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Canada's housing market both vigorous and stable $ }& }0 s% K& \1 ]" |8 N0 o- |
2 E% P0 ~$ y1 E3 x2 T
- Country's market poised to show growth throughout 2006 -
6 W" n f1 p& V8 r! M7 y! q9 p. K/ b; |% r# s3 Q
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market
8 n9 t& t8 N7 y" Dexhibited moderate price increases and stable unit sales during the third9 C0 G0 F/ m$ C/ `& \5 k4 h" P
quarter. Wide regional variances continued to be the dominant characteristic* E( V8 W2 S1 y
in the market, exemplified by frenzied levels of activity and double digit6 p3 _. q) ?7 M* {6 L) i
price gains observed in the energy and commodity rich Western provinces, and
; ?6 }% Y: Y' `more reasonable sales volumes and moderate price appreciation in Ontario,0 N2 ^5 H" R }
Quebec and Atlantic Canada, according to a report released today by Royal
% p2 }$ S( ?% zLePage Real Estate Services.6 S# @ _' H& w/ a1 b! z9 Q, p
5 \4 E2 {, |9 u' N. y1 g/ y- K
Nationally, market trends established through the first three quarters
$ u. ]# E% \9 C/ _+ Y- Qare forecast to continue for the remainder of the year. Robust economic t2 R( Q5 q4 Z" j5 R
conditions, low unemployment rates, modestly growing salaries and wages, and, b, r2 \- q( c; a3 ?' h2 R, @& P$ T
sound consumer confidence contributed to the overall strength of the% Q6 Y' }$ e" Q) Q5 h+ I+ \
residential real estate sector.9 Q3 w% c' x* n. e
1 v% B9 p& M0 f6 l h/ \$ @! E7 e
Of the housing types surveyed, the highest average price appreciation
! ^8 `# i i9 C$ R Y7 T. noccurred in detached bungalows, which rose to $300,365 (+16.3%)) }- T \- R* Z2 g$ u2 n- Y
year-over-year, followed by standard condominiums, which rose to $211,562
$ z; T$ q l" K( S# H(+14.2%), and standard two-storey properties, which increased to $365,380
! @8 ?& O" b. X* s/ i(+13.2%).
& u! n0 V7 s4 K! H; }+ Q2 ?" k* \! I$ D5 @5 h: {
"Canada's sturdy housing market continued to demonstrate steady growth
! ], \2 C; A( Q2 q& D1 n" `' t! eduring the third quarter. For all but the west, we have moved on from the
1 n v% }2 ^7 a8 T$ b: Pfrenzied expansion that characterized the first half of this decade, and are( e6 ]# A+ f6 G, k$ T# d$ m: {5 o
poised to show continued growth at a more moderate pace," said Phil Soper,, H$ ?8 P" {9 j
president and chief executive officer, Royal LePage Real Estate Services.
1 D; ?; r" k7 X. _"Gone is the sellers' market that we have lived with for some years. We, L7 w. M0 |; S
welcome the more reliable conditions that are characteristic of a healthy
0 u+ ~2 A/ q1 gbalanced market."
3 r$ ?" E1 Z3 `- B" x6 n" a
! l+ V% @$ u, g3 i; W; u Despite the double-digit rise in average national house prices,# n a- H# m3 J8 b8 q
considerable regional variances were exhibited again this quarter. The shift
2 N% J P _* ^1 y8 K! v9 `! sto balanced market conditions, which began in late 2005, has continued( T1 E0 ]# @ T G5 F! z
throughout most of the Central and Eastern regions of the country. In the core7 M7 A: q! t% O. a2 c1 P
energy producing western provinces, the combination of very high in-migration,
2 X5 Y4 [; N& W |manageable affordability, and a shortage of inventory has driven record
4 |9 e2 M3 D$ E3 P. a( pbreaking price appreciations.4 N3 A2 z2 D: Z* O3 d# p% z* U/ m
+ A# O+ O) g9 ` Echoing the second quarter and supported by Alberta's rapidly expanding
/ K" H$ t* ]1 V* \$ S" R$ aeconomy, Calgary and Edmonton led the charge of Canadian cities with the
# p5 U8 k- ^6 S6 i3 {largest house price appreciation in all housing types surveyed.
1 m8 F, t: q0 O6 |: P, @7 t% ?( z% K3 b: M2 m5 J
In Ottawa and Toronto, growth remained steady, supported by solid1 N. G6 r3 W/ W' k! w# b
economic fundamentals, an increase in available inventory and strong consumer
N$ B; P! {( a( \- e j3 iconfidence. While the pace of price appreciation in Ontario leveled off
. W4 s5 @; U7 islightly, the province's real estate market remains poised for modest growth.
