Canadian Housing Market Exceeds Expectations

Canada's housing market got off to a surprisingly strong start in 2007 with average house prices rising in all major markets surveyed, according to a first quarter report released by Royal LePage Real Estate Services. The combination of resilient consumer confidence, moderately low interest rates and improved affordability across most of the country led to greater than expected activity during the typically slower first quarter.

While national average house prices experienced robust appreciation, significant regional differences continue to characterize the market. Fuelled by the energy sector, Alberta's economy continued to show extremely high price appreciation, while more moderate levels were noted in the central and eastern regions of the country. A notable ripple effect from the booming markets in Alberta was observed in Saskatchewan as Saskatoon reported unprecedented spikes in house prices and activity, driven by in-migration and strong demand as former residents returned from cities like Calgary, escaping skyrocketing housing prices and the rapidly rising cost of living.

"The strength of last year's housing market has carried into the first quarter of 2007, creating a robust market, chock-full of activity with house prices rising in all major cities," said Phil Soper, president and chief executive, Royal LePage Real Estate Services. "The recent months have produced record-breaking sales levels in many markets and unwavering demand - momentum which will undoubtedly be maintained through the always busy spring market."

In most regions of the country, slight increases in inventory levels have afforded buyers with more options and the opportunity to take more time in making their purchasing decisions.

For more information, please see the Royal LePage Survey of Canadian House Prices at http://www.royallepage.ca/.

If you are wondering what your home is worth in today's market, please contact me and let me put my expertise to work for you!

Call Lisa Tollis at 905 574-4600

Royal LePage State Realty, Brokerage.

Hamilton, Ontario

http://www.lisatollis.ca/

source: Royal LePage Canada