Increased Home Prices

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By Elli Davis, April 9, 2010

Increase by Christina

In the first quarter of 2010, home prices in Canada were up by more than 10 percent in all key housing types surveyed, according to the Royal LePage House Price Survey released yesterday (Thursday). One of the reasons is, according to Royal LePage, the continued rise in consumer confidence, which pushes sales and prices up.

The average price of a detached bungalow in Canada, in the first quarter, increased by 11 percent to $329,209 compared to the same period a year ago. Standard condominiums rose by 10.9 percent to $228,963 and standard two story houses grew by 10.3 percent to $365,141.

In GTA, the prices of detached bungalows rose by 13.3 percent over the year to $459,107. Standard two story homes in Toronto grew by 13.2 percent to as much as $562,150. Condo prices also increased, by 10 percent to $317,579.

It’s great that the housing market is buoyant at the moment, but let's not be too hasty. The expected rise in interest rates in April or June should make it slow down a bit.