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Canada's housing market both vigorous and stable ' x' @1 x- j2 x' m) K$ ^& R' ?4 }
6 K8 v1 o. u) O$ v; U1 T1 ]
- Country's market poised to show growth throughout 2006 -; }: i1 {" D: }) l2 e* O
& y$ Q7 Q3 t1 C5 H6 r$ F
TORONTO, Sept. 28 /CNW/ - For most of Canada, the housing market4 t8 b6 J2 j3 t( l
exhibited moderate price increases and stable unit sales during the third3 b! t+ |/ G1 Z' m( |: d
quarter. Wide regional variances continued to be the dominant characteristic v: X% M0 A( ~$ I3 ]* P0 K$ k* R
in the market, exemplified by frenzied levels of activity and double digit, ^4 H# t/ h8 b5 Q: Z/ m! H; k- Y
price gains observed in the energy and commodity rich Western provinces, and
3 p x! ]$ e( ]2 L, l4 ` `more reasonable sales volumes and moderate price appreciation in Ontario,0 q5 F% P8 O" g3 E0 I
Quebec and Atlantic Canada, according to a report released today by Royal
3 g' E( z0 l2 zLePage Real Estate Services.
$ t) E( s" i2 m" m$ c/ b
/ P" Q: O. C& H* }. c* h4 X, r Nationally, market trends established through the first three quarters3 Y( @/ r$ c; Q8 Y
are forecast to continue for the remainder of the year. Robust economic
& R& ^4 s E/ W2 z: Hconditions, low unemployment rates, modestly growing salaries and wages, and
6 F* i5 N0 D" o. R# }1 }1 ~' Asound consumer confidence contributed to the overall strength of the% W5 s+ R( n4 d/ K- ^
residential real estate sector./ i' S; ^4 h/ y& H8 a& k
8 B2 q6 @3 Q' h/ h9 w3 E, W3 { Of the housing types surveyed, the highest average price appreciation0 d# M& H9 F( z' ? T u
occurred in detached bungalows, which rose to $300,365 (+16.3%)- N6 D8 f( I. k0 e
year-over-year, followed by standard condominiums, which rose to $211,562
0 j' K# d, H/ _7 f$ Q7 {8 Q(+14.2%), and standard two-storey properties, which increased to $365,380* ?! l6 b6 Y t) N% |, r% ]
(+13.2%).
5 m4 A, @( ~( R6 u% U+ {
1 T2 r f' E+ Z, t "Canada's sturdy housing market continued to demonstrate steady growth
2 R" c6 v+ M' ]during the third quarter. For all but the west, we have moved on from the& M. T. O) U h H& F( [7 t3 t8 a
frenzied expansion that characterized the first half of this decade, and are6 u Z0 k7 P# M$ \0 K; C+ {3 T1 a) ^
poised to show continued growth at a more moderate pace," said Phil Soper,7 G! g e. `0 s1 m
president and chief executive officer, Royal LePage Real Estate Services.$ g" `7 ^' A8 p' [* m2 F
"Gone is the sellers' market that we have lived with for some years. We
& v( X: O8 c% uwelcome the more reliable conditions that are characteristic of a healthy
, S" Y7 a% Z7 \balanced market."
) ~. p( c; P& q) k c& @) h" C3 F3 V* i! {% P: v1 f
Despite the double-digit rise in average national house prices,
( ?+ q. ? A+ M# O0 g' b: H: O z1 {considerable regional variances were exhibited again this quarter. The shift; h( k: B3 s6 y6 V# B8 F
to balanced market conditions, which began in late 2005, has continued
8 w' \' T/ T+ j( Athroughout most of the Central and Eastern regions of the country. In the core, n* N3 F5 s$ I
energy producing western provinces, the combination of very high in-migration,
( f0 C: i) T$ Smanageable affordability, and a shortage of inventory has driven record7 Y& T- v4 d, X
breaking price appreciations.
& r/ h r0 [. i) W' F, t. p- Z( Z: U# E; M
Echoing the second quarter and supported by Alberta's rapidly expanding( u/ N, p: R8 u% Q2 Q/ `) M: {- _# G2 O
economy, Calgary and Edmonton led the charge of Canadian cities with the( E7 [* h& T6 b0 R5 r0 @
largest house price appreciation in all housing types surveyed.
