Royal LePage Real Estate Services forecast that average property prices in Canada will rise by 9.2% year-over-year to $272,200 by the end of 2006.

Phil Soper, president and chief executive at Royal LePage Real Estate Services, said: "The process of buying or selling a home across most of Canada has become easier, as supply has been able to keep up with demand and price increases have been modest.

“The story in the west, and particularly in Alberta, is quite different, with extraordinary demand levels far surpassing available inventory.
"The result has been some of the highest year-over-year price increases that have been experienced in any region of this country in decades. This pattern will likely continue for the remainder of the year.”