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Canada's housing market both vigorous and stable 4 I$ C+ R v [
6 j$ m/ D9 F( ^ U- Country's market poised to show growth throughout 2006 -1 ~* Z. z O3 C2 B
, h5 L: g" z1 ~, P TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market- e" E: d' ~( A! O
exhibited moderate price increases and stable unit sales during the third
9 j- Q; c* n' Z) e: A4 j/ zquarter. Wide regional variances continued to be the dominant characteristic. g. e1 m. b6 X: j9 t
in the market, exemplified by frenzied levels of activity and double digit
+ K4 \! t m4 {5 `/ {: Wprice gains observed in the energy and commodity rich Western provinces, and! G& ^5 ?) Z d. ]
more reasonable sales volumes and moderate price appreciation in Ontario,
% Q/ K; \/ q2 E! j }9 X7 rQuebec and Atlantic Canada, according to a report released today by Royal* G' V) J- G, j! \2 C s
LePage Real Estate Services.
% c; x" ~9 z* s3 v0 q# M- P# m, L
8 L* X0 J; Q+ n0 c) I Nationally, market trends established through the first three quarters& I* A; U7 s q. Y7 w
are forecast to continue for the remainder of the year. Robust economic0 M6 X- F5 C. X6 e
conditions, low unemployment rates, modestly growing salaries and wages, and" j5 Z/ z6 c# H& X0 g, e+ Q
sound consumer confidence contributed to the overall strength of the9 C9 _2 A2 b0 z6 Z) [' [
residential real estate sector.
" _5 K3 j, e" b# t0 c0 C4 G7 T2 A1 s& T+ F; Y' C8 C4 Q' N, L
Of the housing types surveyed, the highest average price appreciation# s. ~. @% S# d% N; s: ?8 L
occurred in detached bungalows, which rose to $300,365 (+16.3%)8 J; o, Z$ Q- ]" T6 }2 L
year-over-year, followed by standard condominiums, which rose to $211,562
: T! z6 |$ U1 ]1 S" {4 z% P(+14.2%), and standard two-storey properties, which increased to $365,380
" G: Y, s# k" i9 ?0 M(+13.2%). j* H) G" k$ \
4 V2 b" Q' X( t
"Canada's sturdy housing market continued to demonstrate steady growth
2 v: k7 R# C, }during the third quarter. For all but the west, we have moved on from the
9 Q N, J! V! ^2 n6 ffrenzied expansion that characterized the first half of this decade, and are& e" P6 H/ i# l+ w# y/ M
poised to show continued growth at a more moderate pace," said Phil Soper,- a2 ]8 g m" }) V8 }
president and chief executive officer, Royal LePage Real Estate Services.
4 b' U6 g! W* U! J& u9 c: d6 D0 c"Gone is the sellers' market that we have lived with for some years. We
/ O8 T) ]& q- ?1 Ewelcome the more reliable conditions that are characteristic of a healthy+ V6 l0 E) |( v. T% s
balanced market.". }# ^% M) Z+ Q% j
+ L S& C9 s( U Despite the double-digit rise in average national house prices,
$ L( p) ~' N* V4 h. l: Q9 Uconsiderable regional variances were exhibited again this quarter. The shift
& L6 A- t; V) i: q9 \! Ito balanced market conditions, which began in late 2005, has continued
( X6 f. ~/ G9 t9 bthroughout most of the Central and Eastern regions of the country. In the core4 s- N* H: n/ l" y" R
energy producing western provinces, the combination of very high in-migration,9 S E/ k8 o( f
manageable affordability, and a shortage of inventory has driven record
J2 u0 p# s3 o+ l' c5 z' P4 Kbreaking price appreciations.
- @3 ^- `) q0 z4 n' z
3 x3 u, B) ]5 Q: Z8 Q- I# ] Echoing the second quarter and supported by Alberta's rapidly expanding; ]* @; c8 j! U# H
economy, Calgary and Edmonton led the charge of Canadian cities with the) L ]# J0 [- T3 N
largest house price appreciation in all housing types surveyed.
