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I see today that the Financial Post is reporting big gains in the property values for the country as the spring bounce season gets underway.

In summary: Home prices rise 12% Quarterly rise shows markets has legs By Garry Marr, Financial Post Published: Thursday, March 29, 2007 Home prices for the first three months of this year rose almost 12% from a year ago in a clear sign that the market still has legs, says one of the country' leading real estate companies.

Royal LePage Real Estate Services Ltd. says a standard two-storey house in Canada rose in price to $378,148 during the first quarter, a jump from $338,228. Bungalow price rose even faster, jumping 14.9% from a year ago to an average price of $316,993. Condos rose 16.3% from a year ago to an average of $230,146.

"The strength of last year's housing market has carried into the first quarter of 2007, creating a robust market, chock-full of activity with house prices rising in all major cities," said Phil Soper, chief executive of Royal LePage.

You can read the full story at this link: Home prices rise 12%. But wait a minute, isn't this a puff piece written with quotes from real estate agents and no statistics to support the numbers quoted?

That's right. While the article is full of reported prices, it doesn't list any source for the numbers. It also doesn't clarify whether the prices that are supposedly up are asking prices or actual sale prices.

What is going to happen next, are we in for another gravity defying spring bounce, squeezing all hope out of the last jealous bitter Canadian renters? Stay tuned.