Monday, November 19, 2007

Average house prices anticipated to rise by 9.5 per cent nationally

Average house prices anticipated to rise by 9.5 per cent nationally

(NC)-A booming start to 2007 and solid price appreciations in all areas of the country have paved the way for a promising outlook for the Canadian housing market. The strong economy has fuelled consumer confidence, driving demand across the country.

"The momentum from the year's extraordinary start spilled into the second quarter, compounding typically busy spring market activity and stimulating solid price appreciations in almost all regions of the country. These conditions will certainly be an impetus characterizing Canada's real estate market through to year's end," said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services.

These healthy and robust conditions are anticipated to prevail throughout the year as all Canadian regions are expected to experience a rise in average house prices with double-digit gains forecasted for Edmonton, Calgary, Winnipeg and Regina in 2007. In addition, modest mid-single digit increases are expected for Central and Atlantic Canada.

The national average house price is forecast to rise by 9.5 per cent this year, passing the $300,000 mark for the first time, to $303,300. Home sale transactions are also projected to rise by eight per cent to 522,306 unit sales by the end of 2007.

What's happening in your market?

City Anticipated Price Change in 2007

Halifax 4.6% +
Montreal 6.0% +
Ottawa 6.2% +
Toronto 5.0% +
Winnipeg 11.9% +
Regina 13.8% +
Calgary 35.0% +
Edmonton 39.5% +
Vancouver 12.0% +

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

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A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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