An influx of housing inventory and pent-up demand fuel a strong start to the spring market
TORONTO, April 8, 2014 – Real estate brokers across the country saw inventory increase noticeably in the final month of the first quarter of 2014, following a remarkably drab winter for residential real estate activity. The spring market, which seemed on the verge of underperforming, turned a corner in the last weeks of the quarter.
According to the Royal LePage House Price Survey, released today, 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. In the first quarter, the average price of a two-storey home increased 5.4 per cent to $428,943, while detached bungalows rose 4.4 per cent year-over-year to $380,765. Standard condominiums posted slightly lower gains of 2.5 per cent to $252,174. Regionally speaking, Toronto, Winnipeg, Calgary…
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