) @1 ]; ]8 {# G; hIn Atlantic Canada, new housing and condominium construction offered buyers/ D$ X/ t" x: m1 R# j# q3 H) T
greater selection at more competitive prices, resulting in a slower rate of6 U, S) t9 g( |
price appreciation when compared with 2005.5 o% O6 S; F5 g$ F7 x3 l
8 c, o! Y k+ Z9 B/ V) ? While the pace of growth in Canada has slowed, the domestic housing
* C4 l1 N! s H! N b7 A# p8 |market is expected to outperform the American market. The economic and
% O% \# @4 ^8 qfinancial fundamentals driving the residential real estate sector in Canada9 m V: M/ E* J( i* y
are markedly different than those found in the United States.7 x6 p m$ n) T/ j* N/ |
/ B$ z7 l' L/ H6 e8 P' [ Added Soper: "Canada's housing market is likely to outperform the
! ?2 T8 @3 G* N' c/ @! IAmerican market through 2007. A number of factors are working in Canada's: q- v( W# x L7 n/ {! G
favour, including healthy personal and governmental debt levels, the- y) e- C: ^: _
relatively modest rise in interest rates in our country, and general
2 N9 S; c) p7 `4 Jaffordability in our major cities. In addition, Americans are now seeing the5 K" E7 h3 Q. i3 q3 G% |) m& j
downside of a tax system that encourages maximum homeowner leverage, and, ~0 S* f/ M; ]! X" s! ^
aggressive financial products such as zero- and negative-amortization% y3 W8 F0 q3 D. K9 z2 J" x9 ~
mortgages that work only in a high price growth environment.": v; B8 d2 G9 M% {
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! l0 _6 h+ j0 N+ ^+ @5 ^# p8 W REGIONAL SUMMARIES
1 F! D3 [% v) u >>$ x. e {# l) B- `* c
% F9 U, n2 X9 I9 i' U Balanced conditions continued to characterize the housing market in
; h& g7 k- K VHalifax, as significantly higher inventory levels helped to moderate the rate `7 ^4 G9 ]1 S5 o$ D
of price appreciation. Buyers were increasingly choosy, taking more time
$ C# Z/ ~4 i1 z+ v1 Dlooking for newer, low-maintenance properties that were not in need of% |# }; k+ e, G" f5 a& w8 D" [
renovations.( a, {) v6 [6 O# b$ S
4 |2 j5 k. b" \ The housing market in Moncton remained healthy and strong as a slight2 J! f1 p' Z0 ~- X& h, F
increase in inventory helped to moderate the rate of price appreciation- c3 h1 ^3 C* N5 g/ P) z
compared to the same period in 2005. Activity was brisk throughout August and
3 _6 _# j' T$ l) m+ Y8 |5 ?% hSeptember and is expected to remain this way through the fourth quarter.
( @8 {% }: \/ ] r: _" I( @; r0 N. ]) \+ D7 g1 r R% R
The housing market in Saint John underwent its traditional summer
4 v2 h5 V2 J' zslowdown in the third quarter, with activity picking up towards the end of the
% Q- P& a: j0 n/ b) k2 @quarter. The local economy continued to thrive, as construction on a new5 }4 W0 ]0 E. e' y' t: Y x) k2 F
600,000 square-foot shopping area has begun, bringing several new box stores( ?* P6 J. L4 W( j4 E
to the area. Buyers have begun seeking less expensive fixtures for their homes% x9 G7 ]# Q5 u5 f4 O" w
and are instead opting for more affordable housing options.
% u) X5 l6 L6 q- Z; c5 G
, f8 o9 H3 X1 I0 M( v% Q" ?4 p In Charlottetown, the housing market started to move towards balanced
4 Q" C/ J* i2 x; h: {9 Nconditions, as some sellers had to begin to lower the asking prices on their
- `0 {/ X# s6 E; o5 w. [9 whomes to make them more competitive. Activity from out-of-town and US buyers0 {5 a) h" m" z$ ?; u7 @; y( D
was down slightly compared to 2005, likely attributable to the strong Canadian b& w- }- ?8 p; j* D% P/ N
dollar. Inventory levels began to creep up in the third quarter, providing/ P7 @2 ^* z$ E% Q! S( b \7 [; {
buyers with more options when looking for a home.
