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Canada's housing market both vigorous and stable
2 @2 q; G9 P/ |2 [. s( r6 s
8 j* T4 A4 g6 o% O& t- N- Country's market poised to show growth throughout 2006 -; Y+ L, l0 z; q- k# q6 y" y+ P
2 H9 D A/ B( g2 u
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
4 ]% O; Y6 T# n2 Eexhibited moderate price increases and stable unit sales during the third
0 W3 ]8 L" ]- q+ zquarter. Wide regional variances continued to be the dominant characteristic
* `$ O0 a4 s0 @8 |" U0 tin the market, exemplified by frenzied levels of activity and double digit5 f2 y+ C; p/ a8 u
price gains observed in the energy and commodity rich Western provinces, and" |; c3 U- d# ?. k
more reasonable sales volumes and moderate price appreciation in Ontario,1 Q0 l+ {8 _4 v
Quebec and Atlantic Canada, according to a report released today by Royal, [/ g& c2 I8 `: _* h
LePage Real Estate Services.* M' e; u. I# C% w8 z S
9 k! N- U9 Q8 I( ]# K7 W2 w8 g) I Nationally, market trends established through the first three quarters) m- w# } [) l
are forecast to continue for the remainder of the year. Robust economic4 ^) D% B$ Z/ Z8 h! b$ r
conditions, low unemployment rates, modestly growing salaries and wages, and5 g9 L. ^' \* w( h4 ~1 i& W% ]
sound consumer confidence contributed to the overall strength of the7 r4 m8 C; @1 h! s0 R5 ?
residential real estate sector.$ N/ K8 H' Y4 u* f: Z0 m- X
, [3 {3 Z% u+ x+ y. V% {& f
Of the housing types surveyed, the highest average price appreciation
6 Z7 c. ?# J1 v8 w/ {occurred in detached bungalows, which rose to $300,365 (+16.3%)
% p2 e* R& w9 Y4 j, b' f( M3 gyear-over-year, followed by standard condominiums, which rose to $211,562
* e2 a) P b+ A(+14.2%), and standard two-storey properties, which increased to $365,380
& ^ d' X; r2 C. A- ~6 ](+13.2%)., U1 j5 w4 ~ V" v3 {. C) Q
, g' ^# U9 e p C6 u% ?1 d
"Canada's sturdy housing market continued to demonstrate steady growth
4 g: C/ d4 V# \; e+ Z1 Mduring the third quarter. For all but the west, we have moved on from the' Q# W) B' r, m5 O( l5 ?
frenzied expansion that characterized the first half of this decade, and are+ H, k( B1 u! X+ M% J# W0 T
poised to show continued growth at a more moderate pace," said Phil Soper,! }5 u( ?- ~! s) ]' S
president and chief executive officer, Royal LePage Real Estate Services. w- _% o% i+ Z6 `( T
"Gone is the sellers' market that we have lived with for some years. We2 R$ y3 o# J% t
welcome the more reliable conditions that are characteristic of a healthy
* R4 q1 m3 \+ mbalanced market." m" Q4 G' s, f$ q3 D9 F# @ S3 C
$ t7 v- `2 t ` Despite the double-digit rise in average national house prices,
1 f% ^* A( O$ \, xconsiderable regional variances were exhibited again this quarter. The shift
" i% `% q5 D1 Q s) l$ [to balanced market conditions, which began in late 2005, has continued
3 y7 |/ u0 t ] vthroughout most of the Central and Eastern regions of the country. In the core
$ b* i' v x' C/ X# `energy producing western provinces, the combination of very high in-migration,/ N* V; Q" l# E0 t
manageable affordability, and a shortage of inventory has driven record& s, G5 Y0 q. j$ K3 ?- P- f: ?
breaking price appreciations.
- i) ^. d8 e" E7 ~# E! L1 r& q, N# u" c8 K8 \
Echoing the second quarter and supported by Alberta's rapidly expanding$ @% v [: A$ d1 t4 `
economy, Calgary and Edmonton led the charge of Canadian cities with the+ B0 z' ]' P/ P3 ` {) e7 E
largest house price appreciation in all housing types surveyed.
