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Canada's housing market both vigorous and stable ' y& }" y1 ?- b" u( U
1 k7 S1 r' y% D) y# D
- Country's market poised to show growth throughout 2006 -
( }% E9 }- Y( O" U
7 Y) m7 Z/ I& G9 S6 q TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market) ]9 d% j/ \- N$ [3 g: [$ W
exhibited moderate price increases and stable unit sales during the third5 m& w$ ~0 H( L& H2 v1 U! t2 o
quarter. Wide regional variances continued to be the dominant characteristic, A# l) y/ F) O
in the market, exemplified by frenzied levels of activity and double digit
7 O* K ~( U- [" Mprice gains observed in the energy and commodity rich Western provinces, and
- q: V/ X$ Z) D" R" j% ~7 dmore reasonable sales volumes and moderate price appreciation in Ontario,
# H N( ~; E7 j+ s0 p- eQuebec and Atlantic Canada, according to a report released today by Royal
' |3 G# E1 A; ?+ S# C/ R9 rLePage Real Estate Services.3 ?3 V$ C; _& g2 @" G
, R, n* G3 G; }* R0 I: X Nationally, market trends established through the first three quarters. R3 F9 I; Q9 r$ b) ^0 Z
are forecast to continue for the remainder of the year. Robust economic
# s2 \# Y, a* |) o% r3 e, aconditions, low unemployment rates, modestly growing salaries and wages, and
# u) }( O! q! v8 Gsound consumer confidence contributed to the overall strength of the( {1 B# p- x* c& t& X2 g7 Q' `1 I3 f
residential real estate sector.
$ Q0 A h- ?0 U6 U4 }: W" B5 S9 T8 N8 X8 Z% ^- a; Q a0 \ B/ ]
Of the housing types surveyed, the highest average price appreciation
0 G- d9 J* x$ [. T, zoccurred in detached bungalows, which rose to $300,365 (+16.3%)
/ R; a0 `0 l- I0 myear-over-year, followed by standard condominiums, which rose to $211,5626 J6 h- x0 [: \
(+14.2%), and standard two-storey properties, which increased to $365,380' z8 v! }! l9 b; Z
(+13.2%).! ?! ^/ {: V) `
7 u' P P7 S# N4 q9 A
"Canada's sturdy housing market continued to demonstrate steady growth$ l- ~, u K8 B( k
during the third quarter. For all but the west, we have moved on from the
- i/ q( R9 {$ ^$ R1 afrenzied expansion that characterized the first half of this decade, and are
& R, g6 k5 I0 |6 A# q5 H* T, ipoised to show continued growth at a more moderate pace," said Phil Soper,& p2 H6 v, O6 ^+ _( y4 N
president and chief executive officer, Royal LePage Real Estate Services.% Y( ~, B+ ^& X* J8 C
"Gone is the sellers' market that we have lived with for some years. We, N' V! B; ?4 m3 l, g, l) t
welcome the more reliable conditions that are characteristic of a healthy
; t' W/ I$ b( k J8 p6 Dbalanced market."4 _# v& g3 C( Q- r, e, d
5 X; v* _7 T5 i" [; x
Despite the double-digit rise in average national house prices,; m" y+ P4 {/ c: X0 Q9 d
considerable regional variances were exhibited again this quarter. The shift
6 e* c) l5 q2 K7 m$ A$ n5 w, |to balanced market conditions, which began in late 2005, has continued/ L9 H$ v1 b& A( ~. c
throughout most of the Central and Eastern regions of the country. In the core
& c2 q: ~9 q- a; zenergy producing western provinces, the combination of very high in-migration,5 f2 R$ Y |/ k- S
manageable affordability, and a shortage of inventory has driven record
. S( q1 e+ d# c4 {breaking price appreciations." {) p6 i v0 ?
