Housing prices on the rise

Housing prices in Canada increased between 3.5 and 4.3 per cent in the first quarter of 2011.

The numbers were released by the Royal LePage House Price Survey on Tuesday.

While the rate of year-over-year price appreciation slowed slightly in the first quarter, home values continued an upward climb, which first began late in the second quarter of 2009.

Low interest rates and a recovering economy continued to fuel activity in Canada’s housing market over the past year, leading to a country-wide increase in average prices.

In 2011’s first quarter, a detached bungalow rose 4.3 per cent to $341,355, while standard two-storey homes rose 3.5 per cent to $379,388 and standard condominiums rose four cent to $237,919.

“We expect house prices will continue to creep up, but most of the excess demand created by the initial drop in interest rates has been satisfied, and affordability continues to erode slowly, allowing the listings supply to catch up. In most markets, lower single digit percentage increases are more likely for the balance of the year,” said Phil Soper, the president and chief executive of Royal LePage Real Estate Services.

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