, d9 K& a, [ ^& I$ P% y$ ]+ B+ e+ t
In Ottawa and Toronto, growth remained steady, supported by solid
" p. v. q& a+ W. Ieconomic fundamentals, an increase in available inventory and strong consumer8 e) p$ P$ X, |" L9 `
confidence. While the pace of price appreciation in Ontario leveled off+ `3 l9 O6 z- k$ U1 ~
slightly, the province's real estate market remains poised for modest growth.6 d- @8 f3 ^( Z3 g+ N6 f3 H1 r, j1 ^
In Atlantic Canada, new housing and condominium construction offered buyers* O+ p4 t/ w* _
greater selection at more competitive prices, resulting in a slower rate of
8 @# t& u# e: uprice appreciation when compared with 2005.7 c: p5 j& z0 g: b; J. E5 p
' ?# h% F( v# {! t
While the pace of growth in Canada has slowed, the domestic housing9 ~) o/ b6 X0 X7 Y% R
market is expected to outperform the American market. The economic and
* A# L, _+ J! u7 M& efinancial fundamentals driving the residential real estate sector in Canada
) F6 }0 m V# u6 U( f4 g dare markedly different than those found in the United States.
5 [" d+ V8 Q( x) @/ f2 T, s9 B
" O2 c# g# ?; I3 u Added Soper: "Canada's housing market is likely to outperform the
8 Z/ J3 _6 o! AAmerican market through 2007. A number of factors are working in Canada's6 g2 d& l) Q H' ~
favour, including healthy personal and governmental debt levels, the
( B/ T/ L5 X) u4 _4 G5 y$ ~relatively modest rise in interest rates in our country, and general* G) h' U) F/ S: G
affordability in our major cities. In addition, Americans are now seeing the! r& u v+ p$ I4 G6 g% }, b3 s
downside of a tax system that encourages maximum homeowner leverage, and, c9 r' P, V* c( r; H" e3 t9 z" m
aggressive financial products such as zero- and negative-amortization
, l1 _. S; }. g7 L5 pmortgages that work only in a high price growth environment."9 R4 K; I0 m- J8 n5 I
8 |5 d7 |0 O7 i3 x4 D8 Z
<<
& t( y! ]$ T# k5 ~" g2 q; Q8 O& q REGIONAL SUMMARIES; O: N4 K+ [( q4 {4 z6 _& h
>>
' Z4 n" u4 _# R( t
5 E& j( g5 M6 p4 u w7 {; i" J8 h Balanced conditions continued to characterize the housing market in
. m* U2 z' R1 M' |( J. hHalifax, as significantly higher inventory levels helped to moderate the rate
% A# Y" O. c8 N' S$ t% Zof price appreciation. Buyers were increasingly choosy, taking more time/ S2 a. l% K% A) t
looking for newer, low-maintenance properties that were not in need of
; p0 B# p$ g) A; `: Irenovations.' L/ |. K: x7 M! f
/ P# l$ V# O+ O, Q$ J1 K: B The housing market in Moncton remained healthy and strong as a slight8 |* w5 B/ c" O
increase in inventory helped to moderate the rate of price appreciation
9 D( l: D! {! V) C( Xcompared to the same period in 2005. Activity was brisk throughout August and4 | C0 y+ g$ z% z; g
September and is expected to remain this way through the fourth quarter.% h& R' `! v0 W
W- a/ d' g9 k/ d' X$ P5 ~+ a
The housing market in Saint John underwent its traditional summer; |2 P( n6 }4 s2 W, A* q, @
slowdown in the third quarter, with activity picking up towards the end of the* z7 V% Q7 V: C$ V
quarter. The local economy continued to thrive, as construction on a new3 W; e: d8 o" F ^* D; d5 @9 n
600,000 square-foot shopping area has begun, bringing several new box stores7 B8 } l( C2 t6 G+ `
to the area. Buyers have begun seeking less expensive fixtures for their homes
9 r. k" Y9 J Q$ Mand are instead opting for more affordable housing options., Y5 u, x1 q( |. Q3 u! z+ h$ d
* V0 G, a8 }/ w Y
In Charlottetown, the housing market started to move towards balanced+ B& X4 \; ?; j8 H, X
conditions, as some sellers had to begin to lower the asking prices on their
: r& W* A' p& Y: D0 Y: @; Ohomes to make them more competitive. Activity from out-of-town and US buyers
( W4 ~, K) ?* Q% M' ]6 Kwas down slightly compared to 2005, likely attributable to the strong Canadian, f; n1 a' \) q; m$ `
dollar. Inventory levels began to creep up in the third quarter, providing, w8 r! Q, h0 Z0 p3 |( V" V
buyers with more options when looking for a home.
