Canadian Housing Market Exceeds Expectations in First Quarter
Strong consumer confidence and healthy provincial economies boost demand
TORONTO, March 29, 2007 – Canada’s housing market got off to a surprisingly strong start in 2007 with average house prices rising in all major markets surveyed, according to a first quarter report released today by Royal LePage Real Estate Services. The combination of resilient consumer confidence, moderately low interest rates and improved affordability across most of the country led to greater than expected activity during the typically slower first quarter.
Of the housing types surveyed, the highest average price appreciation occurred in standard condominiums, which rose to $230,146 (+16.3%) year-over-year, followed by detached bungalows, which rose to $316,993 (+14.9%), and standard two-storey properties, which increased to $378,148 (+11.8%).
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