Author Topic: Realtors to buyers: Price drops ain't gonna happen  (Read 7567 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.


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


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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