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Canada's housing market both vigorous and stable
K' D8 W& F, a+ `
( `8 a. g3 M% l# G/ |4 p2 _- t! {- Country's market poised to show growth throughout 2006 -; H3 X/ V+ _" o z6 v
* ]5 x: c. C9 T6 q" t TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
, a) C, a. O/ R! g6 Z- S# d) lexhibited moderate price increases and stable unit sales during the third
# ^) y& s/ G/ y- q. V. Uquarter. Wide regional variances continued to be the dominant characteristic
& @+ \& d9 A6 B& B6 ~2 xin the market, exemplified by frenzied levels of activity and double digit
; t5 y0 `; K. \/ ~price gains observed in the energy and commodity rich Western provinces, and8 [/ f) K7 E# n n9 w8 }
more reasonable sales volumes and moderate price appreciation in Ontario,9 P6 A3 m( @" x3 z
Quebec and Atlantic Canada, according to a report released today by Royal
3 u& m# j9 b- s. d* x H+ w- J9 A! LLePage Real Estate Services.- B0 [' u5 T, U k
: t! \7 A5 N7 l. Y2 g+ B Nationally, market trends established through the first three quarters+ [" ~. [5 M0 r( u7 e
are forecast to continue for the remainder of the year. Robust economic* q$ |( S, S4 F/ D, C! J
conditions, low unemployment rates, modestly growing salaries and wages, and7 t* X& M5 K. t U+ e. n
sound consumer confidence contributed to the overall strength of the
% d3 j3 U5 [% Q7 j5 g7 |residential real estate sector.0 [1 m: H- o* T" E
v+ k# W. P0 ~/ S2 N. x, ~# f& X
Of the housing types surveyed, the highest average price appreciation. Z& `3 o7 b5 l3 v/ |
occurred in detached bungalows, which rose to $300,365 (+16.3%)
0 a. q& k+ A9 [year-over-year, followed by standard condominiums, which rose to $211,5628 {* P# J6 A5 X% \0 h3 f' y
(+14.2%), and standard two-storey properties, which increased to $365,380
- f; v& h4 {3 @! A7 g/ T5 n(+13.2%).7 P+ k. ^5 T" N: F- S
( @" r! r' P8 @- f. [3 B% @9 t
"Canada's sturdy housing market continued to demonstrate steady growth8 G, e9 V- O7 O+ u0 e4 V6 `
during the third quarter. For all but the west, we have moved on from the
2 f7 o! H7 P2 \& u2 |6 G+ h/ Y5 Ofrenzied expansion that characterized the first half of this decade, and are
7 V" y: b4 v' w: ppoised to show continued growth at a more moderate pace," said Phil Soper,5 ?* L( d; n! \6 N. I
president and chief executive officer, Royal LePage Real Estate Services.) t6 v# K0 L5 U) e! R, k
"Gone is the sellers' market that we have lived with for some years. We9 j1 F+ J0 l, O1 F Z
welcome the more reliable conditions that are characteristic of a healthy0 r6 u" A2 K4 j. g
balanced market."
, ^% `# a" e: B" l$ F
9 T1 p' i1 a4 E6 G" L2 s) h+ ~! b Despite the double-digit rise in average national house prices,
$ g2 j) {. ]0 G2 ^considerable regional variances were exhibited again this quarter. The shift
0 H) c0 Q/ ^( |4 Z d6 uto balanced market conditions, which began in late 2005, has continued
% W8 _ u5 O9 o8 r/ _' o; ythroughout most of the Central and Eastern regions of the country. In the core1 R- H f( a/ z
energy producing western provinces, the combination of very high in-migration,
6 W t" |4 O1 W' Hmanageable affordability, and a shortage of inventory has driven record
b! [ _, I4 k/ }! y R+ Hbreaking price appreciations.9 B# S- x' r! t% e# r# F k( }# C, V
2 f# x* y6 Q5 s. c3 e2 F$ k8 J8 c6 v Echoing the second quarter and supported by Alberta's rapidly expanding
/ h, t4 o: e. l. C; ieconomy, Calgary and Edmonton led the charge of Canadian cities with the
% H* Q6 u$ _0 U' z3 H. O+ g4 F) Llargest house price appreciation in all housing types surveyed.
