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The Canadian Real Estate Association (CREA) has released statistics suggesting that stability has been the trend in national average prices, with the average home price coming in at $331,089, similar to where it was in September 2009.
Marty Douglas, a director on the Vancouver Island Real Estate Board, said housing statistics often tell different stories, depending on which numbers are considered. For example, the average price of a single-family home in the Comox Valley for September was $327,049, a drop when compared with the average price of $334,779 for September 2009. But Douglas said the 12-month average (September 2009 to September 2010) price for a single-family home was $345,287, a significant increase over the September 2008 - September 2009 average of $335,329.
However, Douglas said that less overall fluctuation in housing prices was indicative of a market that is in between the upswing and downswing of consumer demand. He estimates that in the last 12 months, an average of 1,535 homes have been sold in the Valley, compared to the 19-year annual average of 1,551. Douglas said low interest rates caused buyers to opt in to the housing market in larger numbers earlier in the decade, draining the market of customers today.