& i7 c% w- V& S |' H
Echoing the second quarter and supported by Alberta's rapidly expanding
5 i: i' @5 V7 G5 L% O7 |0 V9 ~economy, Calgary and Edmonton led the charge of Canadian cities with the
/ L; X- l* Q, k# r7 [) slargest house price appreciation in all housing types surveyed.4 p% [, D+ V- c+ Z
; \' q5 Q v' \& k2 Z$ D4 j) j) M9 F: X
In Ottawa and Toronto, growth remained steady, supported by solid
8 H: R+ B; y+ F3 m( teconomic fundamentals, an increase in available inventory and strong consumer
/ ^/ M* T7 L- x, q0 Kconfidence. While the pace of price appreciation in Ontario leveled off" B0 D3 ]9 p0 h$ l P5 `) }8 H2 E
slightly, the province's real estate market remains poised for modest growth.+ a0 k R0 ^( o, E3 I2 O% }
In Atlantic Canada, new housing and condominium construction offered buyers5 l( U6 t$ p8 [( l5 ~: v5 O$ m
greater selection at more competitive prices, resulting in a slower rate of5 b; u, J" j% _ r* t
price appreciation when compared with 2005.* Q9 |0 K4 H; F2 n6 `, h) c$ v
0 P8 G& {; l6 h9 }5 B; Q While the pace of growth in Canada has slowed, the domestic housing9 ?2 ]9 y, U1 ]4 v
market is expected to outperform the American market. The economic and
! a! T$ U) g# T) u( z& k# jfinancial fundamentals driving the residential real estate sector in Canada0 [2 `8 o2 U2 O8 D x0 v
are markedly different than those found in the United States.
+ @# q9 o: U* C4 z* m9 T4 j7 s6 E) N6 P6 v/ N9 ]: @
Added Soper: "Canada's housing market is likely to outperform the- e, b- ?8 F. B2 O
American market through 2007. A number of factors are working in Canada's6 B1 c) z' o( b2 ^& V6 _- ?
favour, including healthy personal and governmental debt levels, the
: g( ^. U+ N) Y- f" k r2 C% c: _relatively modest rise in interest rates in our country, and general
4 W3 Z5 Q5 K( L- E# baffordability in our major cities. In addition, Americans are now seeing the( O; [) x' `# }/ i8 B
downside of a tax system that encourages maximum homeowner leverage, and/ w$ o$ D& q9 A# k
aggressive financial products such as zero- and negative-amortization* g! |/ v3 Q" q$ ]
mortgages that work only in a high price growth environment."+ `( T- k- g5 m! u/ M! w
2 z2 @2 Q) h7 E9 q: L <<
: T4 d: S; @0 s REGIONAL SUMMARIES
/ `; a# D A& R9 G/ z% p m >>
- K" @" t( C( Z3 \' K4 J
- E" e P& J' H: x) U Balanced conditions continued to characterize the housing market in
; `( q9 o* b3 F, rHalifax, as significantly higher inventory levels helped to moderate the rate/ X/ {- ~9 b: |2 ~
of price appreciation. Buyers were increasingly choosy, taking more time
; V6 X5 [4 g( b( Elooking for newer, low-maintenance properties that were not in need of
/ l' p, [4 o- l! T8 c7 j1 n3 Mrenovations.5 \. H( K) `( Z- ~3 W, q9 i
3 `, g5 \1 R2 d0 j The housing market in Moncton remained healthy and strong as a slight
) F' U, z6 T: k; Dincrease in inventory helped to moderate the rate of price appreciation% x# ~4 n' e! f+ _& P
compared to the same period in 2005. Activity was brisk throughout August and! H/ k! q5 g1 {. k- x J( j
September and is expected to remain this way through the fourth quarter. `4 l S6 d5 _; |% s
, y2 J7 x8 W x4 j1 Z The housing market in Saint John underwent its traditional summer$ H5 p2 r" o* f0 t4 A# v( h0 v
slowdown in the third quarter, with activity picking up towards the end of the. D; L( n$ T! d; o! ^% O9 P2 d/ ^6 |0 |
quarter. The local economy continued to thrive, as construction on a new
4 N. L/ I7 o5 m. n1 K1 z600,000 square-foot shopping area has begun, bringing several new box stores
# C" T u }2 ito the area. Buyers have begun seeking less expensive fixtures for their homes* ]0 v) Z! Z! w
and are instead opting for more affordable housing options.
$ J$ x3 g( j$ I# ~$ [
3 t( G* E. T8 g W6 u% ~/ s In Charlottetown, the housing market started to move towards balanced
' L* {. y' E1 K- \conditions, as some sellers had to begin to lower the asking prices on their3 f# q: E7 i5 k2 y
homes to make them more competitive. Activity from out-of-town and US buyers
* q% x# v7 p- u$ c- V$ @was down slightly compared to 2005, likely attributable to the strong Canadian
0 G* K( Y+ J& ~ C4 u- j$ ]dollar. Inventory levels began to creep up in the third quarter, providing
' S: e, n1 D( `buyers with more options when looking for a home.
