Over the last 10 years prices home prices rose an average of 5.2 per cent each year compared to the 2.5 per cent annual increase over the last 50 years.

The increased home prices over that period reflected a very strong global economy, a commodity boom, and lower unemployment rates.

The outlook for the rest of 2010 is a strong Spring Real Estate market as consumers take advantage of some of the lowest interest rates in several years before an expected rate increase by the Bank Of Canada this summer.

Average home prices are expected to increase about 8 per cent to a record $345,000 and housing starts to 191,000 units.

Midway through 2010, the Real Estate market will likely slow down, a trend that will carry through to 2011 and beyond according to Scotiabank.

"Next year we're looking for somewhat lower sales volumes, lower prices, and lower housing starts," said Scotiabank.