Reai Histate
MARKET SURVEY

Lower

fainiand

to experience
house price rise

From page 72

“In terms of sales and
price increases, housing
markets across the country
will vary,’ said George
Cormack, president, Royal
LePage real estate services.
“For instance, residential
real estate markets in Alber-
ta experienced some soft-
ening during early 1986
because of the drastic drop
in world oil prices.

‘“*However, the OPEC
agreement to reduce oil pro-
duction and raise world oil
prices is expected to have a
moderating impact on hous-
ing markets in Alberta,’’ he
said.

“In addition, the recent
federal government decision

to cancel Petroleum Gas and
Revenue Tax on Oct. 1
should also help to restore
the Alberta economy and
boost consumer con-
fidence,’’ said Cormack.

RESALES SOFTEN

The residential resale
housing market in Ottawa
has also experienced some
softening during 1986 due to
concerns over federal gov-
ernment cutbacks on expen-
ditures, reduction in civil
service man-hours, and
slower growth in the high
technology industries.

In spite of these concerns,
the Ottawa market is still
forecast to experience mod-
erate growth in sales and

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price levels by year end.

In contrast, residential
housing markets in Van-
couver, Winnipeg,
Hamilton, Toronto, Mon-
treal, and Hatlifax/
Dartmouth are all forecast
to experience significant in-
creases in housing sales and
selling prices in excess of
eight per cent in 1986.

“By far the most buoyant
housing market in Canada is
Toronto, with residential
sales expected to climb 25
per cent to 56,900 units by
year end,”’ said Cormack.
“Overall selling prices in
Toronto are forecast to rise
24 per cent to an annual
1986 average of $135,300.

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