CROSS-CANADA SURVEY

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REAL ESTATE markets
and prices have stabilized
across Canada over the past
four months, according to
the most recent Canada
Trust Realtor Cross-Canada
Home Price Survey.

Home prices are expected
to be firm next year, with
sales strengthening in the se-
cond half of 1988.

Montreal and Calgary
home prices jumped an
average of six per cent in the
three months ending Oct. 31,
but in most communities,
price moves were more
limited, according to John
Erickson, senior vice-presi-
dent, Real Estate Services.
Home prices rose moderately
in major centres like
Halifax, Quebec City, Lon-
don, Ottawa, Winnipeg and
Regina, but were flat in
Edmonton and dipped
slightly - by about one per
cent - in Toronto and Van-
couver after recent price
surges.

Earlier in 1987, central
Canada experienced a hectic
sales boom and = surging
housing prices. The current
market may be better for
both customers and the real
estate industry, according to
Erickson.

prices

‘Buyers and sellers have
more time to make decisions
and real estate salespeople
also have more time to work
with individual clients."'

In central Canada, prices
have softened in some cen-
tres, but prices are still 15-30
per cent higher than a year
ago, according to the
quarterly home price survey.
In the West, the residential
real estate market is in a cat-
ch-up phase, as markets and
prices move up against those
in Ontario and Quebec.

In Atlantic provinces,
Prices continue to be flat,
with little local stimulus for
home sales.

Across Canada in 1988,
sales will match those of
1987 for the first six months,
then will pick up over the
Jast six months, with an an-
nual sales increase of five
per cent over 1987, accor-.
ding to Erickson.

“I’m optimistic about the
outlook because we won't
see a correction in residential
real estate values like the
Qctober, 1987 correction in
world stock markets. We’re
already at a strong level of
sales activity and the current ©
real estate market provides
plenty of opportunity for
consumers to buy and sell.””

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