Improved weather sparking spring rebound in real estate
Posted Apr 8, 2014 08:13:51 AM.
This article is more than 5 years old.
Improving weather appears to be sparking a spring pickup in Canada’s residential real estate market, according to one of the country’s leading real estate companies.
Royal LePage says that after what it calls a “remarkably drab winter” for real estate activity, the final month of the first quarter saw inventory increase noticeably as the industry saw what had been an underperforming spring market turn a corner in the final few weeks.
The company’s latest House Price Survey found that most regions showed healthy year-over-year price growth, with the average price of a home in Canada rising between 2.5 per cent and 5.4 per cent
For example, the average price of a two-storey home increased 5.4 per cent to $428,943 in the quarter, while detached bungalows rose 4.4 per cent year-over-year to $380,765. Standard condominiums posted lower gains of 2.5 per cent to $252,174.
Regionally, Toronto, Winnipeg, Calgary and Edmonton saw the highest price increases, while parts of Atlantic Canada, with much of its inventory still under snow, posted the lowest gains overall.
In Montreal, year-over-year prices increased between 3.6 per cent for detached homes and 3.3 per cent for semi-detached, while prices for standard condominiums remained relatively flat.
