Business

House Prices Still Rise: Report

David Fowler - Jul 6, 2005 / 8:50 am | Story: 10571

A Royal LePage report says that Canadian house prices continued to rise in the second quarter, but the rate of appreciation has slowed.

Increases were seen in all major cities across Canada, but the rate of appreciation was less in the second quarter than the first quarter. The average price of a detached bungalow increased by 7.1% to $262,845. A standard condominium rose 6.5% to $183,397. A standard two-storey home rose 5.9% to $318,390 over the same quarter last year. See the Survey Database. The full Royal LePage report will be posted here.

Planned job cuts in the U.S. surged up 35% per cent in June, the highest monthly increase since January, 2004. According to outplacement firm Challenger, Gray & Christmas Inc., the increase is led by work force reductions in the automotive and retail industries. So far in 2005, 538,274 job cuts have been announced. That's 14 per cent more than last year. Globe & Mail story.

Crude oil prices are back above $60 (U.S.) a barrel Wednesday as concerns rise over U.S. supply disruptions. A tropical storm has forced oil companies to evacuate rigs in the Gulf of Mexico. AP Story.

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