Canadian home prices resilient in third quarter

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Toronto— The Canadian Press
Published Wednesday, Oct. 05, 2011 8:06AM EDT
Last updated Wednesday, Oct. 05, 2011 9:00AM EDT

Royal LePage says home prices remained unexpectedly resilient across Canada's housing market in the third quarter, but the overall strength is concealing signs of moderation in some regions.

In its latest house price survey and market forecast, Royal LePage says that Canada's residential real-estate market benefited from very low interest rates and a relatively stable domestic economy.

The national average price of a detached bungalow rose the most — 7.8 per cent from the same time last year to $349,974.

The price of a standard two-storey home rose 7.7 per cent to $388,218 and the price of a standard condominium 5.7 per cent to $239,300.

The report highlighted both Calgary and Edmonton as regions where prices were relatively flat year-over-year.