TORONTO - Canada's housing market got off to a strong start in 2007 with average prices rising in all major markets, according to Royal LePage Real Estate Services.
It says a combination of consumer confidence, moderately low interest rates and improved affordability led to greater sales in the first quarter.
Royal LePage says the highest average price appreciation was in standard condominiums, which rose 16.3 per cent to $230,146 year-over-year.
Detached bungalow prices rose 14.9 per cent to an average $316,993 and standard two-storey properties increased 11.8 per cent in price to $378,148.
Fuelled by the energy sector, Alberta's economy continued to show extremely high price appreciation and that spilled over into Saskatchewan. Year-over-year condo prices rose 72.1 per cent in Edmonton, 38.9 per cent in Calgary and 42.9 per cent in Saskatoon.
Royal LePage says more moderate increases were noted in the central and eastern regions of the country.
