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No real estate slump yet

Average Canadian house price hits $335,180

House prices continued to soar in June, averaging a record $335,180 in sales via multiple listing services operated by real estate boards in 24 major Canadian markets. That figure was up 10.4 per cent from June 2006 according to a report released by the Canadian Real Estate Association (CREA).

MLS transactions tracked in the association's monthly survey account for about 80 per cent of all Canadian resale volume, CREA chief economist Gregory said. Sales surpassed all expectations in the first half of 2007 and seem headed for a full-year record despite higher interest rates and a "gradual erosion of affordability" as prices get beyond people's reach.

In June, average prices reached the highest monthly levels on record in Victoria, Regina, Saskatoon, Winnipeg, Kitchener, Ottawa, Montreal and Halifax, the CREA report said.

The highest average prices were in Greater Vancouver ($564,702), Calgary ($427,205) and Toronto ($381,963), the report said.

July 12, 2007 in Canadian Real Estate Market | Permalink

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Comments

Here in my area the prices are stable too. Actually our average purchre price went up this year. But the inventory is at its highest point in over 8 years.

Posted by: Camas Real Estate Guy Wa | Dec 21, 2007 10:50:32 PM

Its good to see that the market is still holding steady in some parts of the continent!

Posted by: Albuquerque real estate | Jul 13, 2007 1:35:44 PM

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