& b% J/ r# C, L3 J( c
( B" `1 A3 C- U- R2 X2 N In Ottawa and Toronto, growth remained steady, supported by solid+ y/ y3 \; l) a* j
economic fundamentals, an increase in available inventory and strong consumer5 [# g( V2 y) A+ c7 z2 x3 ?7 N
confidence. While the pace of price appreciation in Ontario leveled off. i0 u2 W) P' o0 Z0 Q/ p1 Z \
slightly, the province's real estate market remains poised for modest growth.
( k% `2 [4 w# K" U' j( ]In Atlantic Canada, new housing and condominium construction offered buyers
: P$ i) y; y7 b9 tgreater selection at more competitive prices, resulting in a slower rate of
6 u% K! b, g8 V/ n( Uprice appreciation when compared with 2005.4 O- h7 I0 l: p: b' ]3 T
8 d- u) i0 t* M w& o2 v
While the pace of growth in Canada has slowed, the domestic housing* {7 n; S; S" g3 g
market is expected to outperform the American market. The economic and
. v1 N6 Y+ g+ D- o) wfinancial fundamentals driving the residential real estate sector in Canada
P) M; K6 U' W$ L- J7 }are markedly different than those found in the United States.6 v% ~2 ?/ F7 f& P( [' A1 W' b+ r! R
9 h; r! h6 H7 p) g! B& x Added Soper: "Canada's housing market is likely to outperform the
( U$ Y" S3 s; kAmerican market through 2007. A number of factors are working in Canada's
% o) z9 [" H) l2 g! }" gfavour, including healthy personal and governmental debt levels, the/ Y" ?. I3 Y2 q
relatively modest rise in interest rates in our country, and general
; [$ H0 `/ V. G I, U% H% Jaffordability in our major cities. In addition, Americans are now seeing the
/ A/ T: _2 @4 ]7 i- u; adownside of a tax system that encourages maximum homeowner leverage, and& k W6 U* ?' Y/ `$ B& M
aggressive financial products such as zero- and negative-amortization
% [+ r3 X+ a* n- fmortgages that work only in a high price growth environment."0 z& n$ n$ q% g& @! r
+ |$ _; x$ E8 Y: D/ s% ]. d <<: A8 O* I- l) u; k# L$ T
REGIONAL SUMMARIES8 B, U& c3 b8 @6 g2 h$ X) z
>>
- m9 r9 f5 Y8 C# D; c7 ~& M* |( d$ ?( _" g; L! S3 Y& ]( S( g
Balanced conditions continued to characterize the housing market in* A \: k0 _9 N
Halifax, as significantly higher inventory levels helped to moderate the rate
; e( ?; f* y$ j9 z3 l) ~+ g2 nof price appreciation. Buyers were increasingly choosy, taking more time
5 u$ g: Y4 w, S. F9 Ilooking for newer, low-maintenance properties that were not in need of$ Q: v+ M M- p _2 ~7 n
renovations.
/ E* _# x# T6 x
. x2 {, D0 |) D3 s8 f' v5 W$ i D+ s The housing market in Moncton remained healthy and strong as a slight
+ l$ M5 O* @$ h! ]increase in inventory helped to moderate the rate of price appreciation% F0 e0 ?4 z- o0 X# k \1 t
compared to the same period in 2005. Activity was brisk throughout August and
5 a/ X3 O- x: G0 pSeptember and is expected to remain this way through the fourth quarter.7 n8 K; d B. q" ?
/ B: Y' b- i$ z% j The housing market in Saint John underwent its traditional summer5 \: W7 K4 m8 s+ I
slowdown in the third quarter, with activity picking up towards the end of the
8 d4 @: g. C$ Q( g" }, r% @! T+ Rquarter. The local economy continued to thrive, as construction on a new
- t5 R5 D- r e2 u2 `, E) d$ j3 j600,000 square-foot shopping area has begun, bringing several new box stores6 V0 d4 A. V7 a; l% Y' B& U
to the area. Buyers have begun seeking less expensive fixtures for their homes
% H% K& D0 y. a! Q9 \3 U6 S1 h( _; Wand are instead opting for more affordable housing options.
