Screenshot of homes for sale in Charlottetown. Taken from the Royal Lepage website.
The Royal LePage House Price Survey shows little change in year-over-year prices across all housing types surveyed in Charlottetown.
The prices of both detached bungalows and standard two-storey homes showed no change year-over-year, remaining at $173,000 and $205,000, respectively, while the prices of standard condominiums saw a marginal increase of 1.6 per cent, to rest at $130,000.
“Both buyer and seller interest was dampened by the relatively harsh winter on the island, causing a drop in unit sales compared to the first quarter of last year,” said Ken Peters, broker and owner of Royal LePage Peters and Lank Realtor Inc. “Even with mortgage rates at record lows, buyers are waiting for the warmer weather to get into the market.”
“We are seeing some increased interest in the bungalow market,” noted Peters. “Although inventory is currently up across all housing types, the bungalow is steadily gaining popularity among buyers.”
Nationally, most regions showed healthy year-over-year price growth, with the average price of a home in Canada rising between 2.5 per cent and 5.4 per cent. In the first quarter, the average price of a two-storey home increased 5.4 per cent to $428,943, while detached bungalows rose 4.4 per cent year-over-year to $380,765. Standard condominiums posted slightly lower gains of 2.5 per cent to $252,174.
“With the slightest trace of a weather recovery in most parts of the country, we are now finally seeing the arrival of housing inventory. This, combined with pent-up demand following a particularly long and harsh winter is setting the stage for an exceptionally robust spring 2014 market,” said Phil Soper, President, Royal LePage. “This is good news for buyers, as the price spikes we have seen in a number of cities will be alleviated by this additional supply.”
“With a number of supportive economic factors in place, the country’s healthy real estate market continues to display its strength,” said Soper.
“The federal government is heading towards a balanced budget for the first time in over six years, while all signs point to a continued low interest rate environment. Moreover, the strengthening global economy and a weaker Canadian dollar are fueling demand for Canadian exports and reducing dependence on the household sector to sustain our economic success.”