y4 X7 kwelcome the more reliable conditions that are characteristic of a healthy$ g) _' k- n% D2 G4 `
balanced market."& v8 t0 x0 x9 c/ ?' k+ @
+ @, {+ V# E {# d9 A3 ^! V Despite the double-digit rise in average national house prices,
. Y3 c/ m9 v+ b! x% b9 Mconsiderable regional variances were exhibited again this quarter. The shift
- D" r/ n2 o( L. l# \ J- V Wto balanced market conditions, which began in late 2005, has continued' h8 }% r; ]# ?- D
throughout most of the Central and Eastern regions of the country. In the core# R4 }6 ~8 t& R8 r
energy producing western provinces, the combination of very high in-migration,2 t j6 M" k; l1 ?7 x
manageable affordability, and a shortage of inventory has driven record% X5 n z9 O. N8 i2 I% W
breaking price appreciations.
1 w6 K( p$ X' t, D1 V% t o h J* Q- L0 `/ _) s
Echoing the second quarter and supported by Alberta's rapidly expanding. w9 O/ X* G# }8 D! \2 M4 S
economy, Calgary and Edmonton led the charge of Canadian cities with the& _" {3 O/ n5 O j; l
largest house price appreciation in all housing types surveyed.
' T4 S! s4 K' F8 h1 B2 l# t9 D
) k9 r2 X; [1 Z: r. ], l8 ~- H In Ottawa and Toronto, growth remained steady, supported by solid, `2 r7 B% X0 |: T
economic fundamentals, an increase in available inventory and strong consumer6 h9 [( y2 p E0 u
confidence. While the pace of price appreciation in Ontario leveled off( ?2 O# ~& r/ z1 F
slightly, the province's real estate market remains poised for modest growth.
% w# G0 }5 F. F% }) ]8 Q; cIn Atlantic Canada, new housing and condominium construction offered buyers
" P9 W( l2 t _0 V2 D& p6 ggreater selection at more competitive prices, resulting in a slower rate of
. z4 @# g: ~" c0 p2 `price appreciation when compared with 2005.* w7 Y/ I7 F, A7 X1 q: ]
9 H0 H$ W/ G2 a# Q3 x
While the pace of growth in Canada has slowed, the domestic housing
0 ^# @! W7 F- I* _) _4 o* Smarket is expected to outperform the American market. The economic and( Q; K/ \( s# ~& q6 q7 z
financial fundamentals driving the residential real estate sector in Canada. W# a9 h) m, m' z" | Y2 Z' U
are markedly different than those found in the United States.8 n6 ^3 D; d) N8 V8 W
B/ U+ i" V+ |" t5 A9 S& K% a2 M Added Soper: "Canada's housing market is likely to outperform the
' O; [: K, N( l& ]' L. a8 L2 U4 ?American market through 2007. A number of factors are working in Canada's
9 w3 X v! l9 N* Ufavour, including healthy personal and governmental debt levels, the- D4 U, m. u% ]4 e
relatively modest rise in interest rates in our country, and general
8 H! R$ D) Y% Y, L; a9 P5 o3 Y zaffordability in our major cities. In addition, Americans are now seeing the8 \; U9 I7 |6 g5 y: f
downside of a tax system that encourages maximum homeowner leverage, and* }' _2 u; O( h5 o/ v
aggressive financial products such as zero- and negative-amortization' L i# @1 ^( Y3 ?: j: X ]
mortgages that work only in a high price growth environment."
& i' {+ z! z% t( Z* X
2 n+ ~4 Y% L7 T# X# }2 `- Z <<
5 S5 `4 k# ]: @! o& W- @4 L0 e REGIONAL SUMMARIES
- S: \, a' a7 `, H" ]1 o, D >>' u( G8 R2 N- S! {2 u
* G4 y% U$ U0 q# ?; @! H
Balanced conditions continued to characterize the housing market in( B5 U) y- D% Z$ v* ] k7 j8 O( Z; j
Halifax, as significantly higher inventory levels helped to moderate the rate% o9 a2 M+ a, K$ i+ c1 x/ |
of price appreciation. Buyers were increasingly choosy, taking more time3 I" K! D- ~# I' @: n$ z8 |, z
looking for newer, low-maintenance properties that were not in need of
0 A# w9 X7 t7 u' N( [! Jrenovations.
3 R' G4 V# J9 R" j' Z
) {$ J# q A$ J, ]' n0 o& V The housing market in Moncton remained healthy and strong as a slight& {$ I0 y) J0 N
increase in inventory helped to moderate the rate of price appreciation) l( g6 V& k* o' _1 e
compared to the same period in 2005. Activity was brisk throughout August and
7 g" {2 N% ]7 I& g+ e2 \September and is expected to remain this way through the fourth quarter.