4 c8 V$ Q2 Z' d" g5 a, Z- a# |! z4 @8 [7 v5 c
Activity in St. John's slowed slightly in the third quarter, particularly% ^% o" j# y8 Z- l/ g; N/ y, b8 x
among higher-priced properties, where there was a slight over-supply of homes; ?7 d6 e- l; J
priced over $200,000. Listing periods have increased when compared with 2005,9 s6 T( W2 U' h) h* r( {
as some of the pent-up demand that had characterized the market over the last3 g1 F u! l( [
few years has been satisfied, resulting in more normal, balanced conditions.
/ m) | W9 T: D' f& s5 k: L6 R1 V+ Y6 b+ {
Montreal's housing market recorded modest increases in average house
) {( {1 u Y7 p1 [; N8 [prices, due to a slight seasonal slowdown in the third quarter as inventory3 c- v0 c- V: K j# D h! m! Z2 R! l6 w* w# X
levels rose. Part of this can be attributed to the fact that many renting
6 g* u. f: ?" b) Yfirst-time buyers were motivated to close on the purchase of a home by July 1,
' K F1 p5 v M2 }9 S& W; dwhen rental leases expire in Quebec. Once this date has passed some of the+ ~1 `/ p8 \3 w, r3 o% j6 t
pressure is taken off the market, allowing buyers to visit more homes before
' A: v: k3 V+ Y6 F4 ^, umaking a purchase.# t+ L! S0 P$ U& [. Y, [4 W& h# o
$ f# G* E0 H7 v3 | Ottawa held its position as one of the country's most stable housing
) x( o2 L0 B$ S+ J( S) Pmarkets in the third quarter, reinforced by a vibrant local economy and strong
8 t. N b( \6 T2 D# jconfidence, resulting in modest increases in average house prices. The city
3 R+ W6 h& M2 F/ u& Q3 R8 {centre remained a bright spot in Ottawa, with homes in this area attracting
8 ]2 q$ _1 w' K7 n g0 o* ^5 w4 Aattention due to their convenient location and proximity to downtown" ]# S) {# ~# e. k4 g$ n0 y
amenities.
0 a( \& B: p: b9 q5 w" Y3 \% Z2 M: ]$ l# k0 }) A
The housing market in Toronto sustained healthy activity levels. e/ P0 P6 l6 y Z8 @, Y
throughout the third quarter, as a strong economy helped to maintain demand
& [- s1 b! I/ }' D Facross the city, causing average house prices to rise moderately. Toronto has
- p3 z, b3 ?" G( s) Ccontinued to experience modest growth in average house prices, and has been
9 }1 g- f) _2 jdriven primarily by purchasers who are buying homes as their principle
- ]9 l; x! Y3 C s& Yresidence, rather than for investment., P9 R T7 C' S0 ~
7 E( C+ K7 Y# I' q/ E
The vibrant Winnipeg housing market continued to show its strength as
9 i7 q# f& \) b4 H& D' D) Dhouse prices rose during the third quarter. The booming local economy resulted
( N9 Z% w$ M. Y0 nin a historically low unemployment rate, helping to bolster consumer) x, j7 q' ^4 J+ Y c
confidence and Winnipeg's ranking as the city with the lowest capitalization5 Q: ^7 B' F, A6 F" H' d9 K
rate among the country's larger cities - helped to encourage buyers to enter0 Z7 t% h+ W8 W/ p, n
the market.- l- n- p* v7 n9 g7 K7 M0 F
( C, u( o5 ]; \& A
In Regina, the market experienced a slight seasonal slowdown through, u/ V% F% ]+ Z
July, as there were fewer purchasers in the market due to summer vacations. In
|6 I4 V. x/ f* z n0 p2 ?August, activity resumed to the busy pace previously seen in the spring! S: V* g+ ?- u: T6 D. R
months, as the influx of purchasers made it more difficult to find a home due
