Conditions continue to favour the seller as new listing remain below expectations in the single family sector.
Residential sales activity improved across all sections in March. However, declining new listings in the single family sector combined with further gains in sales activity decreased single family inventory to the lowest March level since 2006. The several factors contributing to the growth in housing demand, include the inflow of people to our province over the past 2 years, strong gains in employment and tight rental conditions. Supply conditions vary amongst the different property segments, impacting the number of sales and price growth. If supply constraints persist in the single family sector, prices are expected to record further gains as we move into the spring market.
The detached benchmark price for March is $490,600 an increase of 9.88% year-over-year. The apartment benchmark price is $287,200 an increase of 11.45% and the attached benchmark price is $313,100 an increase of 9.17%. Overall sales for the month totaled 2,485 units, compared with 2,107 during the same period last year.
Call Jeff Campbell 403-275-3331