4 ` z$ m2 H2 C* a; P9 p Y1 ]9 n% @ A
* R3 o3 I9 n L1 O+ F$ p2 Y In Ottawa and Toronto, growth remained steady, supported by solid$ S4 B! R' {5 |1 N5 x0 L5 P
economic fundamentals, an increase in available inventory and strong consumer
" j) _6 f' D; y1 xconfidence. While the pace of price appreciation in Ontario leveled off4 i. x0 [$ k5 p/ Z
slightly, the province's real estate market remains poised for modest growth.
/ ~ X) N! B$ u m! _ \5 bIn Atlantic Canada, new housing and condominium construction offered buyers8 w w. h0 \ u4 g& Q
greater selection at more competitive prices, resulting in a slower rate of+ T% m" e4 n# ^) k) X
price appreciation when compared with 2005.
% ~# [, z0 A, d e/ c
, c8 G8 N* Z, X8 U: ?6 b, E. g9 ~ While the pace of growth in Canada has slowed, the domestic housing: K5 @$ }7 v2 T( H
market is expected to outperform the American market. The economic and
7 L7 N( y4 l* v# rfinancial fundamentals driving the residential real estate sector in Canada1 F* X3 d! N7 [, a& g+ Q7 Z
are markedly different than those found in the United States.
1 j) z8 y0 H3 M
" r+ i" g0 w7 B' i% o% v Added Soper: "Canada's housing market is likely to outperform the6 z( J* ~# t _8 x+ N. A
American market through 2007. A number of factors are working in Canada's
4 L& p2 ] r* Q2 t' ufavour, including healthy personal and governmental debt levels, the
9 O5 _7 {" f. \' w- U4 t4 Mrelatively modest rise in interest rates in our country, and general
6 j6 L* ]* }) C1 o7 [, Yaffordability in our major cities. In addition, Americans are now seeing the6 h5 {/ f% ?( ?0 |$ o
downside of a tax system that encourages maximum homeowner leverage, and" p6 l8 {( O+ o2 y
aggressive financial products such as zero- and negative-amortization
. p( J1 b. B- D' h1 Jmortgages that work only in a high price growth environment."
* u9 Q: m: U+ H! p
% O: a6 E( F+ t6 T <<. J4 r* O: p$ _+ _' Q' F8 s
REGIONAL SUMMARIES
# D) o6 W* W3 O >>
4 O% W8 ^7 i+ [# T; j0 y
5 G2 I3 i* ?& W7 s1 c4 v Balanced conditions continued to characterize the housing market in: R( y4 `- P$ F0 M
Halifax, as significantly higher inventory levels helped to moderate the rate
) z# m! A6 p( v: i& nof price appreciation. Buyers were increasingly choosy, taking more time4 t9 j2 G1 J5 m" w* r+ p5 Z
looking for newer, low-maintenance properties that were not in need of# v- {+ P, O/ l5 x8 X
renovations.
9 }1 T; J: i9 z, l4 a$ l; T- _# [1 u+ ~7 `* W* d- ^: b
The housing market in Moncton remained healthy and strong as a slight
( n+ z9 O# b" d. S! f# e; bincrease in inventory helped to moderate the rate of price appreciation
. H c/ G8 n1 P- ?( u1 p5 mcompared to the same period in 2005. Activity was brisk throughout August and
* A/ N0 w8 ^: g/ U2 N# r0 ?September and is expected to remain this way through the fourth quarter.
4 c# m% o: r3 L$ K, `( N3 M- A- q( W1 ^6 w, \+ @/ f0 m t' f
The housing market in Saint John underwent its traditional summer @+ A) H/ z" |* S
slowdown in the third quarter, with activity picking up towards the end of the
( g- Y$ F# E zquarter. The local economy continued to thrive, as construction on a new
! I# Y3 Y# X8 \$ X600,000 square-foot shopping area has begun, bringing several new box stores) T- B( z2 @. J! Y& c# }. a! n
to the area. Buyers have begun seeking less expensive fixtures for their homes
' i$ \# B) ^/ |- V& k5 n; |and are instead opting for more affordable housing options.
