Growing confidence in an economic recovery this year will boost an already strengthening housing market according to a recent survey.
One of Canada’s leading real estate services, Royal LePage, says that confidence is borne out by the momentum in the market which is fuelling higher than expected propety values. The report suggests this growth will continue through the first half of 2010 as the stimulus effect of low borrowing continues to drive demand to increased levels of activity.
The numbers from 2009 back that predicted momentum. Nationally, the average price of detached bungalows rose to $315,055, a six per cent increase, according to the survey. Standard two-storey homes rose to $353,026, up 5.2 per cent, and the price of a standard condominium rose to $205,756, up 6.4 per cent.
The report suggests, however, that as supply and demand rise exponentially the market should moderate to a slower pace in the second half of the year.