Real Estate updates - MoneySense

Real Estate updates

House sales increase in Q4 but prices decline.

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Realtor Royal LePage is reporting today that average housing prices increased between 2 and 4% per cent in Q4 of 2012 compared with the year before, although prices declined in all three tracked categories of home (detached bungalows, standard two-storey and standard condominiums.) The company is forecasting that house sales volumes will slow slightly in the new year but is not forecasting a significant slowdown.

Meanwhile The Canadian Press reports Royal Bank CEO Gord Nixon, speaking at an RBC conference, says a decline in the Canadian real estate market is impacting mortgage lending at the bank but he says there is no need for alarm; he is confident Canada’s housing market will continue to be stable.