LEPAGE SURVEY
Two-storey homes lead price rise.
Average prices for bungalows and condominiums in Regina remained flat in the third quarter, but increased 3.5 per cent for standard two-storey homes compared with the same period last year, according to the Royal LePage house price survey released Thursday.
Standard two-storey home prices increased to $372,250 from $359.500, while detached bungalows rose slightly (0.4 per cent) to $336,500. Standard condominium prices edged up 0.9 per cent to $212,622, Royal LePage said.
“The third quarter has been more balanced in terms of supply and demand,” said Rob Reynar of Royal LePage Regina Realty. “We are still experiencing strong demand, but inventory is keeping up, with more homes listed this quarter.”
Reynar said balanced market conditions are putting more pressure on sellers to price their properties competitively. “However, we are still seeing a few multiple offers in situations where buyers see strong value.”
In Saskatoon, standard two-storey homes saw a seven per cent year-over-year increase, rising to an average price of $399,750 in the third quarter.
Detached bungalow prices also jumped by 5.2 per cent to $366,250. Standard condominiums remained relatively flat, edging up by 1.1 per cent to $255,000.
Nationally, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter of 2013.
The Royal LePage survey shows a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes. The price of detached bungalows rose 4.1 per cent to $381,811, and the average price for standard condominiums grew a more modest 1.2 per cent to $246,530.
Royal LePage says sales volumes surged in a number of regions as buyers entered the market after sitting on the sidelines for more than a year.
According to the survey, St. John’s, Toronto, Winnipeg, Saskatoon and Calgary led the country in home price increases. Vancouver posted year-over-year price gains across all three housing categories.
“Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely,” said Royal LePage president and CEO Phil Soper.
He said double-digit unit sales declines went largely unnoticed because they were over-shadowed by what he called a “macabre fascination with the prospect of a U.S.-style home price collapse” that never transpired.
“Our housing market turned a corner in the third quarter. Buyers returned to the streets in droves, resulting in a sharp increase in home sales,” added Soper.
“We expect this positive momentum to continue through the all-important spring market of 2014, buoyed by a combination of pent-up demand, increasing consumer confidence and continued low interest rates.”