' N2 I" L# s) T1 Q/ ?" x+ l' L: u7 O/ `! O4 J% V' I
The housing market in Saint John underwent its traditional summer# D3 Z# a) Q. {7 E
slowdown in the third quarter, with activity picking up towards the end of the
: z1 v& K4 Y: W; @9 h' G% zquarter. The local economy continued to thrive, as construction on a new
9 Y+ J+ b& N: m5 Y/ v: ~6 Q4 x600,000 square-foot shopping area has begun, bringing several new box stores
+ ?+ I8 y, i0 r9 @9 U6 sto the area. Buyers have begun seeking less expensive fixtures for their homes
" v+ D. ?3 U3 n9 @0 a l8 @and are instead opting for more affordable housing options.
5 W( s* \ {6 R3 a7 v1 e0 m! g+ X# R# P7 _5 ?/ A
In Charlottetown, the housing market started to move towards balanced
. v9 W& |1 f, }6 r7 ^$ y6 _conditions, as some sellers had to begin to lower the asking prices on their
& r, X! d5 y z: Z& \homes to make them more competitive. Activity from out-of-town and US buyers
( \1 K3 d, R% A2 x# q4 N. e) @was down slightly compared to 2005, likely attributable to the strong Canadian
. h R/ S$ G% J3 K' t: Pdollar. Inventory levels began to creep up in the third quarter, providing
0 E- ~, t; v$ ^* ?5 O# F0 b0 Q& Cbuyers with more options when looking for a home.* K! {: f+ y! K: W1 U/ @
L/ O* z! E+ C" N: J Activity in St. John's slowed slightly in the third quarter, particularly x+ {9 ~2 T: w/ f/ c* \) l
among higher-priced properties, where there was a slight over-supply of homes6 e4 f, I: h9 e1 N
priced over $200,000. Listing periods have increased when compared with 2005,
+ ^2 d+ z! k$ N5 K8 ^* g; Pas some of the pent-up demand that had characterized the market over the last" r" C1 l, z+ o+ E' X1 @4 X% J" B
few years has been satisfied, resulting in more normal, balanced conditions.# R1 T6 Z4 I$ |- a6 r' i2 D2 z
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Montreal's housing market recorded modest increases in average house
2 Q: U/ g% o$ u! C( Pprices, due to a slight seasonal slowdown in the third quarter as inventory# P* Y; c$ }# V' i' B7 X
levels rose. Part of this can be attributed to the fact that many renting
7 O# p7 p0 Z# c8 Gfirst-time buyers were motivated to close on the purchase of a home by July 1,
4 O; c3 t% e4 N/ E; g7 h9 J5 Fwhen rental leases expire in Quebec. Once this date has passed some of the& m9 g1 v0 W! E( u1 U( o
pressure is taken off the market, allowing buyers to visit more homes before; E- B6 g: v' l! n, V. U2 z9 z
making a purchase.. j5 w: c5 G) [% g% g& i' h0 `4 d
) n9 c8 X2 Q$ {' p7 f
Ottawa held its position as one of the country's most stable housing7 x/ k1 [. S) Y# |, [& k N
markets in the third quarter, reinforced by a vibrant local economy and strong
! g1 J8 p1 o. v0 B. [$ i) Econfidence, resulting in modest increases in average house prices. The city; ~- X& w7 N9 G2 t7 A5 C
centre remained a bright spot in Ottawa, with homes in this area attracting
# u, k$ W+ F+ |$ Q& dattention due to their convenient location and proximity to downtown
+ p/ U) {7 ?# {& q) p Hamenities.2 F3 f- V2 r. g e9 Z d
- {9 u5 k& o) D9 X; `3 E& w$ G$ U+ S The housing market in Toronto sustained healthy activity levels
0 v I7 D- O" W4 Z& X Qthroughout the third quarter, as a strong economy helped to maintain demand: p8 R# C% r2 T _
across the city, causing average house prices to rise moderately. Toronto has, t; i3 T$ }1 `# u! n3 V0 x# ]: ^
continued to experience modest growth in average house prices, and has been4 i6 y9 x6 \, o! n% J- i
driven primarily by purchasers who are buying homes as their principle& ~" d( V" P/ |+ h9 x8 ~
residence, rather than for investment.# F6 J( w. H9 m1 p/ ~
, z1 m0 e) L1 G3 d4 ?( W
The vibrant Winnipeg housing market continued to show its strength as' {) Y P4 @5 X; M- t7 D) Q5 W
house prices rose during the third quarter. The booming local economy resulted
+ ?) h% M1 i' m$ R5 Z v/ `in a historically low unemployment rate, helping to bolster consumer
9 t: f6 I4 `1 J# H% |5 Iconfidence and Winnipeg's ranking as the city with the lowest capitalization0 [& `3 |. n6 u+ q/ y
rate among the country's larger cities - helped to encourage buyers to enter, |$ ]% q' v+ L# K% {1 c8 x
the market.
