MISSISSAUGA, ON, Feb. 21 /CNW/ - Pent-up demand, population growth, tight
inventory levels, and the longest economic expansion since World War II
collectively fueled one of the best decades on record for residential real
estate in Canada, according to a report released today by RE/MAX.
RE/MAX Decade in Review 1997 - 2007 found that major housing centres
across the country experienced strong consecutive growth between 1997 and
2007. Average price spiraled upward while unit sales climbed in tandem as more
and more Canadians bought into homeownership. Nationally, average price almost
doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in
2007, for a 7.1 per cent annually compounded rate of return. Home sales across
the country increased just over 57 per cent from 331,092 units in 1997 to more
than half a million sales last year. Edmonton led the country in terms of
percentage increase in average price. The city saw a 203 per cent upswing in
housing values - or an 11.7 per cent increase annually - with average price
rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island
experienced the highest percentage increase in unit sales, with the number of
homes sold up 119 per cent in the 10-year period.
To view the full RE/MAX Best Decade Report, click here:
http://files.newswire.ca/348/REMAX_Decade_Review.pdf