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Average house prices up at least 10 per cent in major Canadian markets: LePage

General Angela Calla 8 Apr


By The Canadian Press

TORONTO – Prices for all key housing types were up more than 10 per cent across Canada in the first quarter, although some markets were hotter than others.

That’s according to a national real-estate survey by Royal LePage, which says the Canadian housing market will likely become more moderate as 2010 unfolds.

The survey found that, on a national basis, the average price of a detached bungalow in Canada rose to just over $329,000 in the first three months of this year – up 11 per cent from the first quarter of 2009.

Standard two-storey homes rose 10.3 per cent, to about $365,000, while condominium units increased by 10.9 per cent to just under $229,000.

Royal LePage, which is a national real-estate sales organization, says the national numbers don’t paint the whole picture, however.

It says some local markets, such as Vancouver and Toronto, may be overheated while most others have shown more moderate growth.