Home Prices Canada
October 10, 2011 by staff
Home Prices Canada, Canadian prices of houses rose in the third quarter very low interest rates supported consumer confidence, even as signs of weakness in some regions point to a broader slowdown in the coming months.
Country’s leading real estate broker, said Wednesday that the median home price in Canada increased between 5.7 percent and 7.8 percent between July and September compared with the same period last year, a deceptively large increase, because the third quarter of 2010 had been weak.
“The strength of Canada’s national housing market hidden predictable signs of softening in some regions,” said Phil Soper, president and CEO of Royal LePage Real Estate Services.
“The third quarter saw a return to a normal seasonal cycle as price appreciation slowed in many areas – with average values, even back -. After the spring season of busy trade”
Soper said a broader slowdown is expected that the economy struggles to gain traction as global growth falters. Still, he said, “fears of a U.S. style correction are completely unfounded.”
The average price of a separate bungalow increased by 7.8 percent in the third quarter of C $ 349,974 over the previous year. During the same period the price of a standard two-storey home rose 7.7 percent to C $ 388,218, while the price of a standard condominium increased 5.7 percent to C $ 239,300.
“The Canadian homeowners have been deaf to the negative economic situation shaking the housing markets in Europe and the United States,” said Soper.
“A national resilient economy, coupled with the stimulating effect of ultra low interest rates has been extended post-recession rebound in housing prices, but no evidence of more problems in some markets.”
Royal LePage said prices rose in Toronto through the three types of housing, in part because of the shortage of supply, while prices also rose Vancouver. Montreal, Ottawa and Winnipeg prices showed strong gains, and Calgary and Edmonton meanwhile remained little changed for condominiums and notches small gains in housing prices.
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