Author Topic: Realtors to buyers: Price drops ain't gonna happen  (Read 6964 times)

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Realtors to buyers: Price drops ain't gonna happen
« on: Tuesday 09 April 2013, 21:54:17 »
House prices remained relatively flat in the first quarter of 2013 compared to a year earlier, with increases across the country averaging between 1.2 per cent and 2.4 per cent, according to a new survey released Thursday.

In the first quarter, the national average price of a standard two-storey home increased 2.2 per cent, compared to the previous year,  says Royal LePage, in its House Price Survey. The national average price of a detached bungalow increased 2.4 per cent and the average price of a standard condominium increased 1.2 per cent.
“2013 finds the Canadian housing industry in a highly unusual place,” said Phil Soper, Royal LePage president and chief executive. "The combination of very low mortgage rates and flat home prices, against a background of general economic improvement across the nation, is not something we’ve seen before.

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Toronto posted moderate growth in the first quarter, with average price gains of 1.8-4.0% for housing types surveyed. The quarter saw a slight decrease in volume, even among first-time home buyers, who are traditionally the most active group. Multiple offer situations and bidding wars were still taking place in some areas of the city

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Montreal prices remained relatively flat. Standard two-storey homes saw the largest increase of 1.4% to an average of $392,929, while standard condos experienced the smallest rise of 0.4% to $240,044.

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http://www.canadianrealestatemagazine.ca/news/item/1592-royal-lepage-to-buyers-dramatic-price-drops-aint-gonna-happen
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