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House prices continue to soar
Date April 04, 2005
Home prices across Canada continued to climb during the first three months of 2005, with condominiums posting the biggest increases.
According to a survey by Royal LePage Real Estate, the average price of a standard condo jumped 7.6 per cent compared to the same period a year ago. A detached bungalow rose 7.1 per cent and a standard two-storey home was up 6.9 per cent,
In Ottawa, the largest price increases were recorded for detached bungalows, which rose 7.1 per cent to an average of $278,857. The average price for a standard condo was up 6.8 per cent to $167,857 while the price of a standard 2-storey home rose 5.7 per cent to $264,429.
"Despite a trend toward moderation in the pace of price appreciation last year, average prices in the Canadian housing market in the first quarter of
2005 displayed unexpected strength and resilience, " says Phil Soper, president and CEO of Royal LePage Real Estate Services. "Although prices appreciated at a greater rate than consensus economic forecasts, this level of national home value growth is in a healthy range, well below the runaway price increases experienced in major U.S. markets. "
The biggest price jumps occurred in Victoria and Winnipeg, where there was double-digit price appreciation in all categories. Condo activity in Victoria was particularly strong with standard residences appreciating by 28.2 per cent on average, year-over-year.
Activity in Vancouver's condominium market was exceptionally vigorous, with properties frequently selling above asking price and multiple offers being put forward.
"As prices rise and demand continues to be strong, condos are providing an affordable option for buyers which has helped maintain momentum in the condominium market, " added Mr. Soper. "All signs point to an exceptional spring housing market for 2005."
http://archive.ottawabusinessjourna...s=1&mode=allwords&archive_pubname=OBJ-Web
House prices continue to soar
Date April 04, 2005
Home prices across Canada continued to climb during the first three months of 2005, with condominiums posting the biggest increases.
According to a survey by Royal LePage Real Estate, the average price of a standard condo jumped 7.6 per cent compared to the same period a year ago. A detached bungalow rose 7.1 per cent and a standard two-storey home was up 6.9 per cent,
In Ottawa, the largest price increases were recorded for detached bungalows, which rose 7.1 per cent to an average of $278,857. The average price for a standard condo was up 6.8 per cent to $167,857 while the price of a standard 2-storey home rose 5.7 per cent to $264,429.
"Despite a trend toward moderation in the pace of price appreciation last year, average prices in the Canadian housing market in the first quarter of
2005 displayed unexpected strength and resilience, " says Phil Soper, president and CEO of Royal LePage Real Estate Services. "Although prices appreciated at a greater rate than consensus economic forecasts, this level of national home value growth is in a healthy range, well below the runaway price increases experienced in major U.S. markets. "
The biggest price jumps occurred in Victoria and Winnipeg, where there was double-digit price appreciation in all categories. Condo activity in Victoria was particularly strong with standard residences appreciating by 28.2 per cent on average, year-over-year.
Activity in Vancouver's condominium market was exceptionally vigorous, with properties frequently selling above asking price and multiple offers being put forward.
"As prices rise and demand continues to be strong, condos are providing an affordable option for buyers which has helped maintain momentum in the condominium market, " added Mr. Soper. "All signs point to an exceptional spring housing market for 2005."
http://archive.ottawabusinessjourna...s=1&mode=allwords&archive_pubname=OBJ-Web
