CANADA'S HOUSING MARKET REMAINS STRONG AS 2006 CLOSES, HOUSE PRICES FORECAST TO INCREASE BY 6.5 PER CENT IN 2007
Victoria experienced a rise in average house prices that is supported by the combination of the province's high consumer confidence and affordable bank rates. The city is also experiencing a spike in in-migration as many Calgarians are selecting Victoria as the city to retire in. Local baby boomers trading-up and first-time homebuyers will also continue to drive market activity.
The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for three most common types of housing in Canada in 80 communites across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca, and current figures will be updated following the end of the fourth quarter. A printable version of the fourth quarter 2006 survey will be available online on February 15, 2007.