9 G* o3 I) c% [6 A' I `, j i
+ o8 F* |; Z7 j/ k1 y* ]7 ~ Activity in St. John's slowed slightly in the third quarter, particularly
$ \, E" V( f9 y2 Yamong higher-priced properties, where there was a slight over-supply of homes8 f. M2 n/ L& }9 v+ O+ k
priced over $200,000. Listing periods have increased when compared with 2005,# w$ h+ e1 T0 K: u' a
as some of the pent-up demand that had characterized the market over the last
0 ] n% E6 B1 C8 H+ Zfew years has been satisfied, resulting in more normal, balanced conditions.6 G6 }/ e# _/ _' O* ]
+ V% }- h d* p1 n6 |+ g( e
Montreal's housing market recorded modest increases in average house
1 J' Y: H! A) v# G' D& w0 [prices, due to a slight seasonal slowdown in the third quarter as inventory4 L# |, @% m* e/ ?
levels rose. Part of this can be attributed to the fact that many renting1 U& j/ g6 x" D; x# {+ N2 f' x
first-time buyers were motivated to close on the purchase of a home by July 1,
7 l1 c* v; K0 P) W* Jwhen rental leases expire in Quebec. Once this date has passed some of the
/ K P1 Y3 j/ Xpressure is taken off the market, allowing buyers to visit more homes before
# ?! t( l( ^& u `5 m: {making a purchase.$ W3 f l4 o6 R
( G: B. c- \/ d) c1 ]5 w
Ottawa held its position as one of the country's most stable housing Z) O" b$ @- L
markets in the third quarter, reinforced by a vibrant local economy and strong
0 ^. R; P/ |) g% d3 d. hconfidence, resulting in modest increases in average house prices. The city5 C1 e8 X4 X) H
centre remained a bright spot in Ottawa, with homes in this area attracting
- d5 C+ d' Q! z- T6 E5 z. s) @attention due to their convenient location and proximity to downtown
2 E+ J$ }5 ^8 Tamenities.& u% m3 L9 ]. T5 g# t4 Z
) S' {! ~. ]' ~+ m w: u+ c The housing market in Toronto sustained healthy activity levels
q. ^% P( ?/ C$ Y& Qthroughout the third quarter, as a strong economy helped to maintain demand) C- {5 z2 L! j5 W+ g8 [2 g
across the city, causing average house prices to rise moderately. Toronto has/ y, r1 T7 r9 ` i/ J0 \9 i" u
continued to experience modest growth in average house prices, and has been
- z2 o. J' Y! X a. ddriven primarily by purchasers who are buying homes as their principle
5 S: p* M! e7 Y7 l' t& M" {8 z2 oresidence, rather than for investment.( ~8 v. u( L1 c1 M, _3 L: s
+ T8 b% z8 [1 ]# ]
The vibrant Winnipeg housing market continued to show its strength as5 g7 t- Y8 G$ w) ^; b
house prices rose during the third quarter. The booming local economy resulted
% w _+ i V+ J! ]: Ein a historically low unemployment rate, helping to bolster consumer3 |4 V6 t/ A7 }: V4 z
confidence and Winnipeg's ranking as the city with the lowest capitalization
/ O9 z* k4 q# _5 `' {) mrate among the country's larger cities - helped to encourage buyers to enter N8 F: Y f. U5 d9 b
the market.
5 v8 S0 z$ h! {! }* `. K3 X; n5 |
* o' X7 z" p; t) N8 o8 a In Regina, the market experienced a slight seasonal slowdown through
- u1 F W# T9 T) C- h6 vJuly, as there were fewer purchasers in the market due to summer vacations. In# K0 n4 e; p0 b9 l: H: ?
