Real estate market continues to soar [Toronto]
Canada’s red hot real estate market continued to soar in the fourth quarter of 2007 with little sign of the traditional winter slump, according to new data released Tuesday by Royal LePage.
Many markets reported double-digit gains in the final months of last year, likely driven by booming energy sectors across the country, says the House Price Survey report.
“The fourth quarter of 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services.
Soper cites the value and export demand of Canada’s natural resources as one factor for the strong market, along with high employment rates fueling confidence in job stability.