March 1st,2011 | www.preigCanada.com/membership | www.WorldWealthBuilders.com/live |
TORONTO – Tighter inventory levels helped to make the last decade one of the healthiest periods on record for Canadian real estate, insulating markets in major centres from the peaks and valleys characteristic of past decades, according to a report released today by RE/MAXÂ A new report says fewer real-estate listings led to higher home values in the last decade, with prices increasing at an average of 6.82 per cent nationally.
The report by real estate agency Re/Max said either a seller’s market or conditions were balanced between sellers and buyers for most of the decade. The main exception was late 2008 and early 2009 when it was a buyer’s market.
By far the tightest market in the nation was Winnipeg, where seller’s ruled the roost for 85 per cent of the decade, followed by Hamilton-Burlington (67 per cent), Regina (63.6 per cent), Kitchener-Waterloo (59.8 per cent) and Edmonton (57.5 per cent).
Regina saw the highest price increases in the country between January 2000 and December 2010.Western Canada experienced some of the highest rates of return for real estate over the 11-year period. While values in Regina posted the greatest percentage increase (9.56 per cent), Edmonton, (9.25 per cent), Saskatoon (9.2 per cent), Winnipeg (9.01 per cent), Kelowna (8.42 per cent), Greater Vancouver (7.8 per cent), Calgary (7.7 per cent) and Victoria (7.59 per cent) all outperformed the national average.
Increases were more moderate in Ontario and Atlantic Canada—with the exception of Newfoundland & Labrador, where values escalated 8.14 per cent on average. Ottawa led in terms of price appreciation in Ontario at 6.78 per cent, followed by Hamilton-Burlington at six per cent, Kitchener-Waterloo at 5.69 per cent, the Greater Toronto Area at 5.35 per cent, and London-St. Thomas at 4.82 per cent.
Re/Max says the numbers show resiliency in the Canadian market in the wake of major events in the decade, such as the 9/11 terrorist attacks on Sept. 11, 2001, the SARS health crisis in 2003, forest fires, ice storms and the 2008-9 recession.
Tighter inventory levels helped to make the last decade one of the healthiest periods on record for Canadian real estate, insulating markets in major centres from the peaks and valleys characteristic of past decades, according to a report released by RE/MAX.
CREA is predicting the average sale price across the country will increase by 1.3 per cent this year to $343,300 and by another 1.3 per cent in 2012 to $347,900. This followed a 5.8 per cent hike in 2010 to $339,030.
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