0 R; b4 x# }: E9 \3 A! \ @9 {to the shortage of available inventory.0 M8 i9 ~2 }$ c% J
% Y. T3 E) x4 g$ M- @' W
Activity in Saskatoon remained brisk as the market maintained its# e- B5 e( P! o
momentum from the busy spring sales period. The economy in Saskatoon remains
; _# P; R* w3 y$ \( cvibrant, as employment opportunities are abundant with many businesses: A; M+ ~3 x) R: ]/ U* i5 C# u, {
struggling to make hires and having to recruit outside the province.7 Z, D0 G; G |$ W6 E$ I. T+ g
9 r% e6 }; O$ p# x* r- o8 O( X& s Calgary's housing market recorded blazing average house price increases
0 Z. Q5 P1 t8 D& a7 a& uin the third quarter, in all surveyed categories. The burgeoning economy, low& c# y A$ J2 C# b: g5 n- M
unemployment rates and low inventory levels remained the leading factors that
3 a- d* Z1 t" h+ w1 v' V, f' U: Wpressured Calgary's house prices upwards. However, regardless of the soaring4 x% [3 z7 l% c! l) x: ^! R
prices that characterized the market - even during the typically slower summer; a0 p; B; T' r( {2 @
season - it is expected that activity will become slightly more balanced, as
* h* n2 P' v- L* o8 b& |buyers are becoming more reluctant to participate in the frenetic activity.
f9 y% }6 p/ _! e% m0 n9 h) ?3 A5 N8 ]% O
Edmonton's booming local economy continued to thrive in the third quarter r$ g+ T/ i- s3 H0 P' U0 D, N
as activity in the oil sands north of the city continued to flourish. Edmonton
$ I E& S7 Q1 b1 ~/ h! z5 Xremained the hub of activity for those coming to work in the oil industry,# c) p2 p3 Y" h/ c' h
maintaining tight inventory levels across the city, resulting in prices% \# a& |& n, B" b
increasing at record levels. However, as inventory levels continued to improve" R- k! C& J: ~1 |) R
in the third quarter the rate of price appreciation should moderate slightly* c$ ^5 _( i' f8 Y7 x
towards the end of 2006.
" ?3 f3 y+ X3 t9 ^* n
- z4 I2 V5 X4 [* u1 {& G, d) r7 eWhile Vancouver has seen a slight reprieve from the severe shortage of
( E) _2 t5 q& Q3 ~; Winventory that had previously characterized the market, supply is still unable6 S1 U: q) x% Q" \3 y; X$ b
to meet demand, driving house prices upwards. Vancouver has a very diverse
0 E0 n. C7 {" ]5 ]! Ygroup of active buyers - from first-time home buyers to baby-boomers to) T8 r6 n! A( c/ d. b# T: C) ~* @# D
foreign investors - all of whom fuel the demand for houses, placing added; b9 _9 b. i( \( O
pressure on tight inventory levels.- ^8 C0 @; ^4 M X9 `3 Z
; o' h) C' a- {: a6 p% P Victoria's market is vibrant and supported by strong economic4 W+ ^! l, U6 w$ p
fundamentals, fuelled by a booming tech sector and a migration of young people$ ]# ~& x8 y: i! A7 W' u8 x
into the city that has continued to support the area's house price increases;$ P9 i$ }4 z* `- K- d
while increased inventory levels have afforded buyers more time when searching q9 {& ]- Z0 g- n" i" n& T
for a home, helping to normalize the market's pace.2 B' m: D2 t. T+ U2 Q7 ]
3 i) o- H9 @( n" o. u8 [) N <<* Z1 @: b5 v/ V8 h6 s1 w! X
Survey of Canadian Average House Prices in the Third Quarter 20061 N* y* p( A% ]/ w9 m- e
0 A- k; {% H/ z ]/ P -------------------------------------------------------------------------) S) W" [7 X, ]+ c: x0 q" r/ Y
Detached Bungalows Standard Two Storey8 ^+ H S3 `- R" z
