Property seekers are finally seeing some sunshine in the market with a litany of new listings coming onto key markets in recent weeks, according to a new report.
There is also some good news for buyers from the new Royal LePage House Price Survey with most regions recording 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.
“Suggestions of an overheated real estate market and bubble continue within the mainstream dialogue, but are becoming less frequent,” says Phil Soper, president and chief executive of Royal LePage . “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.”
In the first quarter of 2014, 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.
While Toronto, Winnipeg, Calgary and Edmonton enjoyed the highest prices, parts of Atlantic Canada, which is still suffering the wrath of winter, posted the lowest gains overall.
Speaking to CREW, James Killoran, a Toronto-based realtor, says he is seeing a re-emergence of bidding wars for top properties. “The bidding wars had slowed down a bit at the end of last year but we are seeing a lot more activity now, with some selling for $150,000 over the asking price.”