3 L) o& f; Z) _, V" d" h
+ b# G8 I5 r0 _8 y2 D In Charlottetown, the housing market started to move towards balanced7 f9 D5 g( W0 E6 h! ~- y, O# f
conditions, as some sellers had to begin to lower the asking prices on their! l e# U3 x2 ]( ?- Z3 ? J
homes to make them more competitive. Activity from out-of-town and US buyers" H& U( a$ o6 k+ M; r* F5 \
was down slightly compared to 2005, likely attributable to the strong Canadian
; n& ?/ _5 S/ F8 O _# zdollar. Inventory levels began to creep up in the third quarter, providing) X, X5 r o; x; r) ~5 S9 K/ p. k
buyers with more options when looking for a home.
+ B, X7 n' S) I( e$ I0 ]) A8 e; }6 W( \/ E( @ A
Activity in St. John's slowed slightly in the third quarter, particularly7 \9 c3 z1 Y) _8 E& |
among higher-priced properties, where there was a slight over-supply of homes4 n) s+ @' H$ Z% M
priced over $200,000. Listing periods have increased when compared with 2005,
, a9 Z7 @5 g3 z$ Q( [- Kas some of the pent-up demand that had characterized the market over the last7 L/ D/ n- u% c3 }) W; A
few years has been satisfied, resulting in more normal, balanced conditions.8 C* w: u+ h) n5 u3 s
$ z( [0 ?4 | _. z0 M0 l& _ Montreal's housing market recorded modest increases in average house
0 ?% Z! a( Z$ P- q, Aprices, due to a slight seasonal slowdown in the third quarter as inventory& O$ \5 K }& r2 ^ Y& n+ k7 Z
levels rose. Part of this can be attributed to the fact that many renting% s+ h9 d/ s* q0 F2 ^: _
first-time buyers were motivated to close on the purchase of a home by July 1,
4 @$ `; a' k ?% Ewhen rental leases expire in Quebec. Once this date has passed some of the
( ]& Z) f2 D( n9 Apressure is taken off the market, allowing buyers to visit more homes before
0 M( S+ n# U8 A# L$ emaking a purchase.& K2 q" H' m( ]+ K+ W# \1 {; w5 C
( J! C; @0 m% O+ h Ottawa held its position as one of the country's most stable housing
0 d3 G, P' t& o3 Y/ b1 b) b7 d3 Imarkets in the third quarter, reinforced by a vibrant local economy and strong' i+ V" w! I0 T! m+ L8 \) q
confidence, resulting in modest increases in average house prices. The city+ c4 l3 g" a5 s
centre remained a bright spot in Ottawa, with homes in this area attracting6 j- D, e0 B b: ^, _' I( R
attention due to their convenient location and proximity to downtown5 i3 [. t8 W2 h& b8 j
amenities.4 k! g2 |9 }+ T- R
' V* g; w% l# O; C. D
The housing market in Toronto sustained healthy activity levels
+ J8 L+ J3 K9 d7 L" l2 Cthroughout the third quarter, as a strong economy helped to maintain demand+ C, A p/ B% l( T
across the city, causing average house prices to rise moderately. Toronto has: j& `! Y9 v# J. H+ K& O7 _4 T
continued to experience modest growth in average house prices, and has been& e! C2 s; y Z$ ~3 A, T$ a8 ]: e
driven primarily by purchasers who are buying homes as their principle
5 b5 D) N4 @3 T% H. N! cresidence, rather than for investment.9 S( E6 X3 C+ t* o+ U
3 }2 g. b/ R8 ? The vibrant Winnipeg housing market continued to show its strength as
- ~1 M d4 [ ^+ v4 K2 |+ yhouse prices rose during the third quarter. The booming local economy resulted
2 o4 K6 N9 v2 ^) O3 `in a historically low unemployment rate, helping to bolster consumer( V* W" o% z! {
confidence and Winnipeg's ranking as the city with the lowest capitalization
7 v& `, Y8 P0 v! X8 @ L9 g& [rate among the country's larger cities - helped to encourage buyers to enter }$ Z+ G! r7 F3 y' Q
the market." {& e# ^1 D9 X' r1 W
2 p* L9 i6 H$ J. Y( g7 n8 m
In Regina, the market experienced a slight seasonal slowdown through
- R$ E- Y9 b V; Z% s: B- `July, as there were fewer purchasers in the market due to summer vacations. In
9 h5 _9 k+ W9 a; h; W$ \2 NAugust, activity resumed to the busy pace previously seen in the spring
0 A I/ L9 n, o7 s! K- vmonths, as the influx of purchasers made it more difficult to find a home due
8 p8 g; ~* A2 Z9 P/ K# sto the shortage of available inventory.
