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Canada’s home real estate market at a ’tipping point’: Royal LePage

Canada.com
Most of the major cities tracked by Royal LePage showed increases from the first quarter of 2012 and the second-quarter of 2011.

Most of the major cities tracked by Royal LePage showed increases from the first quarter of 2012 and the second-quarter of 2011.


At least one real estate company says the housing market is not quite dead yet.



Royal LePage Real Estate Services says 2012 will finish with average home prices, up 3.2% and slightly ahead of its 2.8% growth forecast earlier this year.

But the report suggests Canada’s residential real-estate market appears to be at a tipping point, with some areas likely too expensive for buyers at the current levels.

“We have had three years of solid house price appreciation in almost all regions of the country,” said Phil Soper, chief executive of LePage Real Estate. “Confidence in Canada’s real estate market is sound, but home prices cannot grow faster than salaries and the underlying economy indefinitely. Some regions have reached or perhaps even exceeded the current upper level of price resistance as buyers have embraced an era of historically low mortgage rates.”


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