June 8th - 2004

Outlook for Ontario

The market conditions for Ontario along with Alberta and Atlantic Canada are expected to stabilize as more supply in the form of new housing and new resale listings become available this year.

The market conditions for Ontario along with Alberta and Atlantic Canada are expected to stabilize as more supply in the form of new housing and new resale listings become available this year. Additional supply will also help to moderate pricing. Here are some of the highlights for Ontario:

Affordability reading for Ontario was 31.3% in the fourth quarter of 2003

  • Average monthly payments were estimated at $1,409 – up 1.6% from the third quarter of 2003
  • Home sales finished the year 4% above 2002 – another record
  • An increase in new listings late in the year helped to cool off the pace of price increases
  • The benchmark price of a detached bungalow increased by 4.1% in the fourth quarter to $211,269
  • Housing demand expected to remain strong in Ontario
  • Move-up buyers will drive the market this year keeping demand for larger, detached homes strong

To view the complete RBC Housing Affordability Index report visit www.rbc.com/economics.

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Microsoft Outlook is good for managing contacts Affordability keeps market from “bubbling”

For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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