REAL ESTATE REPORT – December 2010
Provided by: Rob Marak
Royal LePage
250-470-1311
The average price of a home in Canada increased between 3.9 and 4.6 per cent in the fourth quarter of 2010, compared to the previous year, as markets shrugged off a lackluster third quarter and returned to a post-recession growth profile. Home values are forecast to continue a moderate and steady climb in many of the country’s key housing markets through 2011 with sales activity skewed to the first half of the year, according to the Royal LePage House Price Survey and Market Survey Forecast just released.
The low cost of borrowing stimulated the housing market in 2010, and this trend is predicted to continue in the first half of 2011. The widely held consumer belief that rates will rise in the latter part of 2011 may prompt an increase in buying activity early in the year.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.
Across Canada, the average price of a home is forecast to rise 3 per cent in the coming year to $348,600 while the number of transactions is expected to drop 2 per cent.
During the fourth quarter of 2010, average home prices either increased or stabilized year-over-year.
Nationally, the average price of detached bungalows rose to $324,531 (up 4.6 per cent), the price of standard two-storey homes rose to $360,329 (up 4.4 per cent).
For 2011, price increases are expected to be very modest at approximately 1 per cent.
Residential Sales by Price - Year to Date
Price Range - 2010:2009
$0 to $200,000 - 13:12
$200,001 to $240,000 - 12:28
$240,001 to $280,000 - 48:40
$280,001 to $320,000 - 86:127
$320,001 to $360,000 - 202:252
$360,001 to $400,000 - 252:323
$400,001 to $440,000 - 257:260
$440,001 to $480,000 - 206:230
$480,001 to $520,000 - 173:202
$520,001 to $560,000 - 137:122
$560,001 to $600,000 - 94:95
$600,001 to $999,999 - 214:227
$1 Million and over - 45:22
Summary of Residential Sales
Year to Date
TYPE - 2010:2009
Acreage - 32:22
Acreage/House - 93:75
Acreage (Waterfront) - 4:2
Business - 19:16
Townhouse - 483:561
Condo - 659:774
Duplex - 79:94
Farms - 14:14
IC & I - 81:30
IC & Lands - 6:6
Lots - 152:105
Leases - 35:65
Lots (Waterfront) - 3:0
Multi-Family - 3:4
Multi Plex - 3:8
Mobile Homes - 191:170
Recreational - 9:10
Residential - 1738:1940
Residential (waterfront) - 33:31
Timeshares - 1:0
TOTAL - 3638:3927
A Few More Stats
Average House Price in Dec. 2010: $462,527
Median House Price in Dec. 2010: $418,750
Number of houses listed last month: 138
Number of lakeshore homes sold last month: 3
Average Mobile Home Price: $91,813
Dollar value of sales in Dec. 2010: $73,754,084
Dollar value of sales in Dec. 2009: $116,515,079
Active Listings
Residential: 1109
Mobiles: 155
Strata: 1169
Lots: 499
The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.
Previous Stories
- John Thomson's I Didn't Know That! Jan 16
- John Thomson's I Didn't Know That! Dec 5
- John Thomson's I Didn't Know That! Nov 28
- John Thomson's I Didn't Know That! Nov 21
- John Thomson's I Didn't Know That! Nov 14
- John Thomson's I Didn't Know That! Oct 31
- John Thomson's I Didn't Know That! Oct 24
- John Thomson's I Didn't Know That! Oct 17
- John Thomson's I Didn't Know That! Oct 10
- John Thomson's I Didn't Know That! Oct 3
- John Thomson's I Didn't Know That! Sep 26
- John Thomson's I Didn't Know That! Sep 19
© 2024 Castanet.net