; U k- X5 ^3 k- ~9 } K y
% g! [* c3 J3 D% S2 G Activity in Saskatoon remained brisk as the market maintained its+ m3 |7 n. @( R2 N% r! l. `' g
momentum from the busy spring sales period. The economy in Saskatoon remains' ^! P P* R' u
vibrant, as employment opportunities are abundant with many businesses
, _& w& V. u8 ~; n# Xstruggling to make hires and having to recruit outside the province." H z/ V6 ~( t3 F0 J( z
1 H2 k( }9 W% x6 s
Calgary's housing market recorded blazing average house price increases+ d1 \* b5 P0 X) r- D
in the third quarter, in all surveyed categories. The burgeoning economy, low
7 l# @6 ?6 v0 s' S' hunemployment rates and low inventory levels remained the leading factors that
* i2 e" L/ X* M9 B$ V( W3 jpressured Calgary's house prices upwards. However, regardless of the soaring# Y" p. L" H, L9 S& M
prices that characterized the market - even during the typically slower summer
' v' M9 q q( s5 {$ ^( _season - it is expected that activity will become slightly more balanced, as
' |0 c l. Q s. T, d; Ybuyers are becoming more reluctant to participate in the frenetic activity.
. l/ l- I; z0 i0 @7 X7 }9 w# Y8 I2 m/ l7 [, E p% @6 \
Edmonton's booming local economy continued to thrive in the third quarter9 K* q8 R# J+ S" l( `- i: R
as activity in the oil sands north of the city continued to flourish. Edmonton
, L. M9 B1 ? q6 P$ Q# Zremained the hub of activity for those coming to work in the oil industry,
( c- [, J( e$ @1 o. ~maintaining tight inventory levels across the city, resulting in prices, F) |0 y! N3 T4 O/ b* G7 P
increasing at record levels. However, as inventory levels continued to improve
" ]8 m& C _6 W" \in the third quarter the rate of price appreciation should moderate slightly/ E* h5 F- d) T$ B; n6 ^
towards the end of 2006. * }$ d1 l1 t1 p6 _
! o1 S- g; h# K5 wWhile Vancouver has seen a slight reprieve from the severe shortage of
4 g4 v; ^! K+ Q* N2 a( Binventory that had previously characterized the market, supply is still unable
. m/ M; D6 s! f, Z3 Y0 P, P5 Eto meet demand, driving house prices upwards. Vancouver has a very diverse
; Q& z+ H0 F6 Tgroup of active buyers - from first-time home buyers to baby-boomers to: ?: C# K' K |# V
foreign investors - all of whom fuel the demand for houses, placing added: ]3 P. y/ g+ O
pressure on tight inventory levels.! @% w' S4 l* |2 F
3 r. @# c$ O2 s- ?. o5 }" d
Victoria's market is vibrant and supported by strong economic
& ^: R( K0 i8 c9 Afundamentals, fuelled by a booming tech sector and a migration of young people
( ]$ t5 o* m+ Sinto the city that has continued to support the area's house price increases;
2 J& S' ]7 @2 Z- U4 b6 l. T3 L1 g- I+ H+ Lwhile increased inventory levels have afforded buyers more time when searching
0 t N. ?' t" H( y7 Ufor a home, helping to normalize the market's pace.- g9 n& [1 f- G( _2 \: W
1 `4 ?* e0 b* B# w <<% }( N9 U. M k/ Z
Survey of Canadian Average House Prices in the Third Quarter 20069 }, d2 I9 l( H: M0 S1 |. n
" R: Y# B$ _* m# G9 r. b1 \8 Q
-------------------------------------------------------------------------8 i' Q/ \; a8 k
Detached Bungalows Standard Two Storey
* I# ]" M& b5 c$ e8 U -------------------------------------------------------------------------
' Z' i5 H8 O+ B; u& L R7 P 2006 Q3 2005 Q3 Bungalow 2006 Q3 2005 Q3
8 E! ?1 K' b3 r3 w* Z' ]8 M6 w Market Average Average % Change Average Average
3 N$ T" I% k( v4 Y: [# Z( X8 F -------------------------------------------------------------------------( v3 j" u# {+ q, c H9 l7 @. m
Halifax 186,333 173,333 7.5% 198,667 199,0005 c1 s) J- y- K) `3 S