& L* f4 i2 ]' k
" K: D" d) ~, y% X, a/ x Activity in St. John's slowed slightly in the third quarter, particularly
- z. j9 v9 @3 R1 x% ~among higher-priced properties, where there was a slight over-supply of homes2 r" F& e/ Q' P$ p
priced over $200,000. Listing periods have increased when compared with 2005, v) k" V7 x) ?0 y
as some of the pent-up demand that had characterized the market over the last/ ^' ~% Q+ |+ ]2 d
few years has been satisfied, resulting in more normal, balanced conditions.
7 G+ c2 l( ^/ K: ?5 K, j- F
- t+ N# R" b/ p: y, i I Montreal's housing market recorded modest increases in average house9 |# n. U5 I8 p V
prices, due to a slight seasonal slowdown in the third quarter as inventory5 I3 ~, g% p5 @) w7 y) h" g
levels rose. Part of this can be attributed to the fact that many renting( Q S2 W @ t$ p5 l
first-time buyers were motivated to close on the purchase of a home by July 1, {. ?2 S" m) H# V2 \
when rental leases expire in Quebec. Once this date has passed some of the; w- j. v$ F& { I4 q7 x
pressure is taken off the market, allowing buyers to visit more homes before& F8 \3 z9 @" @" N0 J( @" h- m
making a purchase.
) k! k0 z7 Y$ A, s
9 C5 l$ ^* q; ~6 T$ s Ottawa held its position as one of the country's most stable housing
8 T8 q2 b4 i$ l+ s2 Y9 x; c6 wmarkets in the third quarter, reinforced by a vibrant local economy and strong
% g% V$ n6 S( a: Kconfidence, resulting in modest increases in average house prices. The city- K) S( Y: x! J$ j1 c5 ^) m' O
centre remained a bright spot in Ottawa, with homes in this area attracting9 L) x# ^+ _6 q# t
attention due to their convenient location and proximity to downtown
2 Z! Z n$ V3 \- Ramenities.
$ L7 h6 q% v" \) Z9 X: g+ K/ D, z1 Z
The housing market in Toronto sustained healthy activity levels
9 f: A; ~/ x: {/ w0 B" b( Z5 B: Othroughout the third quarter, as a strong economy helped to maintain demand
0 ~' u6 n* t" L, S+ u' J0 H% @across the city, causing average house prices to rise moderately. Toronto has
- P( J2 L$ z: vcontinued to experience modest growth in average house prices, and has been. O6 W; B5 d! l9 I9 R+ |
driven primarily by purchasers who are buying homes as their principle
) h0 f( q" o+ a6 C) c" i; Yresidence, rather than for investment.+ D- m! N0 S+ X( n$ e
0 ]+ m* n7 p5 \: n* w% s3 y
The vibrant Winnipeg housing market continued to show its strength as" U9 [( ]* u9 K# L% U3 H
house prices rose during the third quarter. The booming local economy resulted
9 R1 H6 l% d6 D' s( Hin a historically low unemployment rate, helping to bolster consumer# J) [ C$ R4 K7 L' F
confidence and Winnipeg's ranking as the city with the lowest capitalization1 y& ]0 F2 z3 y8 E
rate among the country's larger cities - helped to encourage buyers to enter
9 b# U u% C9 q9 zthe market.# E9 H8 Q) B- S2 ]1 j
& [' I; x5 g+ z# G' D4 y In Regina, the market experienced a slight seasonal slowdown through
3 ^# X0 C; e4 D/ s) Z8 G- JJuly, as there were fewer purchasers in the market due to summer vacations. In, U# }! g0 L0 V/ l% x2 z9 M! u0 b
August, activity resumed to the busy pace previously seen in the spring$ I9 [* c, i D- B+ m
months, as the influx of purchasers made it more difficult to find a home due1 u# y+ p! L4 |8 O/ ?
to the shortage of available inventory.
