Queen's University

Average home prices on the rise: Queen's University expert

2012-10-05

Queen’s University real estate expert John Andrew is available to talk about the Royal LePage’s house price survey that found the average price of two-storey home in Canada today is four per cent higher than a year ago. The report also noted that sales are slowing and prices are likely to follow suit.

Dr. Andrew is surprised that while the number of homes sold in most Canadian real estate markets is declining, home prices haven’t dropped as well.

“Home prices are defying logic and holding remarkably steady, or in some cases, still rising significantly, such as in Toronto and Calgary. This will be temporary, with a normal lag of three to six months between significant sales volume changes and home price changes. The changes to mortgage rules brought in by the federal government in July seem to be having their intended effect. What’s happening in real estate markets across Canada, and what lies in store for the next few months? I predict some dramatic changes ahead,” Dr. Andrew says.

Dr. Andrew is the director of the Queen’s Real Estate Roundtable and a professor in the Queen’s School of Urban and Regional Planning.

To arrange an interview, please contact communication officers Michael Onesi (office: 613.533.6000 ext. 77513, michael.onesi@queensu.ca) or Anne Craig (office: 613-533-2877, Anne.Craig@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada.

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