House prices see return to normalcy

Posted on 26. Oct, 2010 by in News

TORONTO— The Canadian Press
Published Tuesday, Oct. 19, 2010 7:43AM EDT

A new survey says Canada’s real estate market is showing signs of returning to normal as some of the uncertainty that plagued markets begins to fade away.

Royal LePage reported that house price appreciation slowed to modest five per cent growth level in the quarter – which it says is historically typical of balanced real estate markets.

It says wild swings in housing activity that were driven by economic uncertainty appear to have subsided as fears of a double dip recession or a housing bubble are set aside.

The survey found that, on a national basis, the average price of a detached bungalow in Canada rose to just over $324,531 in the third quarter – up 4.6 per cent from a year earlier.

Standard two-storey homes rose 4.4 per cent, to about $360,329, while condominium units increased by 3.9 per cent to just over $226,000.

Royal LePage said local markets like St. John’s and Winnipeg posted home price increases above the national average, driven by a surge in the population.

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