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Canada Housing Market Part 2 |
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Friday, 29 September 2006 |
While Vancouver has seen a slight reprieve from the severe shortage of
inventory that had previously characterized the market, supply is still unable
to meet demand, driving house prices upwards. Vancouver has a very diverse
group of active buyers - from first-time home buyers to baby-boomers to
foreign investors - all of whom fuel the demand for houses, placing added
pressure on tight inventory levels.
Victoria's market is vibrant and supported by strong economic
fundamentals, fuelled by a booming tech sector and a migration of young people
into the city that has continued to support the area's house price increases;
while increased inventory levels have afforded buyers more time when searching
for a home, helping to normalize the market's pace.
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Survey of Canadian Average House Prices in the Third Quarter 2006
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Detached Bungalows Standard Two Storey
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2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
Market Average Average % Change Average Average
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Halifax 186,333 173,333 7.5% 198,667 199,000
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Charlottetown 145,000 141,000 2.8% 175,000 170,000
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Moncton 135,000 127,000 6.3% 129,000 123,000
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Saint John 141,200 142,900 -1.2% - -
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St. John's 143,667 142,667 0.7% 200,667 202,333
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Atlantic 150,240 145,380 3.3% 175,833 173,583
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Montreal 213,691 203,500 5.0% 321,141 316,185
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Ottawa 290,083 278,417 4.2% 285,667 273,250
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Toronto 373,368 355,882 4.9% 481,523 474,766
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Winnipeg 181,579 159,860 13.6% 202,337 180,707
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Saskatchewan 170,667 156,083 9.3% 182,600 166,500
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Calgary 395,067 252,411 56.5% 405,778 264,389
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Edmonton 286,857 194,857 47.2% 316,429 206,714
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Vancouver 704,250 601,000 17.2% 794,000 697,500
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Victoria 375,000 348,000 7.8% 403,000 391,000
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National 300,365 258,202 16.3% 365,380 322,860
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Standard Condominium
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2-Storey 2006 Q3 2005 Q3 Condo
Market % Change Average Average % Change
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Halifax -0.2% 142,000 103,000 37.9%
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Charlottetown 2.9% 98,000 98,000 0.0%
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Moncton 4.9% - - N/A
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Saint John N/A - - N/A
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St. John's -0.8% 146,333 145,667 0.5%
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Atlantic 1.3% 128,778 115,556 11.4%
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Montreal 1.6% 193,190 188,016 2.8%
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Ottawa 4.5% 181,083 172,250 5.1%
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Toronto 1.4% 252,088 242,918 3.8%
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Winnipeg 12.0% 105,648 96,008 10.0%
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Saskatchewan 9.7% 106,250 101,000 5.2%
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Calgary 53.5% 245,844 153,867 59.8%
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Edmonton 53.1% 200,433 131,500 52.4%
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Vancouver 13.8% 366,250 323,250 13.3%
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Victoria 3.1% 229,000 220,000 4.1%
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National 13.2% 211,562 185,296 14.2%
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Average house prices are based on an average of all sub-markets examined
in the area, except for the smaller markets of Charlottetown, Moncton, Saint
John and Victoria. |
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