5 ]& g3 b7 F2 I; \: ~- T( d1 Y6 ^# C1 Y3 `$ C$ ^
Activity in Saskatoon remained brisk as the market maintained its. ? `, n% ` q+ {
momentum from the busy spring sales period. The economy in Saskatoon remains5 y. l7 S) P% [4 a9 e: F
vibrant, as employment opportunities are abundant with many businesses9 c. W" K. H: ?0 O& G( W% |
struggling to make hires and having to recruit outside the province.4 h( A, g0 [8 W' ~5 z
[8 h% p6 f$ x4 a& O
Calgary's housing market recorded blazing average house price increases# U: ^) Q. |. V5 j5 R6 d0 `
in the third quarter, in all surveyed categories. The burgeoning economy, low
7 {& x5 J3 Z1 C0 `) V7 _/ G# Lunemployment rates and low inventory levels remained the leading factors that
6 Q/ G6 \* {4 B$ f6 o! Lpressured Calgary's house prices upwards. However, regardless of the soaring4 ~' t, J/ I* ]6 {6 e
prices that characterized the market - even during the typically slower summer. G2 a; C0 C y6 e/ G
season - it is expected that activity will become slightly more balanced, as Z3 c6 z1 ~9 C
buyers are becoming more reluctant to participate in the frenetic activity.
1 j+ Z/ H2 A. T
; j" S6 o" w% C( ]; e: v. { Edmonton's booming local economy continued to thrive in the third quarter
2 `" J7 T/ d/ w% N4 tas activity in the oil sands north of the city continued to flourish. Edmonton! q( ^+ e! L( x# s0 A5 j+ C8 w' L
remained the hub of activity for those coming to work in the oil industry,& l7 s. x- S/ m P. W1 [! B
maintaining tight inventory levels across the city, resulting in prices9 p$ |6 ? B1 r# g7 A
increasing at record levels. However, as inventory levels continued to improve
4 U9 C7 I1 J# @5 S% G0 nin the third quarter the rate of price appreciation should moderate slightly& ~9 L$ t3 m6 [; s
towards the end of 2006. ! c. n( P! j* q o6 t# w, h
; X. B6 Q9 ~$ f2 MWhile Vancouver has seen a slight reprieve from the severe shortage of* U3 x2 B% d8 y. s2 a
inventory that had previously characterized the market, supply is still unable0 f% [( m; L4 O7 e7 H* G% E- \" S
to meet demand, driving house prices upwards. Vancouver has a very diverse
. y3 l8 Y2 v# v L/ S! L. O' Xgroup of active buyers - from first-time home buyers to baby-boomers to4 ~6 s3 S* @( g
foreign investors - all of whom fuel the demand for houses, placing added! S3 X8 S& ^% v$ f! q9 D9 p
pressure on tight inventory levels.6 {' E& p) M# ?! s+ X; K0 l$ K9 r; O
- F7 e4 E# @! \" W
Victoria's market is vibrant and supported by strong economic( q* y, d* x' \) s1 ?+ B7 R
fundamentals, fuelled by a booming tech sector and a migration of young people
3 U1 u7 b% D' U$ X- _" ~into the city that has continued to support the area's house price increases;
( c( { t I6 @- |- qwhile increased inventory levels have afforded buyers more time when searching; K% p9 F' h( n: n @, W. `6 I0 r
for a home, helping to normalize the market's pace.' m N" j% n# J' W( }
' B* l% ^5 {; A9 D1 _) k8 L <<* P1 S. r# v, ]) q5 v& \' d
Survey of Canadian Average House Prices in the Third Quarter 2006* k0 H6 o& P& ~8 ^
8 Z/ m0 d2 h, i3 @4 l9 j/ }
-------------------------------------------------------------------------0 A- K. Y ^3 V/ R7 e5 S
Detached Bungalows Standard Two Storey
* n* A2 N& u' A. R$ [( d -------------------------------------------------------------------------
: f0 R- `) z7 M9 f# b4 |' h 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
9 u. m% z: I0 h7 j" l4 s- c: b Market Average Average % Change Average Average8 f, ^- A) f' U# `6 e( i1 l7 k
-------------------------------------------------------------------------. @" L" F S0 L. s( F- A( F
Halifax 186,333 173,333 7.5% 198,667 199,000
; w' ~. Z# Q/ ~" G6 H -------------------------------------------------------------------------9 {0 W" Y$ a5 r0 F/ ?0 o& |" y
Charlottetown 145,000 141,000 2.8% 175,000 170,0009 ~4 Z) r7 o7 x. f3 U& a6 ?
