Canada's Housing Market Both Vigorous and Stable

Submitted by Jasmina on Tue, 2006-10-03 23:08.

Canadian Real Estate and MLS Listings: Q3 Royal LePage Survey of Canadian House Prices

Of the housing types surveyed, the highest average price appreciation occurred in detached bungalows, which rose to $300,365 (+16.3%) year-over-year, followed by standard condominiums, which rose to $211,562 (+14.2%), and standard two-storey properties, which increased to $365,380 (+13.2%). "Canada's sturdy housing market continued to demonstrate steady growth during the third quarter. For all but the west, we have moved on from the frenzied expansion that characterized the first half of this decade, and are poised to show continued growth at a more moderate pace,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services. “Gone is the sellers' market that we have lived with for some years. We welcome the more reliable conditions that are characteristic of a healthy balanced market."

In Ottawa and Toronto, growth remained steady, supported by solid economic fundamentals, an increase in available inventory and strong consumer confidence. While the pace of price appreciation in Ontario leveled off slightly, the province's real estate market remains poised for modest growth... While the pace of growth in Canada has slowed, the domestic housing market is expected to outperform the American market. The economic and financial fundamentals driving the residential real estate sector in Canada are markedly different than those found in the United States.

You can download complete report and National Price Chart in PDF format.