& Z) e2 N9 _! L" i Y K" |
, d) {) S' c3 I/ K5 o; K In Regina, the market experienced a slight seasonal slowdown through" l9 g7 |6 [) N5 J- {- v
July, as there were fewer purchasers in the market due to summer vacations. In4 X) G9 H4 D3 u. D0 i" Q9 _
August, activity resumed to the busy pace previously seen in the spring6 d8 t2 k3 `% s6 |
months, as the influx of purchasers made it more difficult to find a home due0 P0 J) s7 Q- S4 g+ V0 Q( k5 t
to the shortage of available inventory.; i5 K# Q: @3 s1 `4 B
# R$ ?" i9 T) Y Activity in Saskatoon remained brisk as the market maintained its
4 L3 c+ a% c3 ^( c) l, W/ w$ tmomentum from the busy spring sales period. The economy in Saskatoon remains6 r/ \, V- J$ k2 c
vibrant, as employment opportunities are abundant with many businesses4 F5 z y; b$ X
struggling to make hires and having to recruit outside the province.* _4 d& l( ?( m. H0 ]! S. ~7 s0 M
. k2 l( Y" t3 \: y Calgary's housing market recorded blazing average house price increases- A9 B- Y% G8 p6 o& A6 o
in the third quarter, in all surveyed categories. The burgeoning economy, low
& E' W1 Y* B$ W% l* |7 n! S/ L5 Munemployment rates and low inventory levels remained the leading factors that
1 ?. w* O' S2 `* U0 Apressured Calgary's house prices upwards. However, regardless of the soaring
: t7 U: n. \7 d4 zprices that characterized the market - even during the typically slower summer: b* z |6 Q( T) K
season - it is expected that activity will become slightly more balanced, as1 L: P3 c, J. z4 i' f6 B
buyers are becoming more reluctant to participate in the frenetic activity.7 c6 ?% l5 i4 @& c: f% H4 f
1 m1 |0 {7 j# |1 B9 i! h
Edmonton's booming local economy continued to thrive in the third quarter
9 {7 h) G" v. d/ E( P. `9 Yas activity in the oil sands north of the city continued to flourish. Edmonton6 j( W) K$ i2 k: t0 Y9 {3 _7 p
remained the hub of activity for those coming to work in the oil industry,
$ d+ S* H6 L! N. [" ^2 t4 }" fmaintaining tight inventory levels across the city, resulting in prices
+ G5 V o! f) Y) L# kincreasing at record levels. However, as inventory levels continued to improve
) W) P! s3 [1 m b/ ]in the third quarter the rate of price appreciation should moderate slightly
) e V- X0 o3 g) s {towards the end of 2006. 4 F; f l3 q! n
: o% s6 } |1 H4 p" F( XWhile Vancouver has seen a slight reprieve from the severe shortage of1 `5 j% e. x" Y
inventory that had previously characterized the market, supply is still unable
6 R+ [8 j& d; z/ m7 g4 {! ^to meet demand, driving house prices upwards. Vancouver has a very diverse
* B. s: L( q" P2 _! l- T) k- l" Tgroup of active buyers - from first-time home buyers to baby-boomers to
+ X) ?% o$ x! ^! X& ]" Rforeign investors - all of whom fuel the demand for houses, placing added* e. B2 u) s8 n0 i! Y F- k
pressure on tight inventory levels.. o$ R: q" T7 {4 _# H, K
2 T& M6 g' B! [4 F5 W( ]/ X$ E
Victoria's market is vibrant and supported by strong economic
( b: l9 M5 ?& k8 @6 B4 c. hfundamentals, fuelled by a booming tech sector and a migration of young people
; Q" `/ X8 W& `. Zinto the city that has continued to support the area's house price increases;$ b9 B1 d* p& _" H* x s; Q6 s4 Q! R A
while increased inventory levels have afforded buyers more time when searching0 \ v! f8 E* D+ L
for a home, helping to normalize the market's pace.