-------------------------------------------------------------------------" s& d0 C% [8 n' G1 i) D
2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3 v, }+ m6 w3 U* ]8 Y
Market Average Average % Change Average Average+ t: W5 K- }+ e/ i1 L+ x# c
-------------------------------------------------------------------------
; e, o3 W* r; Z5 T( I$ L Halifax 186,333 173,333 7.5% 198,667 199,000
5 K# N9 x, G9 A Q -------------------------------------------------------------------------3 b& L1 C0 b+ j- V) v L1 `3 ^1 X6 M
Charlottetown 145,000 141,000 2.8% 175,000 170,000
( j) Z s" B6 @ -------------------------------------------------------------------------* W) m' @0 Y% b5 b% w) ?; w! r
Moncton 135,000 127,000 6.3% 129,000 123,000* U; j5 w& D% x/ d+ o3 E7 K
-------------------------------------------------------------------------
+ l @ p) s: R/ }3 K Saint John 141,200 142,900 -1.2% - -1 b* }, C$ y7 q! g' q7 i; K
-------------------------------------------------------------------------, y8 M1 @, ^! w3 O
St. John's 143,667 142,667 0.7% 200,667 202,333
- s0 V. S7 u% E; P: {0 ? -------------------------------------------------------------------------
0 G8 d6 [8 U/ B4 s) x9 x Atlantic 150,240 145,380 3.3% 175,833 173,583; c& ?3 `" {% R1 I4 K8 Q- N" X
-------------------------------------------------------------------------0 c0 ~5 z& O( q
Montreal 213,691 203,500 5.0% 321,141 316,185
@6 L9 X3 t) w5 J -------------------------------------------------------------------------; `& a) V% I5 o' f6 K2 @
Ottawa 290,083 278,417 4.2% 285,667 273,250
o' r$ h4 H4 s( Q" D -------------------------------------------------------------------------
+ C3 [2 B7 u/ I: k* a Toronto 373,368 355,882 4.9% 481,523 474,766
' J0 q7 }: \7 O' H+ D: T7 W# f' g( F -------------------------------------------------------------------------
6 H* W# h* d) K/ V; Q& Q) X Winnipeg 181,579 159,860 13.6% 202,337 180,707
# o7 `: ~* c# O \& W) { -------------------------------------------------------------------------
( e; {: ?6 _& A" h$ Y% q t Saskatchewan 170,667 156,083 9.3% 182,600 166,500
" X: A8 ~* Z' H6 o -------------------------------------------------------------------------
# @6 F6 w1 |3 m1 ^ Calgary 395,067 252,411 56.5% 405,778 264,389) v6 }1 ]9 W' ]0 T9 D( w; E9 {
-------------------------------------------------------------------------
; z5 O$ e4 K3 h- y- ~! p Edmonton 286,857 194,857 47.2% 316,429 206,7146 {: F0 N3 z) {# E& J
-------------------------------------------------------------------------, M2 E; W1 B) ^4 `: n5 t" R( e
Vancouver 704,250 601,000 17.2% 794,000 697,500
+ ?0 M- T; ?: k -------------------------------------------------------------------------9 z- z7 Z. l4 z8 O: K2 B
Victoria 375,000 348,000 7.8% 403,000 391,000; m' d) Q4 J) D' f3 b' {& I
-------------------------------------------------------------------------% ]% K+ p5 P6 x6 b% p! s
National 300,365 258,202 16.3% 365,380 322,860
; a& \ K5 \# Y8 X6 x -------------------------------------------------------------------------1 @1 W& o, w! X" c9 o6 g
. E$ v/ ^& y, U- k7 x -------------------------------------------------------------
( a, D# _" b t# @, g h Standard Condominium
, g1 T- R! r5 l: B8 O# | ------------------------------------------------------------- H4 R4 k6 t8 K, S0 v3 g4 ?
