Tuesday, November 13, 2007

Canadian house prices continue to rise says 3rd quarter report

High consumer confidence, strong employment and stable interest rates led to healthy buyer demand which prompted average resale housing prices in all major markets to rise according to a recent survey released on the 3rd quarter by Royal LePage Real Estate Services.
Condos had the highest percentage rise to an average of $241,818 with 2-storeys moving to an average of $407,613 followed by bungalows to an average of $340,941. In spite of these lofty levels, recent Statscan reports cite that homeownership rates are the highest on record. Extended amortizations and interest only options are helping keep monthly carrying costs down at affordable levels. Check with your local mortgage professional to see what you qualify for or how to lower your monthly payments.
The strong loonie also has Canadians reviewing their holiday and retirement plans now that it is substantially cheaper to holiday or winter down in the southern United States. Real Estate agents in Florida and California among others are experiencing a spike in inquiries by snowbirds benefitting from the double whammy of higher Canadian dollars in their pockets and a slipping of real estate values in the US.
Numbers in from Toronto's MLS for September and October indicate that activity was up over 2006 levels in both months and will lead to a strong finish for 2007. In Pickering, overall activity was up 34%.

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