-------------------------------------------------------------------------
1 k2 M; W7 O! P( F* k Moncton 135,000 127,000 6.3% 129,000 123,000
: Y# o) G3 z5 ]4 _8 X5 o ------------------------------------------------------------------------- k/ b8 R& n" r& x$ ?' K/ e9 l7 w7 g9 g
Saint John 141,200 142,900 -1.2% - -
8 M5 t* O3 P. d2 _ -------------------------------------------------------------------------
/ H; w% b, H9 P St. John's 143,667 142,667 0.7% 200,667 202,333
1 ~* @0 r' Z& t5 j -------------------------------------------------------------------------
( _# V' W3 N) |; C5 G9 ]/ d+ S; U Atlantic 150,240 145,380 3.3% 175,833 173,583. u! J# p) Q" s# x; v
-------------------------------------------------------------------------$ p: B& t$ X1 l) i; {* s: u9 ?( O
Montreal 213,691 203,500 5.0% 321,141 316,1854 ?+ I: e0 B( n7 |
-------------------------------------------------------------------------$ Y/ A% b" C/ w; L0 x- \
Ottawa 290,083 278,417 4.2% 285,667 273,250
8 h! y2 k4 W' w2 x -------------------------------------------------------------------------7 a+ Z8 E1 m! i7 D7 {! I9 z) @4 H
Toronto 373,368 355,882 4.9% 481,523 474,766- M- E8 [* b7 m U
-------------------------------------------------------------------------- c9 q, N; h* S8 H: Z y2 m6 S) ~9 p
Winnipeg 181,579 159,860 13.6% 202,337 180,707
K# |" R# J# R- |" ?6 z -------------------------------------------------------------------------
( Z; D7 q& a t- m. ] Saskatchewan 170,667 156,083 9.3% 182,600 166,500( P+ l2 N5 a: m2 W" R
-------------------------------------------------------------------------
) Z$ m4 y9 k6 p+ [5 B+ E Calgary 395,067 252,411 56.5% 405,778 264,389
, j' e+ ]+ R* T5 m/ `# D9 ~ -------------------------------------------------------------------------
; p; |( m9 b2 f( i& T- l) ]# D Edmonton 286,857 194,857 47.2% 316,429 206,714
. {% v2 c- \& ]9 ` -------------------------------------------------------------------------
3 A1 P0 N4 w- D2 _; z. w Vancouver 704,250 601,000 17.2% 794,000 697,500 \ X- w- b0 _4 E" n
-------------------------------------------------------------------------
7 e$ x+ G2 V% |9 l5 N Victoria 375,000 348,000 7.8% 403,000 391,000
) x) V7 S6 y. M% _% |: O$ W -------------------------------------------------------------------------8 r0 G/ k; k. j0 d
National 300,365 258,202 16.3% 365,380 322,860
, x0 L0 H$ L1 T! F6 o! ?! z% z, X -------------------------------------------------------------------------
1 |1 Y+ ]% H1 b; {: ^
! T4 V1 q) P, o -------------------------------------------------------------
. u' W* k- A6 H+ a# G Standard Condominium
6 B9 Q9 |. k* Q7 M/ L7 ?5 q4 c( k -------------------------------------------------------------5 z w" C; J% ^- Q. Z; ^- ?+ P
2-Storey 2006 Q3 2005 Q3 Condo% K- E) d- K3 e
Market % Change Average Average % Change
+ X6 M& t0 [$ y -------------------------------------------------------------
; ?7 {; ~3 P" T. ]( g7 @ Halifax -0.2% 142,000 103,000 37.9%
* N+ @' `7 D* K7 O; Z -------------------------------------------------------------7 X+ r' V0 J+ R( D6 J1 z+ u, v
Charlottetown 2.9% 98,000 98,000 0.0%8 j0 [) Z0 V% f- q) c/ `
-------------------------------------------------------------
: c1 b& f2 N- k9 ]) ^2 k! }4 U( z Moncton 4.9% - - N/A
6 z$ {( H4 B0 G4 ^8 e' J! P -------------------------------------------------------------. Q# B1 E$ G% g! V# K6 N
Saint John N/A - - N/A/ ]% W& \7 H" M
-------------------------------------------------------------
