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Belleville Real Estate, Quinte Real Estate, CFB Trenton Real Estate Relocations

Survey of Canadian Average House Prices in the Fourth Quarter 2007

Canada's real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown. Average house prices continued to increase in the fourth quarter with many markets experiencing double-digit gains, according to a House Price Survey report released by Royal LePage Real Estate Services.

Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.

"The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand," said Phil Soper, president and chief executive, Royal LePage Real Estate Services. "The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets."

Added Soper: "As we move into the New Year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 - the best environment for a strong and sustainable real estate market."

Survey of Canadian Average House Prices in the Fourth Quarter 2007

Halifax $201,333 6.7% $231,667 16.2% $148,500 4.2%
Charlottetown $152,000 4.8% $180,000 2.9% $100,000 2.0%
Moncton $151,000 2.7% $135,000 3.8% - N/A
Fredericton $155,000 1.3% $197,000 5.3% $126,000 -0.4%
Saint John $196,500 43.4% $255,000 25.4% - N/A
St. John's $157,667 9.7% $219,333 11.5% $165,000 12.8%
Atlantic $168,917 10.8% $203,000 11.6% $134,875 5.1%
Montreal $229,314 5.4% $342,491 7.2% $201,912 5.6%
Ottawa $308,583 5.6% $306,500 6.8% $196,833 7.7%
Toronto $413,375 8.9% $506,900 8.0% $280,505 10.4%
Winnipeg $214,494 20.8% $237,571 19.6% $124,270 20.1%
Regina $229,200 52.4% $199,000 35.8% $144,000 49.2%
Saskatoon $292,500 52.2% $321,500 56.7% $205,000 65.3%
Calgary $429,889 5.2% $461,811 8.5% $284,144 9.5%
Edmonton $336,786 12.8% $370,000 13.6% $240,500 13.2%
Vancouver $795,250 12.4% $895,000 11.4% $428,250 10.9%
Victoria $425,000 11.8% $456,000 9.4% $292,000 22.7%
National $337,555 11.6% $399,738 11.3% $240,395 11.7%

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