Real estate market turning the corner as Canadian home sellers come out of hibernation
The spring market is starting to heat up, and talk of an overheated market are becoming far less frequent.
According to recent reports from Royal LePage, the Canadian real estate market is off to a running start. In the first quarter, LePage noted that home prices showed increases for all types of dwellings.
The average price for a two-storey home was $428,943, bungalows came in at $380,765, and condominiums at $252,174. The report from LePage indicates that the pickup in the spring market appeared in the later weeks of the first quarter.
"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," said Chief Executive Phil Soper.