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House prices have recovered to '08 levels

Updated: Thu Sep. 24 2009 06:12:34

The Canadian Press

KELOWNA, B.C. — A new Re/Max real-estate survey says house values have recovered in many major Canadian markets to where they were before the market crashed.

The survey found house values are ahead of record highs set in 2008 in seven of the 11 markets surveyed for the real-estate brokerage network.

The national average price was $312,585, up 0.5 per cent from a year ago.

Re/Max attributed the recovery to low interest rates, pent-up demand and improved affordability.

The survey was based on information from Canada's major urban centres and may not reflect what's happening in smaller markets.

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