$ ` O2 q: Z2 n7 w$ ~7 ?* c4 v, j7 H; j) y8 u7 W
<<
( {4 |2 `8 T/ _) h% t& x Survey of Canadian Average House Prices in the Third Quarter 2006
4 g8 s+ r* X+ i. i; [" q& t; I+ Q; x$ Y# U) o
-------------------------------------------------------------------------4 H3 }" L8 r9 a+ |! x2 `+ T% }$ Q
Detached Bungalows Standard Two Storey
# F$ U, }/ h& ? -------------------------------------------------------------------------
& p8 k: J ^0 g. R1 E 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3, _8 H1 {& z- }/ I T; z9 z# i
Market Average Average % Change Average Average
! v1 c1 M E+ a- G% Q. _( B -------------------------------------------------------------------------) l- X$ I3 X9 A5 S7 \
Halifax 186,333 173,333 7.5% 198,667 199,000
8 p" d5 ^1 H% R/ z -------------------------------------------------------------------------) N9 Y; Q, x7 X) i, D$ C; i
Charlottetown 145,000 141,000 2.8% 175,000 170,000+ b9 Z0 j: |$ P" y6 H6 O+ ~
-------------------------------------------------------------------------
2 E; G- A# D+ d) e% c- A: _4 J Moncton 135,000 127,000 6.3% 129,000 123,0008 f4 p# d9 h2 K! y/ q
-------------------------------------------------------------------------
: s' c2 T# _9 J3 S5 I9 b5 I) n Saint John 141,200 142,900 -1.2% - -
' W: _7 y7 G! m# ^. F -------------------------------------------------------------------------5 F" d4 E% t8 _" I N h
St. John's 143,667 142,667 0.7% 200,667 202,3333 W9 Z# X' O+ R) w# |
-------------------------------------------------------------------------+ L2 o8 }5 B* {: `2 u+ y- u
Atlantic 150,240 145,380 3.3% 175,833 173,583' q E% o9 ~/ v5 O% Z
-------------------------------------------------------------------------# r, @/ f0 p6 L+ b' P" h: g$ Q
Montreal 213,691 203,500 5.0% 321,141 316,185
* H8 \- ^' J( @+ g* m -------------------------------------------------------------------------
. K# `$ G* p }, z- j& R1 h6 m Ottawa 290,083 278,417 4.2% 285,667 273,250
2 {: W+ W0 ^$ C* x6 l2 r2 D -------------------------------------------------------------------------
) x# M' H5 \: f/ ~3 P6 \* { Toronto 373,368 355,882 4.9% 481,523 474,766% o+ \, I* `8 [' U
-------------------------------------------------------------------------6 G; R. T" n% d$ u8 b" Z4 z# {2 q
Winnipeg 181,579 159,860 13.6% 202,337 180,707" e0 E0 I9 @7 B. _" i9 O% Q
-------------------------------------------------------------------------
7 w& n( L7 b9 _7 u' u% x Saskatchewan 170,667 156,083 9.3% 182,600 166,500! N6 B' b& z2 L- f
-------------------------------------------------------------------------( M# {: ]# v/ d# a% L" I# b
Calgary 395,067 252,411 56.5% 405,778 264,389, P9 S( F7 e7 j, Y- Y+ f( K( M* R
-------------------------------------------------------------------------
, n, q7 f4 f# w& z0 D& y/ m( T Edmonton 286,857 194,857 47.2% 316,429 206,714& Q$ v+ j) h E
-------------------------------------------------------------------------
% k! S" D4 x$ g8 F Vancouver 704,250 601,000 17.2% 794,000 697,500
7 \: V1 A- y, d6 n -------------------------------------------------------------------------
, h* @; f% K. [0 g4 M9 h+ } Victoria 375,000 348,000 7.8% 403,000 391,000
& N" m1 {9 j9 h) a: k9 @ -------------------------------------------------------------------------
9 D: a8 O' u. i National 300,365 258,202 16.3% 365,380 322,8605 _7 [* s _* m+ J
-------------------------------------------------------------------------
1 v7 I2 \9 D5 g0 e9 v7 c. I' q/ ]0 v5 F' n0 L+ b( L: {
-------------------------------------------------------------7 }" p- |0 p0 c5 b3 [# g
Standard Condominium2 L4 B8 U7 r! N0 w' J# A! R0 F
-------------------------------------------------------------
& y# D0 G! e0 j8 ~# f. [ 2-Storey 2006 Q3 2005 Q3 Condo
; m. \6 I2 r u& v8 Z7 C Market % Change Average Average % Change
- F: F3 [5 c$ R/ |1 ` -------------------------------------------------------------* o) o/ I, F+ q5 g" E- G7 D
