http://www.cbc.ca/money/story/2007/03/14/homeprices.html?ref=rss

Resale home prices continued to rise in Canada's major markets, reaching an all-time high in February, new figures show.

The average selling price in 25 major markets across the country was a record $311,101 last month, according to Multiple Listing Service data from the Canadian Real Estate Association.

That's up 10 per cent from a year earlier and is up almost $12,000 from January's average.

New average price records were established in Calgary, Edmonton, Toronto, Hamilton-Burlington, London and St. Thomas, Ottawa, Quebec City, and Saint John, CREA said.

The greater Vancouver area once again had the most expensive housing. The average Vancouver resale home sold for $531,688 in February, up 8.5 per cent over last year.

Edmonton's prices continued to be on fire. The average home in Alberta's capital went for $321,307 last month, an increase of 51.9 per cent in 12 months.

Calgary's boom is also still on track. The average price was 29.1 per cent higher year-over-year, reaching $393,307.

Prices in Central and Eastern Canada generally rose by more modest amounts.

Toronto's average price increased 4.2 per cent to $368,687; Montreal's rose 7.1 per cent to $219,149; and Halifax-Dartmouth's rose 8.2 per cent to $213,327.

On a seasonally adjusted basis, more than 29,000 homes were sold in February, the second highest monthly level ever. Only January's resale figures were higher, the real estate association said.

"With momentum for resale housing activity showing few signs of fatigue so far, the spring home-buying season this year may be one for the record books," CREA chief economist Greg Klump said in a statement.

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

Real cost of ownership and home ownership costs over the long term.
While every home owner is celeberating the bull run in real estate prices for the last 5 years or so, it would be wise to take a step back and learn something from experiences of our southern neighbors.
Here's a very informative and eye-opening article from Wall Street Journal that should be a must read for everyone considering home ownership from a purely financial perspective.

http://online.wsj.com/article_email/article_print/SB117329581356629863-lMyQjAxMDE3NzEzMjIxOTI1Wj.html

A very thought provoking article, especially in Canada, where mortgage payment is not tex deductible...

This is a very important point...

" DON'T MOVE SO OFTEN
It's the best way to build equity and enjoy the benefits of rising values. According to a study by Harvard's Joint Center for Housing Studies, 15% of homeowners move every year -- or the equivalent of every U.S. homeowner buying and selling a home every seven years. Few homeowners have paid off more than 10% of their loan principal by that point. But they will have paid four times as much in interest. When they buy their new house, they start the mortgage clock all over again."