The Royal LePage House Price Survey was released today, with third quarter results showing that Canadian house prices are appreciating just slightly below the long-term annual norm of five per cent per year.

“Most Canadian housing markets cooled in the third quarter. In fact, the year is unfolding much as we predicted, with the unusually active first half of 2010 giving way to slower markets in the later part of the year.  Helped by very low rates in a competitive mortgage financing market, the third quarter was slightly stronger than anticipated, on new demand fuelled by improved affordability in many regions,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. Looking ahead, it is very unlikely that the period from now to year-end can keep pace with the activity levels posted in the overheated market of the final quarter of 2009.”

Average price of a Canadian detached bungalow in the three-month period ending in September was $324,531,  up 4.6 per cent from a year earlier, for a two-storey home was $360,329, up 4.4 per cent, while the average price of a condominium was $226,481,  up 3.9 per cent.

Housing markets in Alberta stabilized in the third quarter as inventory rose and year-over-year prices flattened. Detached bungalows in Calgary rose 2.7 per cent while standard condominiums and two-storey homes decreased by 1 and 1.1 per cent, respectively. In Edmonton, standard two-storey homes were up 3.4 per cent to $338,571, while standard condominiums were down 3.6 per cent year-over-year to $204,167.

About the Royal LePage House Price Survey

The Royal LePage House Price Survey contains information on seven types of housing in over 250 neighbourhoods from all over Canada.  This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country.

More information:
Royal LePage Q3 2010 House Price Survey – Data Chart (.PDF)

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Tags: bungalow, Calgary, condominiums, Edmonton, house prices, real estate, two-storey