Did you know the Q1 Royal LePage House Price Survey shows that the real estate recovery, which began in the Q3 2009, continued unabated in Q1 2010? 

“The first quarter of 2010 continued where 2009 left off, with more Canadians enthusiastically participating in a rejuvenated residential real estate market,” said Phil Soper, CEO of Royal LePage Real Estate Services. “One of the earliest sectors of the economy to return to growth after the difficult recessionary period, the housing sector has been a prime beneficiary of low borrowing costs and improving consumer confidence.”
House prices were up across all key housing types surveyed, with the average prices rising 10-11% in the first quarter year-over-year.
An analysis of Royal LePage data from Q1 2008 through Q1 2010 shows three different patterns of house price trends in Canada’s major cities: (1) Cities like Toronto and Vancouver show a rollercoaster effect in which prices dropped sharply then rose dramatically to levels that exceed pre-recessionary prices. (2) The non-stop growth markets were generally resilient through the downturn with incremental price appreciation over a two-year period (including Halifax, Ottawa, Regina, Saint John, St.John’s and Winnipeg). (3) In the level markets house prices have remained relatively unchanged (Calgary, Edmonton, Moncton and Montreal).

“Expect house prices to continue to rise, but the rate of appreciation should ebb steadily, month by month, throughout the remainder of the year, as balance returns to the industry,” concluded Soper.