Condominiums and two-storey homes lead the way in price appreciation

VICTORIA, Jan. 6 /CNW/ - Victoria house prices in the fourth quarter 2010 were up for all housing types surveyed, according to the Royal LePage House Price Survey and Market Survey Forecast released today.

Standard condominiums led the way with price gains of 7.5 per cent over the same period last year, selling for a fourth quarter average of $285,000. Standard two-storey homes followed closely behind, with year-over-year gains of 6.9 per cent, selling for a fourth quarter average of $480,000. Detached bungalows sold for an average price of $490,000, a gain of 3.4 per cent.

Multiple offers were rare and homes typically sold below asking price, but sales in the fourth quarter were generally stable. As is typical during winter months, inventory is at the seasonal low. However, levels are up 25 per cent over last year indicating that sellers have renewed confidence in the market and are willing to list their property.

"Overall, Victoria is heading towards a more balanced market. Inventory levels are usually lowest from December to January, before new listings emerge in the spring," said Carol Geurts, Royal LePage Coast Capital Realty.

"We dealt with a host of issues last year, including confusion over the HST," she said. "I see buyer confidence coming back to the market, and I think that trend will continue throughout 2011."

Nationally, the average price of a home 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.

"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 over the coming year to $348,600 while the number of transactions is expected to drop 2 per cent.

About the Royal LePage House Price Survey

The Royal LePage House Price Survey 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 the three most common types of housing in Canada in 80 communities across the country.  A complete database of past and present surveys is available on the Royal LePage Web site at  Current figures will be updated following the complete tabulation of the data for the fourth quarter 2010. A printable version of the fourth quarter 2010 survey will be available online on February 4th, 2011.

Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.  Historical data is available for some areas back to the early 1970s.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of 14,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's & children's shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

SOURCE Royal LePage Real Estate Services

For further information:

Jeremy Twigg
Fleishman-Hillard Canada

Tammy Gilmer
Director, Public Relations and National Communications
Royal LePage Real Estate Services


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