Real Estate News
Economic Downturn and Dampened Consumer Confidence Caused House Prices to Dip During Fourth Quarter
During the fourth quarter of 2008, Canada's real estate market posted a decline in both unit sales and house prices, according to a House Price Survey released by Royal LePage Real Estate Services. The combination of a global economy in recession and shrinking employment figures did much to dampen consumer confidence, diminish home sales and cause house prices to drop.
Of the housing types surveyed, the average price of detached bungalows dipped by 4.8 per cent to $319,640, followed by standard condominiums, which decreased by 5.2 per cent to $233,230, year-over-year. The average price of standard two-storey properties fell by 6.3 per cent to $376,140, year-over-year.
“For many people, deciding to hold off on buying a home at the end of the year was an easy decision to make. With consumer confidence in tatters, many were reticent about making any large purchases. However, waiting on the sidelines during the normally slow winter market is one thing, sitting out the seasonally busy spring market is quite a different story. Activity levels should rise as the year progresses,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services.
Looking ahead, Soper concluded, “the balance of 2009 should see gradual and continuous improvements as the effects of low mortgage rates along with efforts by governments and central banks to get the economy back on its feet again begin to take hold.”
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
If you are wondering what your home is worth in today’s market, please contact me and let me put my expertise to work for you!
Survey of Canadian Average House Prices in the Fourth Quarter 2008
|
|
Detached
Bungalow
|
Standard
Two Storey
|
Standard
Condominium
|
|
2008 Q4 Average
|
Annual Change
|
2008 Q4 Average
|
Annual Change
|
2008 Q4 Average
|
Annual Change
|
|
Halifax
|
$215,000
|
6.8%
|
$259,667
|
12.1%
|
$159,500
|
7.4%
|
|
Charlottetown
|
$157,000
|
3.3%
|
$188,000
|
4.4%
|
N/A
|
N/A
|
|
Moncton
|
$150,000
|
-0.7%
|
$126,000
|
-6.7%
|
N/A
|
N/A
|
|
Fredericton
|
$162,000
|
4.5%
|
$210,000
|
6.6%
|
$133,000
|
5.6%
|
|
Saint John
|
$225,064
|
14.5%
|
$294,695
|
15.6%
|
N/A
|
N/A
|
|
St. John's
|
$190,050
|
20.5%
|
$261,800
|
19.4%
|
$203,000
|
23.0%
|
|
Atlantic
|
$190,921
|
10.3%
|
$238,310
|
12.4%
|
$174,183
|
19.8%
|
|
Montreal
|
$261,372
|
1.2%
|
$334,850
|
-2.2%
|
$200,284
|
-1.3%
|
|
Ottawa
|
$321,333
|
4.1%
|
$317,083
|
3.5%
|
$207,167
|
5.2%
|
|
Toronto
|
$411,483
|
-8.2%
|
$513,417
|
-6.8%
|
$299,675
|
-2.3%
|
|
Winnipeg
|
$219,650
|
2.4%
|
$247,029
|
4.0%
|
$132,083
|
3.7%
|
|
Regina
|
$274,167
|
19.6%
|
$238,260
|
19.7%
|
$172,917
|
20.1%
|
|
Saskatoon
|
$300,000
|
2.6%
|
$328,750
|
2.3%
|
$194,250
|
-5.2%
|
|
Calgary
|
$410,333
|
-4.5%
|
$408,263
|
-11.6%
|
$257,189
|
-9.5%
|
|
Edmonton
|
$301,429
|
-10.5%
|
$337,075
|
-8.9%
|
$206,854
|
-14.0%
|
|
Vancouver
|
$743,750
|
-6.5%
|
$837,500
|
-6.4%
|
$405,000
|
-5.4%
|
|
Victoria
|
$425,000
|
0.0%
|
$433,000
|
-5.0%
|
$265,000
|
-9.2%
|
|
National
|
$319,640
|
-4.8%
|
$376,140
|
-6.3%
|
$233,230
|
-5.2%
|
Average house prices are based on an average of all sub-markets examined in the area, except for the smaller markets of Charlottetown, Moncton, Fredericton, Saint John and Victoria.
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