1 O8 |5 j7 \ k& t# W$ u3 y St. John's -0.8% 146,333 145,667 0.5%( U i8 z- V3 t" m; P, h) T
------------------------------------------------------------- d8 I6 y# _* i J* O
Atlantic 1.3% 128,778 115,556 11.4%
, l: a2 Q) a) a' e! O0 p$ t3 r9 ^: N -------------------------------------------------------------
: Z i& m0 V4 P6 l Montreal 1.6% 193,190 188,016 2.8%6 D/ ~0 Q/ `% h2 E
-------------------------------------------------------------
8 ]* R8 A/ W3 E+ N$ Y Ottawa 4.5% 181,083 172,250 5.1% R _; r3 i9 ]+ y, [( [
-------------------------------------------------------------
/ G; T* O# I+ a Toronto 1.4% 252,088 242,918 3.8%; M. ]* R6 U' m% W5 i6 t: c
-------------------------------------------------------------
' }8 \$ N& H0 @3 h& |3 s0 L: ]3 S Winnipeg 12.0% 105,648 96,008 10.0%3 h+ X7 x6 d: N9 B8 E8 h7 Y
-------------------------------------------------------------
/ x. {8 o$ F& [ U3 v5 w Saskatchewan 9.7% 106,250 101,000 5.2%
/ p8 s$ E# S5 U -------------------------------------------------------------5 W% \6 W7 A" U
Calgary 53.5% 245,844 153,867 59.8%, w j! B! k. ]- d' B) P
-------------------------------------------------------------
; {- V8 z8 S% @ Edmonton 53.1% 200,433 131,500 52.4%9 h2 |7 P2 o; B# X
-------------------------------------------------------------
( m6 V3 X& E, Q; \5 p/ n Vancouver 13.8% 366,250 323,250 13.3%7 Z: l c0 \8 @
-------------------------------------------------------------
" j* q8 {2 Q( \+ ]5 w$ E Victoria 3.1% 229,000 220,000 4.1%
1 p* h; i! D6 \, G& | -------------------------------------------------------------
& n% z. m) {% d+ V" a/ g National 13.2% 211,562 185,296 14.2%
+ Q* t6 B0 ^# H/ m* h8 j- [ -------------------------------------------------------------
- u7 a+ c; f8 V2 T5 r. o >>6 Q- a# W6 s$ u. _
c# s* V# N8 k1 f
Average house prices are based on an average of all sub-markets examined
8 D0 i8 Y1 c+ M. G* Q6 J7 X ]2 R: Kin the area, except for the smaller markets of Charlottetown, Moncton, Saint
" {4 H7 y4 f0 ?! ?% z# {John and Victoria.
* v( X3 W2 I: k2 P, |9 E$ _) }0 V. C5 d$ u5 _, W- _
The Royal LePage Survey of Canadian House Prices is the largest, most
! e' D! V6 |% N6 P0 T0 @3 `- qcomprehensive study of its kind in Canada, with information on seven types of
; T" |; S. A: v5 S, ~6 \) c* n9 Phousing in over 250 neighbourhoods from coast to coast. This release$ |6 p9 }- }/ H0 F8 f
references an abbreviated version of the survey, which highlights house price
4 w; H T& K+ _3 d2 \1 Ptrends for the three most common types of housing in Canada in 80 communities
1 Z' u0 m9 H: G4 |( ?& D* Sacross the country. A complete database of past and present surveys is8 z- x0 w. N; ^% G6 N3 A+ k- c
available on the Royal LePage Web site at www.royallepage.ca, and current
" B+ T0 a7 m5 {( `" z5 Dfigures will be updated following the end of the third quarter. A printable& ]1 x3 f; d ]8 n+ Z# B0 `
version of the third quarter 2006 survey will be available online on
; }' V+ B6 x: d+ m. ]( UNovember 15, 2006.
3 k) O4 R p- h+ n+ b5 O6 M Housing values in the Royal LePage Survey are Royal LePage opinions of% \% I, H `5 D& v5 N
fair market value in each location, based on local data and market knowledge9 C! p; e0 T: c! t j0 q5 L
provided by Royal LePage residential real estate experts. Historical data is4 N2 m( h Y; Z
available for some areas back to the early 1970s. |
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