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Royal LePage Survey of Canadian Average Home Prices: Grater Toronto Area highlights

Submitted by Jasmina on Fri, 2006-12-15 17:08.

TORONTO, Dec. 14 /CNW/ - Canada's housing market remains strong as 2006 closes, house prices forecast to increase by 6.5 per cent in 2007: Fuelled by a vibrant economy and strong consumer confidence, Toronto's housing market sustained robust activity levels in the fourth quarter.

The upward pressure on house prices in Toronto eased slightly during the fourth quarter due to an increase in listings, and the frenzied conditions and frequent multiple offers which characterized the market during 2005 were no longer widespread.

Sellers have had to be mindful to not over-price their properties, as buyers have been passing over homes that are unreasonably priced. Conversely, homes that show well and are priced accurately have continued to sell quickly.

Average house prices are based on an average of all sub-markets examined in the area:

Home Type                   Q4 2006        Q4 2005    % Change
Detached Bungalows 378,406 361,188 4.8%
Standard Two Storey 480,455 458,827 4.7%
Standard Condominium 255,345 241,772 5.6%

The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A printable version of the fourth quarter 2006 survey will be available online on February 15, 2007.