Saskatoon housing prices dip, but not by much

Data from the Toronto Real Estate Board this month showed prices in Canada's largest city were up 33 per cent in March from a year ago

When broken out by housing type, the median price of a two-storey home and bungalow climbed 14.4 per cent and 17.5 per cent year-over-year to $344,929 and $304,739, respectively.

Royal LePage Kelowna owner and broker Francis Braam says the local market is strong, with a steadily growing population coupled with an "extreme lack" of inventory. "Inventory and new build construction simply can not keep up with the demand we're seeing from homebuyers pushing out of Toronto".

"Despite starting the year off at a typical, healthy pace, the market has quickly gone into a frenzy".

The Canadian Real Estate Association, meanwhile, reported its latest monthly statistics Tuesday, saying home prices climbed a modest four per cent in Ottawa from this time previous year, to $345,000 on average.

The survey found the aggregate price of a home in the region rose by 15.7 per cent year-over-year to $326,545.

According to the report, two-storey home median prices remained relatively flat, increasing only 0.1 per cent, while bungalows saw the greatest median price increase at 2.4 per cent.

Removing the hot Ontario market from the calculation shows a more modest national price increase of just 6.4 per cent in the first quarter this year.

"The principal victims of the B.C. government's foreign-buyer tax were Canadians who had planned to sell or buy a home and were frightened away by unsubstantiated rhetoric in which the Chinese were entirely to blame for Vancouver's housing shortage", Soper said. "Our economy, which has recovered nicely from the 2014 oil crisis, is sadly dependent on moves by an unpredictable US federal government and can be swayed by unforeseen global events, such as fallout from Europe's restructuring".

He stressed that governments should focus on policy measures that would work both long and short term to tame runaway prices, which, according to Soper, have't been benefiting real estate agents.

"As affordability across the GTA continues to erode, many homebuyers have increasingly begun to search for property elsewhere in southern Ontario where market factors are more favourable", says Dianne Usher, senior vice president of Johnston and Daniel, a Royal LePage division. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging.

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