-------------------------------------------------------------------------$ P1 ]+ P! n( @/ |
Charlottetown 145,000 141,000 2.8% 175,000 170,0005 Z0 g+ ?2 I7 q$ D5 A4 }) |6 q4 j) N
-------------------------------------------------------------------------
* c* {' C8 O" \ Y I8 a% y Moncton 135,000 127,000 6.3% 129,000 123,0002 n! l3 g5 [0 n0 p
-------------------------------------------------------------------------
& W3 l& w7 ?4 p6 q7 Y8 ^& U Saint John 141,200 142,900 -1.2% - -
' {- w3 l O4 f1 t- p8 X/ M3 r -------------------------------------------------------------------------! u* O f# h( s' ^# v
St. John's 143,667 142,667 0.7% 200,667 202,333
$ \) l: y0 d/ {1 z -------------------------------------------------------------------------5 a/ R: n0 N: |: v p& }# b4 b+ |: T
Atlantic 150,240 145,380 3.3% 175,833 173,583% ?) { D& a( B; `
-------------------------------------------------------------------------; F: W! ~8 \) P$ M- D
Montreal 213,691 203,500 5.0% 321,141 316,185
$ J+ s. A7 X7 F# v, ^ -------------------------------------------------------------------------
2 L4 p* P4 l4 z: @, t+ }' ~ Ottawa 290,083 278,417 4.2% 285,667 273,250+ s2 k" V) ?5 p; {
-------------------------------------------------------------------------
6 `0 M+ Q4 V. X } Toronto 373,368 355,882 4.9% 481,523 474,7667 z; X$ |2 X! q' y% H8 D9 w8 q) E# `
-------------------------------------------------------------------------
6 G# N3 i) z t- j" H7 g Winnipeg 181,579 159,860 13.6% 202,337 180,707
* i- H" H; n" H$ I6 P -------------------------------------------------------------------------
8 D# S+ N9 W% K* u* e4 P$ P" u Saskatchewan 170,667 156,083 9.3% 182,600 166,500
/ j" V# _) Z9 W0 ]6 X+ B9 U6 o' ^ -------------------------------------------------------------------------
6 m8 m9 s$ c( ~0 t( n) i Calgary 395,067 252,411 56.5% 405,778 264,389
0 ~, C. E1 S# a p7 x, z -------------------------------------------------------------------------6 T9 G' J) ~& |% @5 {
Edmonton 286,857 194,857 47.2% 316,429 206,714
8 ^% G1 F K4 c8 F8 { -------------------------------------------------------------------------
4 i+ w/ e3 o0 p) ~) x- q1 t Vancouver 704,250 601,000 17.2% 794,000 697,500
$ \- Q, ?2 }$ P- L -------------------------------------------------------------------------
2 f$ c7 f2 F5 `3 [5 v+ _ Victoria 375,000 348,000 7.8% 403,000 391,000( m5 Y) [% _: h; u7 F: a
-------------------------------------------------------------------------8 q( K$ a1 \# f$ J% L6 N
National 300,365 258,202 16.3% 365,380 322,860) s7 B$ O' U7 u* e5 W
-------------------------------------------------------------------------: {: Y" s: i5 a) F- c
% X3 F" A, J/ \, m( y) R+ N -------------------------------------------------------------- I A4 p% f0 Z7 W# F! ?) G
Standard Condominium; Q4 R3 a/ I$ ~2 R, `2 g, l
-------------------------------------------------------------
+ r- I# [5 \) O3 P- w9 c0 o" O a 2-Storey 2006 Q3 2005 Q3 Condo3 [8 A: q7 U1 H2 n" o
Market % Change Average Average % Change
! i: S2 Y9 E/ E9 L4 T+ V% a) D. M -------------------------------------------------------------' W: \! M+ s1 U! F3 A* f
Halifax -0.2% 142,000 103,000 37.9%
4 m6 C: [ @* U4 n& o) C -------------------------------------------------------------
& f$ n. g/ K+ k" H# h Charlottetown 2.9% 98,000 98,000 0.0%
' n% c/ b( B6 b; o6 `/ \, P, G -------------------------------------------------------------
d; V+ R. U0 e; Z# \- U( O Moncton 4.9% - - N/A8 m* n+ R7 |. T7 o
-------------------------------------------------------------