4 {( Z* Z3 j* i; f4 |! r- R- k/ S
+ ]+ x' y5 P/ |1 Y8 _( V5 z) d In Ottawa and Toronto, growth remained steady, supported by solid6 I! a4 X% }5 L
economic fundamentals, an increase in available inventory and strong consumer; k2 X; S: R- f# S
confidence. While the pace of price appreciation in Ontario leveled off* P4 K3 M6 V1 i- s3 Z4 U/ [
slightly, the province's real estate market remains poised for modest growth.% P5 a( k3 b) y. U t! t1 G, i
In Atlantic Canada, new housing and condominium construction offered buyers. {# D( O* t( w$ _
greater selection at more competitive prices, resulting in a slower rate of. b: q4 E" ` o, o5 P* k9 c I
price appreciation when compared with 2005.
6 x! m/ F8 ?; p. a
4 O5 j0 n" }: ^5 `9 d While the pace of growth in Canada has slowed, the domestic housing+ _% Q7 z9 U- m1 b6 W# x$ c. @/ ~* ?
market is expected to outperform the American market. The economic and4 G1 S1 X y, \6 u: g
financial fundamentals driving the residential real estate sector in Canada
, O% d" Z, Q2 _% |) Lare markedly different than those found in the United States./ m0 \# k; `% H5 A# _2 I+ n
0 }; _* k4 L& @3 J. t7 _
Added Soper: "Canada's housing market is likely to outperform the
. x4 C* |6 J( n9 h2 I7 [American market through 2007. A number of factors are working in Canada's
$ }3 d7 P' ~% \1 n. Ufavour, including healthy personal and governmental debt levels, the7 Q9 I* f" ~4 i3 v- y5 g% ^- D5 S
relatively modest rise in interest rates in our country, and general* \# n( D1 W& \' @) z2 D6 G
affordability in our major cities. In addition, Americans are now seeing the
* L+ V7 C( O/ ?% qdownside of a tax system that encourages maximum homeowner leverage, and. Q& ], x8 p9 U0 G2 I9 I" N
aggressive financial products such as zero- and negative-amortization g4 x& d5 l6 q; T
mortgages that work only in a high price growth environment."
( R5 ~2 T5 f4 u/ Y. w- |* a' X9 ~: `- ]
<<6 q, C0 x% I+ o9 |
REGIONAL SUMMARIES
6 Z' T+ v$ w# d7 m: K >>1 ?1 L+ B9 }* F4 Z# A4 d" C
- ?& P7 \: ]4 ^( o. ^ Balanced conditions continued to characterize the housing market in
+ m+ x3 T) I& t7 DHalifax, as significantly higher inventory levels helped to moderate the rate: I* F- W( n! X
of price appreciation. Buyers were increasingly choosy, taking more time
$ w; j! u9 w" W1 m+ M+ Glooking for newer, low-maintenance properties that were not in need of
) w: Q; w% F0 U- Q% t' Irenovations.; T3 X2 s) i$ t3 m# C& ^
* y& V- u9 g5 \& ~, [
The housing market in Moncton remained healthy and strong as a slight5 e: G2 I$ ^& [) }8 Z. R7 V
increase in inventory helped to moderate the rate of price appreciation
+ [# j( T0 ~$ J. }% tcompared to the same period in 2005. Activity was brisk throughout August and
& @1 y4 y) E2 WSeptember and is expected to remain this way through the fourth quarter.& G9 e _. R+ w% T3 K
1 K% I* h( Z" x1 ~$ A
The housing market in Saint John underwent its traditional summer0 B6 u- g& G' P1 }6 V; x
slowdown in the third quarter, with activity picking up towards the end of the
/ Y3 b! {: ?6 r9 @4 [+ Aquarter. The local economy continued to thrive, as construction on a new o% D; z4 c/ v, K/ V/ z$ |
600,000 square-foot shopping area has begun, bringing several new box stores6 E2 z/ m; l) Z2 T P) S Y5 X3 O
to the area. Buyers have begun seeking less expensive fixtures for their homes
- X/ W1 a7 j1 e; Vand are instead opting for more affordable housing options.
