Housing market overheating: Royal LePage – The Globe and Mail

Housing market overheating: Royal LePage

Real estate signs in Winnipeg

WINNIPEG, MB – February 16, 2010 – Winnipeg real estate signs Tuesday, February 16, 2010. For a story on today’s federal government announcement regarding the increased regulation on mortgages. (Globe and Mail/John Woods) Globe And Mail

Prices for all key housing types were up more than 10% across Canada in the first quarter on a national basis, study says

Toronto The Canadian Press

There are signs that some of Canada’s major house markets have become overheated, although most others have shown a more healthy rate of moderate growth, according to a national real estate sales organization.

Prices for all key housing types were up more than 10 per cent across Canada in the first quarter on a national basis, according to the Royal LePage survey released Thursday But Vancouver and Toronto prices rose much more dramatically – about 20 per cent in some cases – and the head of Royal LePage Real Estate Services suggested they may have risen too far in those local markets.

“House sale data from the past two year period shows tremendous variances in terms of how different cities reacted to the recession,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services. “In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned.”

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Are we in a housing bubble?

Started by: Claire Neary
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Last post by lean left, lean right
4/8/2010 11:01:15 AM

The Royal LePage survey found the average price of detached bungalows in Toronto climbed to $459,107 in the first quarter, up 13.3 per cent from a year ago.

Standard two-storey homes in Toronto were up 13.2 per cent, rising to $562,150 while condo prices rose a more moderate 10 per cent to $317,579.

In the Vancouver area, detached bungalows climbed an eye-popping 21.8 per cent to $906,045 while two-storey homes were up 19.2 per cent to $987,5000 and standard condos were up 15.7 per cent from early 2009, rising to $470,000.

In contrast, Mr. Soper described a Montreal as “an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change.”

Investor Education:

The average price of a bungalow in Montreal climbed by 7.2 per cent to $249,172, the price of a standard two-storey house increased by 7.6 per cent year over year to reach $355,109, while the average price of a condominium increased by 7.6 per cent, to $222,244, Royal LePage said.

The survey found that, on a national basis, the average price of a detached bungalow in Canada rose to just over $329,000 in the first three months of this year – up 11 per cent from the first quarter of 2009.

Standard two-storey homes rose 10.3 per cent, to about $365,000, while condominium units increased by 10.9 per cent to just under $229,000.

Posted via web from Toronto Real Estate News | Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

One Response to Housing market overheating: Royal LePage – The Globe and Mail

  1. I have study in Canada and i am working in a Hotel part time. I am studying and work also in Canada.

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