Survey shows stable prices

Second quarter figures released in report

There was little change in the year-to-year housing prices survey and forecast released Tuesday by Royal LePage.

The average price of standard two-storey homes rose by one per cent to $207,000 in the second quarter of 2015 compared to the same timeframe in 2014. Detached bungalows increased by 0.6 per cent to $174,000 while standard condominiums experienced no price appreciation selling for an average of $130,000.

“Charlottetown has had a stable housing market with only modest price appreciation over the same period last year,” said Ken Peters, Royal LePage Peters and Lank Realty Inc. president. “Unit sales were slower this quarter than they historically have been, but a lot of that had to do with the extended winter we had in Atlantic Canada.”

Peters said the market is starting to pick up on the Island, particularly outside of Charlottetown.

“Even with the increased activity it still remains a buyers’ market with lots of inventory available,” he said.

Peters forecasted a slight increase in home prices for 2015. He pointed to the amount of product available on the market as the main reason average prices will stay fairly consistent.