Royal LePage - Canadian Average House Prices Inch Up In Q3

TORONTO, October 6, 2008 – Home prices in Canada’s resale real estate market continued to grow modestly through the third quarter in most major cities, according to a House Price Survey report released today by Royal LePage Real Estate Services. This dissimilar Canadian trend is in stark contrast to the housing market woes that continue to plague the U.S. Boasting still-affordable homes, resource-rich Regina and St. John’s posted significant double-digit gains, while home prices in Alberta corrected downwards slightly after experiencing a period of unprecedented growth.

2007 marked the peak of Canada’s longest sustained residential real estate market expansion. It was a period characterized by higher than normal annual unit sales, constrained listings supply, and in many cases, sharp price increases. It is not surprising that the regions that had experienced the largest and quickest rise in home value are now experiencing easing price appreciation trends as their markets return to more balanced conditions.  [read the complete survey]