9 p$ ^1 Y/ L Y' r+ Z* A; H6 W! j K. q- ^
In Charlottetown, the housing market started to move towards balanced) F e# X6 P0 E
conditions, as some sellers had to begin to lower the asking prices on their
# |/ ^% d0 X* Q' b9 f4 Vhomes to make them more competitive. Activity from out-of-town and US buyers8 J7 c8 |4 y" v* }
was down slightly compared to 2005, likely attributable to the strong Canadian5 R9 W) y3 H! ~5 `! a5 u) Y
dollar. Inventory levels began to creep up in the third quarter, providing
5 O9 l6 d1 a$ Ibuyers with more options when looking for a home.
6 u G6 z) K3 ], p. Z
: _# @; }/ T; z6 M! x( O Activity in St. John's slowed slightly in the third quarter, particularly! K c1 P/ i$ [$ x" {6 }" D
among higher-priced properties, where there was a slight over-supply of homes; C1 z- c. l& Q7 D+ j
priced over $200,000. Listing periods have increased when compared with 2005,
- F4 H7 Y3 {. b. l' R( has some of the pent-up demand that had characterized the market over the last
: m9 L9 P; w ^1 _- F m& W8 ]3 Kfew years has been satisfied, resulting in more normal, balanced conditions.
% G+ O3 Y& [+ K
3 w( U6 ^+ [" F6 r Montreal's housing market recorded modest increases in average house
, M0 a$ V* a' n) W5 bprices, due to a slight seasonal slowdown in the third quarter as inventory0 ^/ D; r9 c) E7 `+ H
levels rose. Part of this can be attributed to the fact that many renting
9 F+ U/ u, _' ?, @2 E! ` o& Afirst-time buyers were motivated to close on the purchase of a home by July 1,2 X& r! b6 b( o |
when rental leases expire in Quebec. Once this date has passed some of the# G/ Q( v4 ]. B% i3 t) _
pressure is taken off the market, allowing buyers to visit more homes before
2 B5 l* j+ E( Tmaking a purchase.
6 v! M9 i9 H: }; I
6 p' {* v! \4 P! T Ottawa held its position as one of the country's most stable housing
0 p% p8 j/ g* B5 A0 Wmarkets in the third quarter, reinforced by a vibrant local economy and strong5 n/ D+ [6 a$ n# l; q0 {* t( a+ F
confidence, resulting in modest increases in average house prices. The city
2 f& r8 r* c1 |2 mcentre remained a bright spot in Ottawa, with homes in this area attracting
- ^; S$ l* u/ D. \) \attention due to their convenient location and proximity to downtown/ A4 u: S: D" X8 p6 V0 S- R
amenities.
/ s7 P% g' ^. ?/ B- @& M3 x3 ]
The housing market in Toronto sustained healthy activity levels
2 d. h7 ~# v. k8 w# \2 @1 [2 Xthroughout the third quarter, as a strong economy helped to maintain demand
5 |, I8 w; Q9 t+ ~& O$ R9 bacross the city, causing average house prices to rise moderately. Toronto has
5 m2 \: l2 B4 U/ ^- j8 n: T! Lcontinued to experience modest growth in average house prices, and has been
9 t% a1 i2 w1 ?2 E0 A9 y9 {6 Pdriven primarily by purchasers who are buying homes as their principle
- s o( b' P- j" qresidence, rather than for investment.5 M9 |% Q! Y" L* o; w
% x8 N5 e0 U- R# [0 ?: z$ H; }# G/ d
The vibrant Winnipeg housing market continued to show its strength as# ~1 \6 u* R3 h6 T. \
house prices rose during the third quarter. The booming local economy resulted
/ n& i3 T3 ^: cin a historically low unemployment rate, helping to bolster consumer
7 B, n4 p" }' u( Y5 `confidence and Winnipeg's ranking as the city with the lowest capitalization
9 V2 A7 K4 m+ c3 e* Drate among the country's larger cities - helped to encourage buyers to enter
: j" W- Q$ p& ?5 [& B9 dthe market.
