According to the Royal LePage House Price Survey, most regions of Canada have reported an increase in price growth during April, the final month of the first quarter in 2014.
“It appears that it took only the slightest hint of spring to bring home-sellers out of hibernation,” said the president and chief executive of Royal LePage, Phil Soper. “We are finally seeing the arrival of housing inventory in seasonally appropriate quantities across the nation. When combined with pent-up demand following a particularly long and harsh winter, the stage is set for a robust 2014 spring market. This is particularly good news for buyers, as the home price spikes we have seen in a number of cities should be alleviated by this additional supply.”
The average selling price of a home in Canada during this time increased by between 2.5 per cent and 5.4 per cent.
“With a series of supportive economic factors at play, we expect the country’s real estate market to continue the strong showing it posted in the second half of 2013,” Soper continued. “As the economy strengthens, the federal government is poised to product its first balanced budget of the post-recession era. Interest rates should remain supportive of the industry for the balance of the year and improving fortunes south of the border has strengthened the U.S. dollar, fueling demand for our relatively more affordable exports.”
“Suggestions of an overheated real estate market and bubble continue within the mainstream dialogue, but are becoming less frequent. Of the core housing types, the condominium segment remains the most vulnerable to short-term price softness in light of increased inventory, but the situation is limited to only a few cities. The medium to longer-term prognosis for this housing sector remains very positive, said Soper.
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