August, activity resumed to the busy pace previously seen in the spring
" D+ t; @: F. S3 `3 t" vmonths, as the influx of purchasers made it more difficult to find a home due
+ ~. C1 L- D( n) G5 ato the shortage of available inventory.$ w; _" X2 G. ]4 f6 [+ _
" L0 F3 N- A* d) R5 a Activity in Saskatoon remained brisk as the market maintained its
7 b ?4 l& Y7 v1 j0 Tmomentum from the busy spring sales period. The economy in Saskatoon remains
1 H0 U# C" ^# {9 Cvibrant, as employment opportunities are abundant with many businesses
i9 h) j J; A( v$ O3 N! ]& Mstruggling to make hires and having to recruit outside the province.
8 O: y6 p( _) ~3 }5 d7 u2 h
7 B: `$ Q- O' j8 ?. }) E8 I Calgary's housing market recorded blazing average house price increases
, [ @7 A5 y- v. gin the third quarter, in all surveyed categories. The burgeoning economy, low3 m. d4 Y h: U; q) O: G
unemployment rates and low inventory levels remained the leading factors that0 @/ U& e0 ]8 i
pressured Calgary's house prices upwards. However, regardless of the soaring
( R6 t# f0 t9 i; _* t0 l( E: E6 ~4 ~prices that characterized the market - even during the typically slower summer
0 f' r' @! n" u' L3 ?) R5 |season - it is expected that activity will become slightly more balanced, as5 n' t# }* C2 Z y& f( F1 n
buyers are becoming more reluctant to participate in the frenetic activity.
* O3 U0 `2 z' \- F" I" @7 Z7 [4 r7 S+ C
Edmonton's booming local economy continued to thrive in the third quarter7 A' y5 t' A {9 i
as activity in the oil sands north of the city continued to flourish. Edmonton. [. c; g7 n# C1 w4 m5 N1 Q
remained the hub of activity for those coming to work in the oil industry,
% E: E, X9 O4 f b. \maintaining tight inventory levels across the city, resulting in prices
! O/ ?. u" X0 w* q3 f) r4 B9 T* b! t4 Cincreasing at record levels. However, as inventory levels continued to improve6 O" r! `4 ^8 n# m
in the third quarter the rate of price appreciation should moderate slightly
; E1 ~/ k' i! {# d$ itowards the end of 2006. " Q" J# r7 D: z5 ?6 a7 a+ ?- E
1 Y2 L( \: o, l" D5 J1 o1 t4 xWhile Vancouver has seen a slight reprieve from the severe shortage of8 A9 r/ T }, l9 C
inventory that had previously characterized the market, supply is still unable
, L1 B: X6 T. J4 hto meet demand, driving house prices upwards. Vancouver has a very diverse
( c+ I( C) W5 E! agroup of active buyers - from first-time home buyers to baby-boomers to$ S; E- M) S9 t
foreign investors - all of whom fuel the demand for houses, placing added
' j* l# F$ I# M) npressure on tight inventory levels.8 L& n0 e" j6 G7 G4 M
/ U. K5 a4 |$ P) x4 F
Victoria's market is vibrant and supported by strong economic
1 O6 a) f; V: l! b) ^9 {+ cfundamentals, fuelled by a booming tech sector and a migration of young people
+ J5 I7 u( O3 v( t9 N# L2 |/ ?into the city that has continued to support the area's house price increases;4 H5 F0 z6 |6 j( m0 L( B, e
while increased inventory levels have afforded buyers more time when searching0 P& w1 ~% }9 ?0 ?3 f
for a home, helping to normalize the market's pace., w8 _, j' C5 u3 N
, s: Z0 O+ z/ q. c* I- u <<
, l3 F8 i6 [7 ~$ Q4 Z Survey of Canadian Average House Prices in the Third Quarter 2006- ?9 G$ {, Y" _4 U
' j$ `' k8 e* U5 @& @1 v- b
-------------------------------------------------------------------------- R/ g$ G8 B+ o
Detached Bungalows Standard Two Storey# p. @: D/ U; T% R9 X4 g' n
-------------------------------------------------------------------------
T9 F C# _. q 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3" D; i" @* r/ F4 `0 v9 ^. w
Market Average Average % Change Average Average
