Real estate market faces stronger year: report
Last Updated: Thursday, January 6, 2011 | 8:12 AM ET Comments71Recommend26
The Canadian Press
Canada's real estate market is heading into a stronger-than-expected year that will likely see home prices rise steadily, with overall transactions dropping slightly, a survey suggests.
Royal LePage sees a better-than-expected year for the Canadian real estate market. (CBC) Royal LePage reports Thursday that average home prices are expected to rise three per cent to $348,600 in 2011.
Meanwhile, the number of transactions is predicted to fall two per cent, it said.
The survey also found that average house prices rose between 3.9 and 4.6 per cent in the fourth quarter of 2010.
Royal LePage said that price appreciation is expected to continue a moderate and steady climb throughout the year.
Activity in the housing sector was helped by low borrowing costs in the fourth quarter, and the report said that trend will likely continue into the first half of 2011 as homebuyers weigh possible rising mortgage rates later this year.
Read more: http://www.cbc.ca/money/story/2011/01/06/money-lepage-survey.html#ixzz1AHMMftSv
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