' [- S: [& j6 ~2 ]. q4 G5 e) K+ o0 u* c3 j0 ?9 U
In Charlottetown, the housing market started to move towards balanced
; [8 o& P5 z, }& E* a4 C' o! }conditions, as some sellers had to begin to lower the asking prices on their4 r/ P8 V; {: D3 p7 o
homes to make them more competitive. Activity from out-of-town and US buyers
: s% G3 d0 A/ t2 n2 _: Zwas down slightly compared to 2005, likely attributable to the strong Canadian
6 W( I$ ^* r3 ]- {& o" Wdollar. Inventory levels began to creep up in the third quarter, providing, s- m% k% p0 }4 `7 _
buyers with more options when looking for a home.0 }# s/ h9 e/ X$ f# v y. d" V0 i& D
5 p7 i1 S7 c T- f; }
Activity in St. John's slowed slightly in the third quarter, particularly
/ R, x$ e& Y, k& ^$ bamong higher-priced properties, where there was a slight over-supply of homes- B* K' G3 f" y4 S1 q
priced over $200,000. Listing periods have increased when compared with 2005,
! w7 y2 t3 T) y6 I& k. Q" [as some of the pent-up demand that had characterized the market over the last
) B3 m9 C: m( F% G" Ufew years has been satisfied, resulting in more normal, balanced conditions.
3 z$ O& J1 q; T6 a/ f
3 f4 g8 p8 x. \0 A Montreal's housing market recorded modest increases in average house
p4 B0 W8 }/ p8 m2 nprices, due to a slight seasonal slowdown in the third quarter as inventory% O! S. O" W# H) |+ M6 a
levels rose. Part of this can be attributed to the fact that many renting( [/ ^( l4 ^4 G* p7 V2 a
first-time buyers were motivated to close on the purchase of a home by July 1,
& x( i; \) K# U, T6 ^/ w% m1 L9 r) |when rental leases expire in Quebec. Once this date has passed some of the
% T: \0 N6 d+ h7 z- u4 D9 e9 u: {pressure is taken off the market, allowing buyers to visit more homes before
- d7 {# A) A8 f3 n' lmaking a purchase.7 D' d9 t* a8 L
, U' I2 K+ e3 P+ ~0 W* i Ottawa held its position as one of the country's most stable housing
; o) i0 G! c/ }- J0 g# e( ymarkets in the third quarter, reinforced by a vibrant local economy and strong
( ~& j+ G$ L5 d: U% _0 Zconfidence, resulting in modest increases in average house prices. The city8 s2 J$ `6 p8 B/ r3 Y
centre remained a bright spot in Ottawa, with homes in this area attracting' [. N% g; B4 y) Y% s
attention due to their convenient location and proximity to downtown0 N# K/ ^2 N& u$ r' J1 M2 S: V
amenities./ P7 l+ S/ i7 J( P9 O4 I
5 n& k/ h: H9 M: k The housing market in Toronto sustained healthy activity levels6 L+ o" d9 ~7 v0 X# w0 L4 l7 O
throughout the third quarter, as a strong economy helped to maintain demand7 y1 H [- v; ^3 w4 X
across the city, causing average house prices to rise moderately. Toronto has* S W+ W0 w+ K& k1 E- r# a
continued to experience modest growth in average house prices, and has been
- b% i4 a0 I5 z% F. sdriven primarily by purchasers who are buying homes as their principle
+ m, w: B2 [, jresidence, rather than for investment.6 E' G" G1 g; q+ L
$ l+ P1 I# ?0 b5 K8 p V
The vibrant Winnipeg housing market continued to show its strength as
! }3 P% v% \) X8 {. {8 z. Hhouse prices rose during the third quarter. The booming local economy resulted6 j' P$ h9 h7 u: ?# m4 E
in a historically low unemployment rate, helping to bolster consumer
8 A! P* u( {6 \confidence and Winnipeg's ranking as the city with the lowest capitalization
. ?0 Y9 H7 B, H: [. a1 m& arate among the country's larger cities - helped to encourage buyers to enter
1 a4 t2 ^) |) v# k jthe market.( |, k' b; W6 g' L6 y9 g2 W
' ?# |. R/ i( f, W5 ^! S In Regina, the market experienced a slight seasonal slowdown through
4 T1 I2 J# i$ `* b& F V0 ~July, as there were fewer purchasers in the market due to summer vacations. In
$ Y. w/ T9 R% U) T; i4 dAugust, activity resumed to the busy pace previously seen in the spring0 K% Q) i' F- Z* o% C k7 V( f
months, as the influx of purchasers made it more difficult to find a home due
) C, @. k; C w6 R7 W8 U% G" c. lto the shortage of available inventory.
