Economic and real Estate news for the week
Canada’s major real estate boards reported March results last week.
In Vancouver, the REBGV reports that market conditions are stable and balanced, although activity in March was 17% below the ten year average for the month. Calgary continues to see very tight market conditions as the inventory of listings for single family homes dipped to its lowest level since 2006. Prices in Calgary are up 10% over the past year. In Toronto, market conditions are also tight for detached homes and for the first quarter of 2014, prices have risen 8.5% from the same period in 2013.
The Winter 2014 Metropolitan Condo Outlook predicts that most cities in Canada will avoid price declines in the condo sector this year and next. It points to the sound economic underpinnings which the sector enjoys and the growing popularity of condos among first time buyers and empty nesters.