# J& _. `3 |* S# @2 {/ N& v) y4 \' Y3 \2 n" T2 s. {: U3 A
In Regina, the market experienced a slight seasonal slowdown through
9 [; q( Y* u' G9 WJuly, as there were fewer purchasers in the market due to summer vacations. In
0 ^5 l* @6 f1 a+ v7 y# |1 sAugust, activity resumed to the busy pace previously seen in the spring- H! }2 J. h3 `% c1 [" D+ j
months, as the influx of purchasers made it more difficult to find a home due) t6 ^# Y8 g* `
to the shortage of available inventory.! O& Z, S. C7 H6 r6 _. z/ d
; V8 q2 i3 b$ x Activity in Saskatoon remained brisk as the market maintained its# h# g- N& z2 ?* {, q
momentum from the busy spring sales period. The economy in Saskatoon remains
3 j; c+ e' m$ J- e, d( t" @vibrant, as employment opportunities are abundant with many businesses
1 A( N8 C: F$ ^$ D: U: G+ Rstruggling to make hires and having to recruit outside the province.
* [1 ?) w5 ? p$ i5 n. y& }4 u& J' E& T3 p
Calgary's housing market recorded blazing average house price increases
! p% `, A$ \- Q) pin the third quarter, in all surveyed categories. The burgeoning economy, low
2 ~9 R; G+ G5 a t. o1 Z0 o3 Dunemployment rates and low inventory levels remained the leading factors that* ~5 D2 X/ v( e
pressured Calgary's house prices upwards. However, regardless of the soaring
+ L! e9 H" R9 l4 Yprices that characterized the market - even during the typically slower summer
' s! k b# X/ D, Z* qseason - it is expected that activity will become slightly more balanced, as8 j" C7 Z: v2 H( ?3 E# x
buyers are becoming more reluctant to participate in the frenetic activity.
; `+ x8 `$ w6 v& [7 m
" }" S$ L3 x$ A/ V0 i Edmonton's booming local economy continued to thrive in the third quarter+ j |9 t/ ?& @/ u! Z2 L) M9 r! ^
as activity in the oil sands north of the city continued to flourish. Edmonton1 h8 G. G, P6 {! s
remained the hub of activity for those coming to work in the oil industry,# h: ?2 e' S; Q& F9 h. s
maintaining tight inventory levels across the city, resulting in prices+ f" Y* j k7 c' ?4 [
increasing at record levels. However, as inventory levels continued to improve
1 ?7 T' C* N' h& R" G5 F- xin the third quarter the rate of price appreciation should moderate slightly
3 l* b0 ?+ y* `5 Gtowards the end of 2006.
. s j4 ^2 R) D
+ Q/ l1 E( R+ E8 h. ^# PWhile Vancouver has seen a slight reprieve from the severe shortage of
% n% Z- C0 a! A' |inventory that had previously characterized the market, supply is still unable
1 J* v! j5 U8 s- T' ]" q, eto meet demand, driving house prices upwards. Vancouver has a very diverse% M: X3 `0 U$ {
group of active buyers - from first-time home buyers to baby-boomers to @ {: S* ]# y' N" Z o5 o
foreign investors - all of whom fuel the demand for houses, placing added
v6 s- F$ d$ [* ]( vpressure on tight inventory levels.
2 b+ ~7 S1 W# H( V- s: B5 _( d# B$ k' W* Z
Victoria's market is vibrant and supported by strong economic- T% @. u: }9 n9 T" G9 M2 {+ h
fundamentals, fuelled by a booming tech sector and a migration of young people
- A% q% W, r6 j# }% Sinto the city that has continued to support the area's house price increases;
" n" E6 I# S X( @! Y) {while increased inventory levels have afforded buyers more time when searching
6 n" l8 m& u' ?for a home, helping to normalize the market's pace.9 F" E/ S! K& R9 X) ?; h
& v: k: @+ ]4 |; m# y
<<7 i, y8 G6 r! z" }4 J
Survey of Canadian Average House Prices in the Third Quarter 2006; G& K3 }; m3 ~! ~7 o5 u
3 t5 W* X3 b! q7 _3 K" M: n
-------------------------------------------------------------------------* E* ?7 n. ~* t& T3 _# V! l+ A
Detached Bungalows Standard Two Storey1 l7 \# J3 f/ q1 @" o. e- ]
-------------------------------------------------------------------------1 |+ o; c6 {9 `
