Condo price hikes outpaced house increases

From Canadian Press

Condominium prices have risen faster than those of standard two-storey houses in three Canadian cities over the last five years, says Royal LePage Real Estate Services.

The average condo sale price rose 73.4 per cent to $62,000 in Edmonton, 61.1 per cent to $72,500 in Regina and 37.7 per cent to $144,144 in Toronto, the real estate company said Tuesday.

Meanwhile, the prices on two-storey houses rose on average 13.8 per cent to $125,250 in Edmonton, 20.2 per cent to $110,000 in Regina and 30.9 per cent to $267,083 in Toronto, over the past five years.

While noting a general slowdown in sales across Canada in the last year, Royal LePage said average values increased in 2000 on 83.5 per cent of the two-storey homes surveyed, 82.6 per cent of detached bungalows and 69.8 per cent of standard condos.

''Overall, real estate activity slow marginally year-over-year, due in part to an increase in listings and tempered demand,'' the real estate services company said in a release. Exact sales figures were not given.

''Listing periods for many areas in the country have increased to several weeks, compared to days or in some cases even hours, in 1999. Most areas have also seen the number of multiple-offer situations reduced.''

Royal LePage stressed the increase in condo sales growth.

''Demand for condominiums has developed significantly in the last five years in many major Canadian cities as more people choose to reside in the urban core,'' said Sherry Chris, a vice-president at Royal LePage.

''Developers have capitalized in creating lifestyle residences complete with every imaginable amenity, from putting greens and bowling alleys to valet parking and private elevators, all designed to appeal to specific demographic profiles.''

Condos are particularly appealing to first-time buyers and early retirees who are moving away from big homes.

Average prices for standard two-storey properties at end of 2000: St. John's, Nfld. $145,000; Halifax $172,500; Charlottetown $132,000; Moncton $90,000; Montreal $166,750; Ottawa $172,200; Toronto $267,083; Winnipeg $108,000; Regina $110,000; Calgary $180,000; Edmonton $125,250; Vancouver $339,500; Victoria $248,000.

Average prices for standard condominiums at end of 2000: St. John's, Nfld. $98,333; Halifax $111,000; Charlottetown $80,000; Moncton $102,000; Montreal $111,000; Ottawa $88,600; Toronto $144,144; Winnipeg $63,000; Regina $72,500; Calgary $82,500; Edmonton $62,000; Vancouver $131,850; Victoria $114,000.

Jan. 2, 2001. Toronto Star - From Canadian Press