' O8 |! ?2 g. O$ |) A' k -------------------------------------------------------------------------
1 ]+ G+ i3 V ` Halifax 186,333 173,333 7.5% 198,667 199,000
9 y( X, K$ {5 S' E. f5 \ -------------------------------------------------------------------------
+ _4 R, z/ C$ I F Charlottetown 145,000 141,000 2.8% 175,000 170,000# O2 z1 P) }$ w* [# s
-------------------------------------------------------------------------
. s$ T- X+ W6 p5 S3 ^, x. n2 ? Moncton 135,000 127,000 6.3% 129,000 123,000
+ K: U" h3 j5 L1 W4 B& O -------------------------------------------------------------------------3 [! w& W' \7 g
Saint John 141,200 142,900 -1.2% - -3 {& s# |9 v; B5 I, O
-------------------------------------------------------------------------
' }" E$ T+ I! a, ~5 ` G' B8 } St. John's 143,667 142,667 0.7% 200,667 202,3335 O/ \! X+ }) {4 ? P9 k
-------------------------------------------------------------------------
# ?8 s, d+ t8 S# I& _9 O, P Atlantic 150,240 145,380 3.3% 175,833 173,583
8 f$ K" g/ s" L: k, F -------------------------------------------------------------------------
, g- }6 E6 r8 u7 n" \3 ? Montreal 213,691 203,500 5.0% 321,141 316,185" c) m8 i9 W. D K' E
-------------------------------------------------------------------------
8 F4 U* l/ i6 ?, d @ Ottawa 290,083 278,417 4.2% 285,667 273,2507 n/ a6 j2 A" G4 L7 B6 C0 ^
-------------------------------------------------------------------------; Z9 {2 k. C. z% y! y% Y
Toronto 373,368 355,882 4.9% 481,523 474,766
; A' t+ \/ P. u/ j9 [/ l6 _3 G: N -------------------------------------------------------------------------, a4 h' x% f# s$ t$ q$ Q" W; c: T
Winnipeg 181,579 159,860 13.6% 202,337 180,707; @1 ]+ _; T& M3 e# \) m" a0 G/ j
-------------------------------------------------------------------------
% k& _ ^, r+ R, V/ _ Saskatchewan 170,667 156,083 9.3% 182,600 166,500
& r- S$ D# O" ?8 W G! r! f -------------------------------------------------------------------------% f1 W+ u4 B9 ]" p
Calgary 395,067 252,411 56.5% 405,778 264,389
( K- T5 g- k7 U1 B* q3 c -------------------------------------------------------------------------
: Z& i/ o! ]5 N+ w7 l Edmonton 286,857 194,857 47.2% 316,429 206,714: u) u" c. _" h: t D$ P9 R/ U
-------------------------------------------------------------------------
" Y7 M" M) U/ h! z) c" a/ c Vancouver 704,250 601,000 17.2% 794,000 697,500
0 _, Q% o% J, k- |+ c @- D -------------------------------------------------------------------------
% P+ h5 ^+ r4 m/ J; e. ^8 ~ Victoria 375,000 348,000 7.8% 403,000 391,000
, M/ P9 K) z3 E3 d, L -------------------------------------------------------------------------; M6 [( i4 c( r; v3 [# U1 L
National 300,365 258,202 16.3% 365,380 322,860$ {+ V. o- U' o6 c/ [$ q# ?4 O) y8 V
-------------------------------------------------------------------------) O$ M) k( D8 L2 c1 c
! e7 {( V$ k4 u. L% J* o -------------------------------------------------------------. K2 W; o9 n4 T0 N$ W
Standard Condominium
- P; I* G2 Q- ]. G0 P7 ]9 K2 A/ U -------------------------------------------------------------
5 |8 A6 d0 V0 z, c% G3 g1 M# _ 2-Storey 2006 Q3 2005 Q3 Condo
% b% l1 R7 K& u1 N8 W Market % Change Average Average % Change
) Y# @& m4 ]0 a6 R+ m0 W, [ -------------------------------------------------------------
/ S# O/ ^( r2 z( P Halifax -0.2% 142,000 103,000 37.9%& S4 P) M* R8 v0 V: a, p
-------------------------------------------------------------3 m3 d$ g- m: T& K& k
Charlottetown 2.9% 98,000 98,000 0.0%
" a0 \3 }) e! T7 {; k -------------------------------------------------------------6 F. l; B# |* E9 C. U J
