National real estate price correction not likely until 2013 at the earliest

TORONTO, January, 2012 –The Royal LePage House Price Survey and Market Survey Forecast released today showed the average price of a home in Canada increased between 3.6 and 6.1 per cent in the fourth quarter of 2011, compared to the previous year. Royal LePage expects average price growth to continue through 2012 and predicts national average prices to increase by 2.8% by the end of the year.

·       Ottawa’s employment rate exceeded the provincial rate in 2011 but will moderate in 2012.

·       There may be a small .5% increase in employment in 2012.

·       Ottawa’s economy will rely more on private sector strength (the public sector only represents 20% of the workforce and will be less supportive of housing demand).