- House prices forecast to further improve in 2010 -
With an increase of 2.3 per cent, Calgary's standard two-storey homes saw the largest year-over-year gains in the fourth quarter of the three key housing types surveyed. Detached bungalows followed with a modest increase of 0.5 per cent, and standard condominiums fell by 0.4 per cent. According to the survey, the average price of a standard two-storey home is
Calgary's average house prices are expected to rise another three per cent in 2010 although shortage of inventory is still the largest challenge for sales activity. "Buyers were used to seeing more than ten thousand listings on the market, now the number is closer to three thousand," said Ted Zaharko, Broker and Owner of Royal LePage Foothills. "However, we do expect inventory to increase in 2010. Sellers are still cautious, but this is changing as confidence returns to the market. The demand is there - we are selling homes close to or at the asking price."
Canada's residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today's Royal LePage Market Survey Forecast and House Price Survey.
"The Canadian real estate market enters 2010 with considerable momentum from an unusually strong finish to the previous year," said
Regions that saw the strongest declines during the recession are now showing marked gains. Those regions include
About the House Price Survey and Market Survey Forecast
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in
Housing values in the Royal LePage Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. Historical data is available for some areas back to the early 1970s.
About Royal LePage
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of nearly 14,000 real estate professionals in over 600 locations across
For more information visit www.royallepage.ca.
For further information: Jacque Benson, Fleishman-Hillard Canada, (403) 266-4710 ext. 227; Tammy Gilmer, Director, Public Relations and National Communications, Royal LePage Real Estate Services, (416) 510-5783
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