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q39 V) e! h1 s& q' K
Market Average Average % Change Average Average
* c6 Q$ ~* K9 f -------------------------------------------------------------------------
7 }7 }7 m: E' B* p8 D0 k5 d+ a Halifax 186,333 173,333 7.5% 198,667 199,000% t' ~* n2 B. S9 r( y' k
-------------------------------------------------------------------------
5 K! {+ A& t1 V, Q" D3 P Charlottetown 145,000 141,000 2.8% 175,000 170,000
6 K$ m- h- H1 m- W# E -------------------------------------------------------------------------
( ^( `: y0 F& V( x$ b* z* T Moncton 135,000 127,000 6.3% 129,000 123,000/ n" @5 T& c# N3 P" J4 g+ c' L' o
-------------------------------------------------------------------------
# R% ~$ \! C8 [; ~( y: r Saint John 141,200 142,900 -1.2% - -
4 B0 T G& k: m$ Q9 U7 ? -------------------------------------------------------------------------
* X5 ?: Q+ [$ g/ [: i St. John's 143,667 142,667 0.7% 200,667 202,333/ @% y' w- L' k# U6 S$ P y
-------------------------------------------------------------------------& r: Q) J6 _7 D. N- H
Atlantic 150,240 145,380 3.3% 175,833 173,583" P7 d8 f+ `' h) ~& ^. E
-------------------------------------------------------------------------
5 P) f8 o8 o& U Montreal 213,691 203,500 5.0% 321,141 316,1850 Z) n9 H- c/ g& h4 p
-------------------------------------------------------------------------9 A, Y) \* s/ C4 I! m1 S
Ottawa 290,083 278,417 4.2% 285,667 273,250 @" t0 N9 D, F) _6 K/ b {5 U
-------------------------------------------------------------------------4 u1 t2 t8 I3 t$ V* x
Toronto 373,368 355,882 4.9% 481,523 474,7662 s. X2 T9 G% D# d- A7 i
-------------------------------------------------------------------------4 ~- T$ s+ K! {! i
Winnipeg 181,579 159,860 13.6% 202,337 180,707* j! J1 ]! m+ S! s! I2 s
-------------------------------------------------------------------------
2 n$ z2 B z5 a0 ^# W, @ Saskatchewan 170,667 156,083 9.3% 182,600 166,500
5 u- _" [0 p- J( ]: e, C. H9 i -------------------------------------------------------------------------
$ Q- D H; E7 _, C2 Q" x Calgary 395,067 252,411 56.5% 405,778 264,389 y- d+ l. c! y- ?# w' n" W
-------------------------------------------------------------------------/ m! C2 W$ q: Q p
Edmonton 286,857 194,857 47.2% 316,429 206,714
7 U$ S1 e9 M# u- M -------------------------------------------------------------------------/ |3 ?; B9 U$ b: _
Vancouver 704,250 601,000 17.2% 794,000 697,500$ E/ e+ ]; o, t; m& Y2 |3 _! W) o* Z' s
-------------------------------------------------------------------------
0 l2 ]; ^8 X$ g0 a5 d Victoria 375,000 348,000 7.8% 403,000 391,0000 w( s3 t4 X% e/ c" @" V: Q' }" U- e _
-------------------------------------------------------------------------
( o+ ?# i! w& b National 300,365 258,202 16.3% 365,380 322,8606 ?; [' D: h) }+ ?9 h* o
-------------------------------------------------------------------------
# r4 W/ Y7 B B* \7 J0 Q& H2 M6 K- k3 [) T* u, }& ?. f4 a' K
-------------------------------------------------------------
4 L4 ?) o- p/ w; S Standard Condominium
4 X8 {8 l7 t ? -------------------------------------------------------------+ J4 r! ]7 f3 \5 A# w. S" M
2-Storey 2006 Q3 2005 Q3 Condo
8 x# D1 x2 R: a Market % Change Average Average % Change
: x, l2 l; m3 G+ Z$ o+ L7 [0 m -------------------------------------------------------------
: ], v8 n; ?8 q Halifax -0.2% 142,000 103,000 37.9%
2 N' h+ \' `0 K" K' a- s S -------------------------------------------------------------4 j4 ]) O* c6 _' T
Charlottetown 2.9% 98,000 98,000 0.0%
% R2 _; z( Q7 H -------------------------------------------------------------
