Tuesday, March 11, 2008
High price appreciation and Record-Breaking Activity in 2007
Canada’s real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown. Average house prices continued to increase in the fourth quarter with many markets experiencing double-digit gains, according to a House Price Survey report released by Royal LePage Real Estate Services.
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
Survey of Canadian Average House Prices in the Fourth Quarter 2007
DetachedBungalow
StandardTwo Storey
StandardCondominium
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
Halifax
$201,333
6.7%
$231,667
16.2%
$148,500
4.2%
Charlottetown
$152,000
4.8%
$180,000
2.9%
$100,000
2.0%
Moncton
$151,000
2.7%
$135,000
3.8%
-
N/A
Fredericton
$155,000
1.3%
$197,000
5.3%
$126,000
-0.4%
Saint John
$196,500
43.4%
$255,000
25.4%
-
N/A
St. John's
$157,667
9.7%
$219,333
11.5%
$165,000
12.8%
Atlantic
$168,917
10.8%
$203,000
11.6%
$134,875
5.1%
Montreal
$229,314
5.4%
$342,491
7.2%
$201,912
5.6%
Ottawa
$308,583
5.6%
$306,500
6.8%
$196,833
7.7%
Toronto
$413,375
8.9%
$506,900
8.0%
$280,505
10.4%
Winnipeg
$214,494
20.8%
$237,571
19.6%
$124,270
20.1%
Regina
$229,200
52.4%
$199,000
35.8%
$144,000
49.2%
Saskatoon
$292,500
52.2%
$321,500
56.7%
$205,000
65.3%
Calgary
$429,889
5.2%
$461,811
8.5%
$284,144
9.5%
Edmonton
$336,786
12.8%
$370,000
13.6%
$240,500
13.2%
Vancouver
$795,250
12.4%
$895,000
11.4%
$428,250
10.9%
Victoria
$425,000
11.8%
$456,000
9.4%
$292,000
22.7%
National
$337,555
11.6%
$399,738
11.3%
$240,395
11.7%
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
Survey of Canadian Average House Prices in the Fourth Quarter 2007
DetachedBungalow
StandardTwo Storey
StandardCondominium
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
2007 Q4 Average
Annual Change
Halifax
$201,333
6.7%
$231,667
16.2%
$148,500
4.2%
Charlottetown
$152,000
4.8%
$180,000
2.9%
$100,000
2.0%
Moncton
$151,000
2.7%
$135,000
3.8%
-
N/A
Fredericton
$155,000
1.3%
$197,000
5.3%
$126,000
-0.4%
Saint John
$196,500
43.4%
$255,000
25.4%
-
N/A
St. John's
$157,667
9.7%
$219,333
11.5%
$165,000
12.8%
Atlantic
$168,917
10.8%
$203,000
11.6%
$134,875
5.1%
Montreal
$229,314
5.4%
$342,491
7.2%
$201,912
5.6%
Ottawa
$308,583
5.6%
$306,500
6.8%
$196,833
7.7%
Toronto
$413,375
8.9%
$506,900
8.0%
$280,505
10.4%
Winnipeg
$214,494
20.8%
$237,571
19.6%
$124,270
20.1%
Regina
$229,200
52.4%
$199,000
35.8%
$144,000
49.2%
Saskatoon
$292,500
52.2%
$321,500
56.7%
$205,000
65.3%
Calgary
$429,889
5.2%
$461,811
8.5%
$284,144
9.5%
Edmonton
$336,786
12.8%
$370,000
13.6%
$240,500
13.2%
Vancouver
$795,250
12.4%
$895,000
11.4%
$428,250
10.9%
Victoria
$425,000
11.8%
$456,000
9.4%
$292,000
22.7%
National
$337,555
11.6%
$399,738
11.3%
$240,395
11.7%
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