5 y# _( S7 c6 ?* g+ n. w
$ H) M5 K2 }# h) @ Activity in Saskatoon remained brisk as the market maintained its
+ R. m6 i( x. o' K& D0 m/ L' Emomentum from the busy spring sales period. The economy in Saskatoon remains
- a1 z: R5 x- S% P" S V* Svibrant, as employment opportunities are abundant with many businesses
6 U7 ?! D* X2 ~$ G' S. ^* V6 _9 g7 Ostruggling to make hires and having to recruit outside the province.: f# k1 O; k3 b# O, V
9 u. a+ v# m$ e! o1 ~ Calgary's housing market recorded blazing average house price increases
1 Z* Y3 T( t* k" ^' Nin the third quarter, in all surveyed categories. The burgeoning economy, low. ^+ ]% n* A/ N) w; ^
unemployment rates and low inventory levels remained the leading factors that, ~; X7 [/ g. H( ~
pressured Calgary's house prices upwards. However, regardless of the soaring
: l5 H7 o, G+ o) lprices that characterized the market - even during the typically slower summer
& V- _' q% T( `; S5 o- j' w! dseason - it is expected that activity will become slightly more balanced, as
) N( m" n- P1 K9 Y4 P2 N; P/ Hbuyers are becoming more reluctant to participate in the frenetic activity.
' D2 \3 e0 [" A7 i2 w. T( H/ k& \$ r) C
Edmonton's booming local economy continued to thrive in the third quarter1 a4 _3 y6 h8 P5 A3 J) J
as activity in the oil sands north of the city continued to flourish. Edmonton
: B& v" V& [) d3 Y% gremained the hub of activity for those coming to work in the oil industry,4 e: \' w" s# T8 T7 S# f
maintaining tight inventory levels across the city, resulting in prices
6 E2 D# e! l. G8 v1 I* O aincreasing at record levels. However, as inventory levels continued to improve
1 {" o+ J9 M8 c+ n; s+ t) r+ fin the third quarter the rate of price appreciation should moderate slightly
6 P: z% Z1 q: x* f/ Z8 @towards the end of 2006.
# ]: t5 a) ]) K/ i
: |# Y, W3 K1 A. U" U6 MWhile Vancouver has seen a slight reprieve from the severe shortage of/ k+ j' ]+ A9 C
inventory that had previously characterized the market, supply is still unable
, B+ _& T/ p7 A+ o2 P, yto meet demand, driving house prices upwards. Vancouver has a very diverse3 M7 {5 T+ ]( [" d) _
group of active buyers - from first-time home buyers to baby-boomers to
2 p/ _4 [3 \3 {# W0 a( [% t; Kforeign investors - all of whom fuel the demand for houses, placing added
7 F9 `8 A! |* b) K0 Ypressure on tight inventory levels.5 K& a1 b" W' e' N8 ?! ~
/ |1 ^7 P+ j% s) }
Victoria's market is vibrant and supported by strong economic
1 W' A* o( t2 H" @" ufundamentals, fuelled by a booming tech sector and a migration of young people
' `4 g: n( H$ I( xinto the city that has continued to support the area's house price increases;/ @) L( u8 g( g6 `% \+ ?
