N.L. houses prices up since 2009

House prices continued to climb this year compared to last year in many parts of Newfoundland and Labrador, according to a national real estate company.

The Royal LePage House Price Survey released Wednesday found that St. John's led the country in house price appreciation.

Canada Mortgage and Housing Corporation spokesmanChris Janes said the city has seentwo and a half yearsof solid growth.

Janes said the average retail price of a house in the St. John's area is $244,000 compared to $214,000 a year ago.

The average price for a two-storey house in the St. John's region is about $320,000.

Janes said house prices have also been increasing in many parts of the province.

"We've seen similar increases in the central area, Grand Falls-Windsor, Gander, not quite to the magnitude of the northeast Avalon Peninsula area around St. John's,but prices are up in the high single digits, you know, seven or eight per cent," Janes said.

"On the west coast in the Corner Brook area in particular prices are up about 18 per cent in that market so far this year."

Janes said prices have been driven up by the anticipation that interest rates will rise, income and population growth.

Janes expects prices to stabilize in the coming months.

"We see the second half of this year ending pretty much where we are now. My expectation is that prices have already peaked," he said.