Forex Investment

House markets across the country closed out the year posting strong price gains in the normally quieter fourth quarter, Royal LePage Real Estate Services said Tuesday.

Nationally, the average price of a detached bungalow was up 11.6 per cent year-over-year in the fourth quarter at $337,555, while standard two-storey houses averaged $399,738, or 11 per cent more than in the fourth quarter of 2006. Standard condominiums increased 11.7 per cent to $240,395.

“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, the president and chief executive of Royal LePage Real Estate Services.

“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,” he said.

Saskatchewan led the country in price growth in all three property categories. In the case of bungalows, prices in Saskatoon and Regina shot up by more than 52 per cent year over year.

Looking to the current year, Soper said activity is expected to slow from 2007’s “frantic” pace seen in many regions. Average prices are expected to continue rising, but at a more moderate rate.

House markets across the country closed out the year posting strong price gains in the normally quieter fourth quarter, Royal LePage Real Estate Services said Tuesday.

Nationally, the average price of a detached bungalow was up 11.6 per cent year-over-year in the fourth quarter at $337,555, while standard two-storey houses averaged $399,738, or 11 per cent more than in the fourth quarter of 2006. Standard condominiums increased 11.7 per cent to $240,395.

“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, the president and chief executive of Royal LePage Real Estate Services.

“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,” he said.

Saskatchewan led the country in price growth in all three property categories. In the case of bungalows, prices in Saskatoon and Regina shot up by more than 52 per cent year over year.

Looking to the current year, Soper said activity is expected to slow from 2007’s “frantic” pace seen in many regions. Average prices are expected to continue rising, but at a more moderate rate.