ROYAL LEPAGE REPORT PREDICTS STRONG SPRING HOUSING MARKET

Jan 09, 2014

By Michael Kramer

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A Royal LePage survey is painting a rosy picture for the spring housing market in Canada.

It states that house prices continued to rise in the last quarter of 2013.

The real estate giant says the average cost of a standard two-storey home rose 3.6 per cent year over year – to approximately $418,000.

Condominiums increased 1.2 per cent in the quarter – to an average of almost $247,000.

The Toronto area continues to surpass the national average, with the average price for a home in the GTHA at about $483,000 last month – an increase of 6.3 per cent over a year earlier.

Royal LePage C-E-O Phil Soper says his firm expects: ” no soft landing for real estate, no slowdown, and no correction in the near-term.”

Soper thinks conditions are ripe for as strong a market as has been seen in the post-recessionary rebound of the last decade.

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