Thursday, March 29, 2007

Important Real Estate news from the Department of Pointing Out the Obvious

The Alberta Oil Patch continues to boost the national average for home prices.

Canadian Business: House prices continue to increase across Canada: Royal LePage
TORONTO (CP) - Canada's housing market got off to a strong start in 2007 with average prices rising in all major markets, according to Royal LePage Real Estate Services (TSX:RSF.UN).
It says a combination of consumer confidence, moderately low interest rates and improved affordability led to greater sales in the first quarter.
Royal LePage says the highest average price appreciation was in standard condominiums, which rose 16.3 per cent to $230,146 year-over-year.

Detached bungalow prices rose 14.9 per cent to an average $316,993 and standard two-storey properties increased 11.8 per cent in price to $378,148.
Fuelled by the energy sector, Alberta's economy continued to show extremely high price appreciation and that spilled over into Saskatchewan. Year-over-year condo prices rose 72.1 per cent in Edmonton, 38.9 per cent in Calgary and 42.9 per cent in Saskatoon.
Royal LePage says more moderate increases were noted in the central and eastern regions of the country.

As an aside, some of the property boom in Saskatchewan is due to Alberta real estate gamblers investors having to look outside the province's borders for value-priced opportunities. But what many people forget is that Saskatchewan does have a resource industry that is also booming, but our Oilsands get all the media attention, leaving our neighbors with the bridesmaid status of being thought of only for farming and really boring scenery.

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