3 j; E' p" U! f0 o: f Moncton 4.9% - - N/A! Y) i# g2 o$ B+ L) f h) z5 z5 U5 B
-------------------------------------------------------------
2 I. d0 D. P; i5 J- w: y8 `9 _9 | Saint John N/A - - N/A
% t8 n; }9 J& E% C" b -------------------------------------------------------------
6 {( T+ A, J$ e: y St. John's -0.8% 146,333 145,667 0.5%' A7 E. ]' F# ]- D- ^; N
-------------------------------------------------------------6 M4 C& e9 }. p
Atlantic 1.3% 128,778 115,556 11.4%
, O- }1 ^, i. U3 ?& i) X/ Y -------------------------------------------------------------: ?: w( C7 ?9 [7 \
Montreal 1.6% 193,190 188,016 2.8%
2 Z; k. R. L9 r4 `3 w: J1 j/ P' P -------------------------------------------------------------# f, s- j$ B& R: x/ F; z; J2 ]
Ottawa 4.5% 181,083 172,250 5.1%; g' b4 w) L7 _/ C3 I' O
-------------------------------------------------------------
- k' U- b! K$ n* s Toronto 1.4% 252,088 242,918 3.8%
% R- P: W3 c, |& [ -------------------------------------------------------------" n- d1 _7 U2 F5 L- `! c7 ^& E
Winnipeg 12.0% 105,648 96,008 10.0%0 {/ Y5 ?4 p9 W D5 j6 q
-------------------------------------------------------------
2 t+ m$ F6 `. f; m Saskatchewan 9.7% 106,250 101,000 5.2%
4 e4 J# @; R( n9 A9 o -------------------------------------------------------------
4 u, T9 K0 w1 w( b7 u" I& m3 \ Calgary 53.5% 245,844 153,867 59.8% e2 `; y& l! Y2 B) e
-------------------------------------------------------------/ x' R& r* s9 x: r& M1 h$ S( C
Edmonton 53.1% 200,433 131,500 52.4%$ }( l$ w( v& F& D- z% o5 N+ o
-------------------------------------------------------------7 {4 }, w: h3 m0 M$ G; m
Vancouver 13.8% 366,250 323,250 13.3%* n" R7 R6 R3 \
-------------------------------------------------------------
& |' @7 y; ~1 o, o- q Victoria 3.1% 229,000 220,000 4.1%4 Z$ u3 {1 N5 P9 v0 ]$ s6 P m
-------------------------------------------------------------0 G3 d ^3 a# D+ d
National 13.2% 211,562 185,296 14.2%6 P# i9 q! C# @9 S* m6 {& c6 p @
-------------------------------------------------------------
2 m g9 ^! \% S7 r0 E0 { >>
* N" {2 z- n$ x4 A4 ^$ k* g! P! {, l6 C- t- z" q9 A) E8 y
Average house prices are based on an average of all sub-markets examined* b# ^0 a' u8 ^( {$ K& T8 B/ x
in the area, except for the smaller markets of Charlottetown, Moncton, Saint
8 Q+ _4 I9 w- `John and Victoria.
0 G3 \5 r; V0 k+ R. @2 V; U
) q3 d- \6 V; K# v6 x- i5 K The Royal LePage Survey of Canadian House Prices is the largest, most4 [: K6 j M2 X$ H4 T7 z" U
comprehensive study of its kind in Canada, with information on seven types of
: q: _7 _' @# \2 p; a) x/ _housing in over 250 neighbourhoods from coast to coast. This release, L5 W4 u% d: v5 p
references an abbreviated version of the survey, which highlights house price
: H, M% e+ X$ a- T! Z1 btrends for the three most common types of housing in Canada in 80 communities: d" q8 u: _ c, j0 H) S! P' Q! j
across the country. A complete database of past and present surveys is+ y; U/ V" M8 r8 N" N: }
available on the Royal LePage Web site at www.royallepage.ca, and current
* G* s' H( w$ W q3 jfigures will be updated following the end of the third quarter. A printable0 F" o2 d& _' l+ S+ _
version of the third quarter 2006 survey will be available online on
8 b7 z! Y! a* t* D# K9 rNovember 15, 2006.0 y& u1 ?- K/ }6 P$ A. Z
Housing values in the Royal LePage Survey are Royal LePage opinions of( S1 V% y0 M9 y4 u) I, d5 X
fair market value in each location, based on local data and market knowledge3 d& C* @: c2 W ~
provided by Royal LePage residential real estate experts. Historical data is+ Q3 [7 l$ F5 R8 d9 `
available for some areas back to the early 1970s. |
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