2-Storey 2006 Q3 2005 Q3 Condo
/ Z1 u5 s1 D" ] @ o; s4 j- ]' U Market % Change Average Average % Change
8 M: U4 G$ a, D9 d -------------------------------------------------------------
( d) |9 m( M4 f! A% }. n+ Q Halifax -0.2% 142,000 103,000 37.9%- R' i$ I, f7 c& E6 g2 X8 h( H* v
-------------------------------------------------------------
6 f/ W- c9 }1 k6 J$ R* Z- U0 m Charlottetown 2.9% 98,000 98,000 0.0%
" W \1 g+ ^+ W0 V0 E: p; D6 w -------------------------------------------------------------: |0 P- A+ H6 o9 w8 x
Moncton 4.9% - - N/A) y0 V3 W) E4 Z6 Y/ H) B6 |
-------------------------------------------------------------
9 C, k7 J& Z$ m. R2 j ]7 X Saint John N/A - - N/A6 a1 Q( t# q" `1 }* q; Y
-------------------------------------------------------------4 A* z5 g& e* g- J, ?$ @, A
St. John's -0.8% 146,333 145,667 0.5%
0 R# r' i' {) s! Q( Y3 k -------------------------------------------------------------
! Z! D/ E6 C2 x, R& K Atlantic 1.3% 128,778 115,556 11.4%
( o- e( K! l4 k& O- k -------------------------------------------------------------
* k! b. O$ r1 ^. O9 S Montreal 1.6% 193,190 188,016 2.8%
* i. `) ~4 x$ F r& F- j -------------------------------------------------------------1 s; }. x6 Y0 R/ j5 t$ |+ V+ l
Ottawa 4.5% 181,083 172,250 5.1%
) e' O5 ?- F6 u* t. D- s -------------------------------------------------------------2 }2 ?: u4 [- W4 _
Toronto 1.4% 252,088 242,918 3.8%* ?8 U8 L5 S' h5 B; D# A
-------------------------------------------------------------* J1 `0 Q! b/ P
Winnipeg 12.0% 105,648 96,008 10.0%# s5 z* S# V$ ~; b, o
-------------------------------------------------------------* a1 L, H$ b9 |3 w; {
Saskatchewan 9.7% 106,250 101,000 5.2%
" t! S$ u) Q' e/ w q4 S2 [ -------------------------------------------------------------
) b+ j( r' {. ]- F+ P' H5 j Calgary 53.5% 245,844 153,867 59.8%( z( m0 e/ h7 [6 O/ L6 w8 R9 `
-------------------------------------------------------------
* l% `! e6 K3 ]- M% E4 l, { Edmonton 53.1% 200,433 131,500 52.4%$ O7 v" y! V' Q$ G* Q
-------------------------------------------------------------$ ]5 y5 o+ W3 U" V$ W5 ~' ]: j
Vancouver 13.8% 366,250 323,250 13.3%. O* H) ?$ H+ C# k! n; ]
-------------------------------------------------------------
8 J" f. T ~4 W( b' x7 y Victoria 3.1% 229,000 220,000 4.1%- q% K& M) O5 ]( e
-------------------------------------------------------------# g1 _; q# j' }
National 13.2% 211,562 185,296 14.2%) F0 Z, ]! e t9 ]
-------------------------------------------------------------
8 l8 H( ^5 Q2 L* n >>
: ]; w: ^" B: y% s, y6 B
7 h p* {3 }) R Average house prices are based on an average of all sub-markets examined# ]" O7 A* u2 }$ j! m* l9 ^
in the area, except for the smaller markets of Charlottetown, Moncton, Saint
$ F4 z1 G! x' Z XJohn and Victoria.. j( N7 s" E2 v/ Q, V& Z
" C8 t% }/ m' q9 Q% R2 D The Royal LePage Survey of Canadian House Prices is the largest, most
# k' F" X- T% c' u" Kcomprehensive study of its kind in Canada, with information on seven types of
+ X: m" U- V1 P/ j3 x6 s5 g6 zhousing in over 250 neighbourhoods from coast to coast. This release! |- e& C) h; Z) `* O, C
references an abbreviated version of the survey, which highlights house price" Z. o: z" ~: K: ^6 @
trends for the three most common types of housing in Canada in 80 communities
: Q, s' z' k, A6 Wacross the country. A complete database of past and present surveys is
) U! j7 k# K& h- I1 g7 ?9 k' k. Zavailable on the Royal LePage Web site at www.royallepage.ca, and current3 C4 s% ^$ i4 R1 T0 w9 R
figures will be updated following the end of the third quarter. A printable4 |0 [% Z: G4 W# u6 Z7 M. Q+ i/ p
version of the third quarter 2006 survey will be available online on
. D9 z: y, Z0 w1 m1 FNovember 15, 2006.' e. l. n0 j$ \) m& V0 x
Housing values in the Royal LePage Survey are Royal LePage opinions of8 n; k+ H; h' j. O; l. S% V; ]4 s
fair market value in each location, based on local data and market knowledge/ U# q; u, f z+ y1 e
provided by Royal LePage residential real estate experts. Historical data is
" _2 a" G: S# lavailable for some areas back to the early 1970s. |
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