Real estate market continues to soar; no slowdown seen: Royal LePage
TORONTO - Canada's real estate market posted solid gains in the
fourth quarter of 2007 and is showing little sign of the traditional
seasonal slowdown.
Royal LePage Real Estate Services says average house prices continued to increase with many markets experiencing double-digit gains.
The average price of a detached bungalow in Canada, for example, rose 11.6 per cent in the fourth quarter to $337,555.
Regina and Saskatoon led the country, with the price of detached bungalows rising more than 50 per cent.
Prices rose more than 43 per cent in Saint John, N.B. and almost 21 per cent in Winnipeg while double-digit gains were also recorded in Edmonton, Vancouver and Victoria.
Royal LePage says positive economic fundamentals, high employment rates and confidence in the future stability of jobs are the main forces behind the housing surge.
