New listings remain below expectations in the single family sector.
Residential sales activity improved across all sectors in March. 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.
Factors contributing to the growth in housing demand, include the inflow of people to our province over the past two 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. Supply constraints could cause further gains as we move into the spring market.
Persistently tight market conditions prevented any relief in terms of price gains. The unadjusted single family price totalled $490,600 in March, a 9.9 per cent increase over the previous year and monthly increase of 1.6 per cent.
Both sellers and buyers need to be aware that conditions are dependent on the community and price range that you are targeting.
Condominium apartment and townhouse prices totalled a respective $287,200 and $313,100. Condominium apartment price recorded a year-over-year increase of 11.5 per cent and are the highest relative to the townhouse and single family sector. Despite strong price gains across all sectors, overall the condominium sector continues to record price levels below peak records.