6 `% d( _4 b8 |( P. p! _* B* V! |3 p Saint John N/A - - N/A9 o1 t6 B( Q/ d# W
-------------------------------------------------------------2 Q( U2 f- ?# g' D4 I* C
St. John's -0.8% 146,333 145,667 0.5%
/ ^1 B+ |; C$ i -------------------------------------------------------------
( s# G9 g; z9 p Atlantic 1.3% 128,778 115,556 11.4%
8 M7 v/ E3 H9 I; a0 V1 } -------------------------------------------------------------
! K8 M9 i% ^4 L" `$ r) t Montreal 1.6% 193,190 188,016 2.8%" @- j$ w3 z! k
-------------------------------------------------------------2 F# B( g/ s1 x1 u1 P ^
Ottawa 4.5% 181,083 172,250 5.1%! a: w8 g) M% t7 e8 E
-------------------------------------------------------------
2 B# K: e( T; p4 K& N- R& ]: R Toronto 1.4% 252,088 242,918 3.8%
" `, X K6 j. S0 O9 P3 }7 c" h -------------------------------------------------------------$ N( ?# x6 Z1 E9 _' A0 Y5 J
Winnipeg 12.0% 105,648 96,008 10.0%
: C" V. m8 W' s, @ P& p -------------------------------------------------------------
9 M6 F2 T ^7 C4 N; W( A Saskatchewan 9.7% 106,250 101,000 5.2%
- ]# q! d0 n7 ~) d6 f" ^, v -------------------------------------------------------------. y# a9 o% _$ k9 _& B7 o
Calgary 53.5% 245,844 153,867 59.8%% V8 e5 e7 s8 G6 l
-------------------------------------------------------------
- B5 C4 M4 z+ ]# K Edmonton 53.1% 200,433 131,500 52.4%
$ X, O5 c! f5 M9 l, Q* l& i/ ` -------------------------------------------------------------$ L$ p" O8 [& g8 Z" J# N& J2 ^7 c
Vancouver 13.8% 366,250 323,250 13.3%
8 h' L- _- n* ? x -------------------------------------------------------------2 p+ N) n- f6 n9 ]9 |
Victoria 3.1% 229,000 220,000 4.1%& S Y% E. v: \) O
-------------------------------------------------------------/ I6 l; X' E. r8 j$ t! c: F& s# ]! r
National 13.2% 211,562 185,296 14.2% v* O& e c( Q$ t9 v* g' a
-------------------------------------------------------------3 J9 s4 P. l- R6 N& K f
>>& s8 y, K( `; _0 |2 i
; Q1 n' r& w1 d1 B9 r# W Average house prices are based on an average of all sub-markets examined8 U6 S) Z( C8 u+ Q4 R" I( Y
in the area, except for the smaller markets of Charlottetown, Moncton, Saint- X @' `- e, X6 ^( Q& Z
John and Victoria." P d5 I! J, D9 T# K$ P
( B% D' Q+ V w* X( M% J1 u$ J
The Royal LePage Survey of Canadian House Prices is the largest, most" e9 ^7 Q/ l5 |7 u3 X
comprehensive study of its kind in Canada, with information on seven types of
# V& P9 P* d( Z8 P' ~* m6 k! Jhousing in over 250 neighbourhoods from coast to coast. This release
8 G7 L8 b2 M2 L& a% Xreferences an abbreviated version of the survey, which highlights house price
. G) y# \7 Z7 @- Y/ h# wtrends for the three most common types of housing in Canada in 80 communities* T, U1 r: ~7 l, w! X
across the country. A complete database of past and present surveys is5 Q x3 b( ~9 ~* u2 h
available on the Royal LePage Web site at www.royallepage.ca, and current
- a9 D' f- [( Z) P7 O2 zfigures will be updated following the end of the third quarter. A printable
1 |& z( b3 e3 z5 r9 z% C4 f1 X% kversion of the third quarter 2006 survey will be available online on f& I' p- I: G& R9 v3 r! _& i
November 15, 2006.
- t: ` u. K: {) J Housing values in the Royal LePage Survey are Royal LePage opinions of$ ~3 f! d6 `5 S1 } U/ V; b6 d3 Z
fair market value in each location, based on local data and market knowledge
5 j# |/ V/ N N9 G, O/ iprovided by Royal LePage residential real estate experts. Historical data is
% @4 R: V; T8 F7 t' t e! iavailable for some areas back to the early 1970s. |
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