Home sales up 12% year over year
Garry Marr, Financial Post
Published: Friday, March 30, 2007
Home prices for the first three months of this year rose almost 12% from a year ago in a clear sign that market still has legs, says one of the country's leading real estate companies. Royal LePage Real Estate Services Ltd. says the price of a standard two-storey house in Canada was up to $378,148 at the end of March, a jump from $338,228. Bungalow prices rose even faster, jumping 14.9% from a year ago to an average price of $316,993. Condos rose 16.3% from a year ago to an average of $230,146. "The strength of last year's housing market has carried into the first quarter of 2007, creating a robust market, chock-full of activity with house prices rising in all major cities," said Phil Soper, chief executive of Royal LePage. The firm said low interest rates and strong consumer demand are driving the market. Another factor making the national numbers look impressive is the strong results from Western Canada. Alberta's booming economy continues to be a driver for the entire country. In Edmonton, prices rose more than 50% from a year ago in the two-storey and bungalow categories. Condos were even hotter in Alberta's capital, with a standard apartment now fetching $261,600, a 72.1% increase from a year ago. The Alberta boom appears to have had a ripple effect on Saskatchewan, driving two-storey home prices up 36.2% in Saskatoon. However, you can still get a standard two-story home in the city for $189,000.
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