Housing’s 10-year boom saw prices double
By Lori Mcleod - Globe and Mail
House prices in almost all Canadian neighbourhoods have doubled over the past 10 years, good news for long-time homeowners but an ongoing setback for those looking to enter the real estate market.
An unprecedented 10-year boom in the real estate market, which ended earlier this year, saw the price of a two-storey detached home rise by an average of 129% in urban centres to $522,999, according to a study.
In the 10-year period ended March, 2008, the price of a similar property in the suburbs has appreciated by 110% to $334,380.
The largest national price gain of any housing type is that of an urban condo unit, which has gained 132% to an average of $284,312, the study said.
“A look back at the last 10 years in Canadian real estate growth reveals that typically, home prices in urban markets have grown faster than those in the suburbs, with both areas showing impressive appreciation,” said Phil Soper, president and chief executive at Royal LePage, in a statement.
Mature homes near subway stations in city centres, and suburban homes with large yards, have both seen large gains in the past decade, the study said.
Home sales have been cooling this year as listings far outstrip supply. In April sales fell by 6.1% year-over-year, while listings rose by 17.7% from the previous month to the highest level on record.
Thus far, however, economists are predicting that real estate prices will continue to rise slightly in 2008.
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