Derrick Penner
Sun
VANCOUVER – Real estate prices rose between 11 and 12.4 per cent year-over-year, with an average detached bungalow reaching $795,250 in the fourth-quarter of 2007, realty firm Royal LePage reported Tuesday.
The national realtor credited Vancouver‘s strong job market and a still considerable population influx, which keeps adding buyers to the market, for the gain.
In its report, Royal LePage noted that the most recent census shows that large urban centres, including Vancouver, continue to attract people.
Victoria also saw price gains of 9.4 per cent to 22.7 per cent, depending on housing type, according to the report.
It was the Prairie cities of Saskatoon and Regina, however, that saw astronomical price gains of more than 50 per cent for detached bungalows reflecting rising demand from in-migration (with many people returning to their home province from Alberta) and limited supply.
Saskatchewan prices, however — $292,500 for a detached bungalow in Saskatoon and $229,200 in Regina — are still below the national average of $337,555.
“The fourth-quarter 2007 was surprisingly strong with unseasonably high price increases and unwavering demand,” Phil Soper, Royal LePage Real Estate Services CEO said in a news release.
“The strength of the market was apparent throughout the country, largely due to positive economic fundamentals.”
On the Prairies, Royal LePage said developments in the oil and gas sector, potash and uranium mining continued to drive growth.
© The Vancouver Sun 2008