while increased inventory levels have afforded buyers more time when searching8 r% d3 n9 `$ Z# l7 f. j
for a home, helping to normalize the market's pace., L9 k Q: R+ n7 i8 e5 k- f: { g
5 y, L e4 }5 ~& V; a) O$ y
<<. B" ]" K$ T) x
Survey of Canadian Average House Prices in the Third Quarter 2006" a+ V: b2 Q, q) n! a0 b
5 R6 |0 I' k$ ~ \5 j. W$ W, q
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, C( N2 L) s, \& a8 X* L) _# t Detached Bungalows Standard Two Storey' W0 _" [" w' I! ]0 i
-------------------------------------------------------------------------
0 h* A% C/ D& W1 g0 J5 ~ 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
5 s( x9 j3 S# l7 G Market Average Average % Change Average Average
( D/ Z' y$ j Z1 Z! W -------------------------------------------------------------------------5 o2 q3 W' f/ N- y
Halifax 186,333 173,333 7.5% 198,667 199,000. X" _( X+ N* b1 W& X& t
-------------------------------------------------------------------------
( g% Q/ S. n0 i- X7 a/ B- y Charlottetown 145,000 141,000 2.8% 175,000 170,000
3 c: z% H% d4 n -------------------------------------------------------------------------0 S% @" Z- b' A4 ?1 {1 Z
Moncton 135,000 127,000 6.3% 129,000 123,000
. U6 V# p2 I0 Z4 ? -------------------------------------------------------------------------7 y% N3 Q5 u2 o0 m- z9 `$ w
Saint John 141,200 142,900 -1.2% - -
' m. O1 {/ f4 w3 s& K6 W/ | -------------------------------------------------------------------------
; g! Q9 Z& p7 k. d- h St. John's 143,667 142,667 0.7% 200,667 202,3330 c' I7 ]( Q/ V* Z i
-------------------------------------------------------------------------5 `4 l+ {, O0 M
Atlantic 150,240 145,380 3.3% 175,833 173,583
* i, f1 c8 t9 B8 U# U9 l -------------------------------------------------------------------------
0 G8 Z+ x; n- S! j& Q8 r Montreal 213,691 203,500 5.0% 321,141 316,185
0 ~" j% Z' s# t% z, j* r7 ^ -------------------------------------------------------------------------
# T( A: w# S8 S7 v8 q5 R% \# y Ottawa 290,083 278,417 4.2% 285,667 273,250
1 f5 b0 f. O- Q5 U# _ -------------------------------------------------------------------------
% B) Z" k' x; H Toronto 373,368 355,882 4.9% 481,523 474,766
. s) V4 {1 k6 U -------------------------------------------------------------------------: f) p* z& v4 g+ }* j2 I
Winnipeg 181,579 159,860 13.6% 202,337 180,707! B- B# C5 J4 I ~1 J% A) B1 S y
-------------------------------------------------------------------------
- L0 N1 E0 Q! F2 E+ B Saskatchewan 170,667 156,083 9.3% 182,600 166,500
" a$ I3 @# y% A/ v5 ]& u -------------------------------------------------------------------------
3 E# c) i0 U, G Calgary 395,067 252,411 56.5% 405,778 264,389 H* V4 q5 N, s0 W( H. g
-------------------------------------------------------------------------
1 }2 s+ q! `/ } x/ B% p" t Edmonton 286,857 194,857 47.2% 316,429 206,7147 d% q' j, G4 b5 O3 y# [0 q( B% B
-------------------------------------------------------------------------& _* f- Z5 X, ?1 x
Vancouver 704,250 601,000 17.2% 794,000 697,5003 [& P8 G2 j1 I
-------------------------------------------------------------------------! t8 {1 C7 ]; O
Victoria 375,000 348,000 7.8% 403,000 391,000% O) S* m- y/ ^2 L9 Q8 M. B6 Y
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4 W2 p2 s6 [ q; n" o2 d* N8 V National 300,365 258,202 16.3% 365,380 322,860) A. G, Z- T2 T X3 A& V
-------------------------------------------------------------------------
0 T- F# r6 ~. J* Y7 ` y
# n& B! O! l2 H2 Y8 a, } -------------------------------------------------------------: k& s. Z7 ^6 g: k+ P& r' p" r6 k5 j
Standard Condominium. d) Z" V7 f, ^! P- @5 `
-------------------------------------------------------------
6 P( @! G0 f" u# |: y0 u' n5 Z 2-Storey 2006 Q3 2005 Q3 Condo
: p3 T1 o" g: ~: c) e2 n Market % Change Average Average % Change
* {2 S p( R( z9 Y5 n -------------------------------------------------------------- Q; J1 o$ x; w* F8 a4 N