Halifax -0.2% 142,000 103,000 37.9%
1 L( r( {4 e: {+ {* L -------------------------------------------------------------: ~4 \& x$ q: d8 V
Charlottetown 2.9% 98,000 98,000 0.0%
. ^3 U Y. k' t! d& H( n -------------------------------------------------------------, n) @! l9 z1 m& F
Moncton 4.9% - - N/A7 M$ H) B- K* w) h2 D
-------------------------------------------------------------
0 t3 h! W0 A2 m% w6 C: U Saint John N/A - - N/A
. u' I% y! K! S# s% R3 L2 R -------------------------------------------------------------
0 L# n0 ~. o6 V1 k: Q8 y& R St. John's -0.8% 146,333 145,667 0.5%( s& f9 _; L8 p# e5 t3 R9 L
-------------------------------------------------------------
7 a% F, v% H f( _ Atlantic 1.3% 128,778 115,556 11.4%
y2 u& M: @1 ^" ]# ~ -------------------------------------------------------------
4 V+ G6 f# h; L$ I" l$ r8 B Montreal 1.6% 193,190 188,016 2.8%2 ]& g# M i' _
-------------------------------------------------------------! N! W2 g/ w0 ?: X7 A1 O
Ottawa 4.5% 181,083 172,250 5.1%
$ O$ E. O7 O5 b/ [/ z5 C; D -------------------------------------------------------------* F7 \" k) j* N7 F! y
Toronto 1.4% 252,088 242,918 3.8%/ U- O5 O! }/ _) Z/ H/ ?
-------------------------------------------------------------
4 k5 m+ C% o6 A0 \5 x3 V; C Winnipeg 12.0% 105,648 96,008 10.0%8 \& f& C9 D- J7 d- o1 |1 i% `
-------------------------------------------------------------! g5 i) \2 O2 ?1 Q1 U+ ^7 ~
Saskatchewan 9.7% 106,250 101,000 5.2%" {4 {5 {& y3 D1 x0 L" I
-------------------------------------------------------------
s, A. G% b1 _3 H. b Calgary 53.5% 245,844 153,867 59.8%# N# K7 t* d5 P9 e- V
-------------------------------------------------------------
& G$ q1 I1 R' S# J& s Edmonton 53.1% 200,433 131,500 52.4%2 z/ l/ g' N2 i/ C. i3 y# r8 m
-------------------------------------------------------------
1 P& y$ A' |% `7 k7 a5 J' x Vancouver 13.8% 366,250 323,250 13.3%& q. t5 o4 ?: [5 ~* j* A+ P8 s
-------------------------------------------------------------
- w3 c! k: C) {! [8 \2 m% Q6 v Victoria 3.1% 229,000 220,000 4.1%& M1 j# X3 Q! o _
-------------------------------------------------------------9 p1 N; R2 j$ ~
National 13.2% 211,562 185,296 14.2%
, W" H! ^# V m' o% p& ` -------------------------------------------------------------
0 @, m, y& d0 E/ C >>% ~; j" i. H# C
8 g2 `+ t! V6 { Average house prices are based on an average of all sub-markets examined
( {& e3 j# q. qin the area, except for the smaller markets of Charlottetown, Moncton, Saint% B3 _. ~3 B& Q" b) Z
John and Victoria.8 I, j, l: F3 T1 |- x3 f" T
+ h/ e/ y3 E9 x
The Royal LePage Survey of Canadian House Prices is the largest, most2 ]2 w/ D; Z! i7 Z f
comprehensive study of its kind in Canada, with information on seven types of+ h5 B* j" Y$ H* @9 s; ~8 `9 E9 _
housing in over 250 neighbourhoods from coast to coast. This release2 {# Z o' h& v/ E
references an abbreviated version of the survey, which highlights house price" s! s7 g9 `" h/ Z8 g s. [
trends for the three most common types of housing in Canada in 80 communities, f5 u) |* v) P
across the country. A complete database of past and present surveys is& l, O6 O% ]1 C; w; _! @& X- l
available on the Royal LePage Web site at www.royallepage.ca, and current8 K% V! v( W: \# x, L M* O
figures will be updated following the end of the third quarter. A printable
0 V4 T/ S) D8 j& e4 Rversion of the third quarter 2006 survey will be available online on4 n* g3 K5 q5 I9 v: W" {
November 15, 2006.
; L/ ]$ w7 A' H1 Q Housing values in the Royal LePage Survey are Royal LePage opinions of8 H# C5 M- A2 n
fair market value in each location, based on local data and market knowledge
/ { F- n7 d! o. C& ~0 a' t" _provided by Royal LePage residential real estate experts. Historical data is9 x) O! n+ D7 V, m; U* v
available for some areas back to the early 1970s. |
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