Moncton 4.9% - - N/A( c$ I/ m5 ^. b5 ^8 S% T: C
-------------------------------------------------------------
) {6 C. j2 b8 {1 d( s# L) C Saint John N/A - - N/A. j* o2 b; E' J
-------------------------------------------------------------* g3 \% o, s, B
St. John's -0.8% 146,333 145,667 0.5%. w' h; C& _. Y0 S* i
-------------------------------------------------------------. E. V4 L: b$ W
Atlantic 1.3% 128,778 115,556 11.4%8 F" u# B# x! S) \1 \% ?6 B! R v, U
-------------------------------------------------------------, Q- x3 Z7 R2 L+ X+ T9 s, B
Montreal 1.6% 193,190 188,016 2.8%$ r5 i2 ]- c" S3 ^
-------------------------------------------------------------
8 t' Q" a0 P) T% [ Ottawa 4.5% 181,083 172,250 5.1%
" [$ c6 L$ W, i -------------------------------------------------------------
7 E B7 ^) \7 \( X0 T4 M Toronto 1.4% 252,088 242,918 3.8%) i5 {9 ?1 F* H/ R. }& ^) ~
-------------------------------------------------------------
# T% F+ k/ l6 b5 k6 a3 t. s1 O Winnipeg 12.0% 105,648 96,008 10.0%: Z% y& K5 h" P' k$ I* Q9 r
-------------------------------------------------------------
* S r/ \! f6 x% x# h7 I2 Q Saskatchewan 9.7% 106,250 101,000 5.2%$ Q6 `' s k5 q9 H; I6 x+ s+ P' ]% k; r
-------------------------------------------------------------+ l( H6 ^4 f/ }2 F$ x
Calgary 53.5% 245,844 153,867 59.8%
" A/ A+ r% p' R9 `' R* @ -------------------------------------------------------------; P4 C) s5 Y9 T r) R
Edmonton 53.1% 200,433 131,500 52.4%# E7 J/ o- o i$ u
-------------------------------------------------------------: C( V3 W+ I" B. `) P& F6 q
Vancouver 13.8% 366,250 323,250 13.3%+ z K+ V6 ~3 }" Q
-------------------------------------------------------------( `7 s- j1 {+ P" Y& u% J% o9 z3 i
Victoria 3.1% 229,000 220,000 4.1%+ t( q% C$ f& W2 L" P
-------------------------------------------------------------
" U. t4 w$ e+ T! H4 {4 g National 13.2% 211,562 185,296 14.2%
6 _; ^# a! ^: E" h: R) `2 m* Y -------------------------------------------------------------
/ x! t. D& L3 z/ g >>: l0 v" q) m" U4 b0 Y) j# u' i
- R8 A! H) J1 \ Average house prices are based on an average of all sub-markets examined
) x& w$ q$ P; ~4 s6 g$ Cin the area, except for the smaller markets of Charlottetown, Moncton, Saint; U; Z; E! n7 c* Y* R
John and Victoria.
2 [! M. l3 i% |. u( D M0 {8 S1 Y8 q
The Royal LePage Survey of Canadian House Prices is the largest, most3 z) t$ y1 I Y( w
comprehensive study of its kind in Canada, with information on seven types of
1 V9 c3 e3 L5 q5 d$ ihousing in over 250 neighbourhoods from coast to coast. This release V8 c* h3 }, M# E9 h" O
references an abbreviated version of the survey, which highlights house price
. G: A* q6 b- @! B2 w$ T# Ptrends for the three most common types of housing in Canada in 80 communities
0 |; Z6 Q# Y( gacross the country. A complete database of past and present surveys is
& `, ^# U9 ^0 N! t6 L/ [9 @* C; u9 Gavailable on the Royal LePage Web site at www.royallepage.ca, and current
9 h- J) D2 c- [ W) F/ Xfigures will be updated following the end of the third quarter. A printable1 {! k3 \5 \2 a- B& Q5 U
version of the third quarter 2006 survey will be available online on
) f. ^6 w$ D" y! g% V. C5 B+ S! KNovember 15, 2006." Y; i) }! X& V5 w
Housing values in the Royal LePage Survey are Royal LePage opinions of
: f# L$ y; ~) ]0 `1 C7 Ufair market value in each location, based on local data and market knowledge, O& Y7 T8 S4 }) n
provided by Royal LePage residential real estate experts. Historical data is
. {$ x5 Z! h# D( l; xavailable for some areas back to the early 1970s. |
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