Halifax -0.2% 142,000 103,000 37.9%; [/ i2 f# A( v3 L
-------------------------------------------------------------% O/ D: F6 s7 Z5 m8 X2 a
Charlottetown 2.9% 98,000 98,000 0.0%& V+ X6 d; S% k) ]
-------------------------------------------------------------
: v6 W9 f+ x' ? Moncton 4.9% - - N/A
# j& g% J4 O+ f# [ -------------------------------------------------------------
9 d) f* e9 G* |# Y M3 Y Saint John N/A - - N/A8 E! x: {0 R: X+ s: ?! \& r; K3 J) r
-------------------------------------------------------------3 f% A; c# U' }1 f6 M0 X1 H
St. John's -0.8% 146,333 145,667 0.5%
- L! I5 O+ L3 {8 v% W1 I -------------------------------------------------------------+ L+ y( F* M5 c! W, W
Atlantic 1.3% 128,778 115,556 11.4%
$ W5 i `7 ~8 [: ^6 O: _' K8 a+ A, t -------------------------------------------------------------
8 i6 W6 h H. `% N2 \ Montreal 1.6% 193,190 188,016 2.8%$ d+ Y/ z( Y" `8 B+ u, g
-------------------------------------------------------------. z0 X5 D, `7 G! O4 [& L. K. Z: f# J
Ottawa 4.5% 181,083 172,250 5.1%
9 |7 n3 D! M/ }" T6 b- m -------------------------------------------------------------
) F) y% L( J. @# o) |, p Toronto 1.4% 252,088 242,918 3.8%1 u: ]" n7 ?* M3 G& A
-------------------------------------------------------------; c6 t V3 a1 E) _6 i! [
Winnipeg 12.0% 105,648 96,008 10.0%
; a, l+ Y" B6 z8 G4 d3 u -------------------------------------------------------------# [% p- r9 [! V0 n* T
Saskatchewan 9.7% 106,250 101,000 5.2%0 Z/ \3 ?, V% {
-------------------------------------------------------------
2 S2 o+ l, \' S1 _( B8 f# ? Calgary 53.5% 245,844 153,867 59.8%( L6 [- F+ w- P4 j1 T+ B/ n" f
-------------------------------------------------------------6 g6 D( M4 ?7 d% A, i: x" C
Edmonton 53.1% 200,433 131,500 52.4%
& S; `' Z6 [/ o5 u -------------------------------------------------------------1 z3 a8 s; s) b( k2 t: ]
Vancouver 13.8% 366,250 323,250 13.3%% c: Q5 [8 C- o% v& u4 l
-------------------------------------------------------------$ a" H0 G; T9 l8 a: I
Victoria 3.1% 229,000 220,000 4.1%1 F8 z) e8 N0 m
-------------------------------------------------------------, Q% I& T9 z; v
National 13.2% 211,562 185,296 14.2%
2 k8 \( H% F- A8 j# G8 C; Q -------------------------------------------------------------% p' i) P6 P' }6 x- w
>>' ?4 ]3 V% D$ x: e3 n" O/ e4 l
# v9 A7 {3 l# j7 F+ A Average house prices are based on an average of all sub-markets examined0 o' p2 ^! A, e; ?( y+ X4 u
in the area, except for the smaller markets of Charlottetown, Moncton, Saint J) N. m' y9 m" @
John and Victoria.
?( G+ p6 ~# z; c
/ |4 e9 N; e2 w1 f9 }$ R1 O The Royal LePage Survey of Canadian House Prices is the largest, most
! z7 [# L6 M% G) fcomprehensive study of its kind in Canada, with information on seven types of
3 j! o- }9 }* chousing in over 250 neighbourhoods from coast to coast. This release
- G" t% j. `7 Treferences an abbreviated version of the survey, which highlights house price
1 h8 g. |9 {0 `trends for the three most common types of housing in Canada in 80 communities
7 m1 {: j9 ~) m e1 C, n: n& wacross the country. A complete database of past and present surveys is
0 H$ p' R. J) w* }% d( b7 V- Zavailable on the Royal LePage Web site at www.royallepage.ca, and current4 ?6 F y# Z% ?. Z$ O/ s3 [ K
figures will be updated following the end of the third quarter. A printable8 f/ |1 V+ p) G
version of the third quarter 2006 survey will be available online on% e3 u/ D( h. n+ j* A3 q9 H7 }* @1 X
November 15, 2006.6 j6 z& }' P8 V C
Housing values in the Royal LePage Survey are Royal LePage opinions of& z1 M* n5 z9 ^+ q8 U
fair market value in each location, based on local data and market knowledge2 u1 s9 a4 l$ ]$ s! R
provided by Royal LePage residential real estate experts. Historical data is" s5 W4 |: r- C4 Z
available for some areas back to the early 1970s. |
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