What are the bestselling homes in Canada?
You might think that condos would be the best sellers in Canada, due to a large increase in the amount being built, particularly in Edmonton, but the truth is that the 2-story family home is still the benchmark everyone is trying to obtain.
2-story home sales saw the biggest year-over- year increase in value, making them the bestselling home types in the country. Close behind were townhomes/row houses and bungalows, followed by condos, which did see an increase of 3.5% in price.
Interestingly, October was a busier than normal selling month. In years past, October represented a time of selling decline as the cooler weather approaches across the country. Analysts attribute this to the unusually long, and warm fall experienced in western Canada, making selling homes much easier than normal for these hotter than average markets.
It’s not all gains
Although the national average for home prices hit almost $420 000 in 2014, when you remove the Toronto and Vancouver statistics from the equation, that average drops to a much more reasonable $330 000. Certain areas of the country also experienced a decline in home values, which has made selling homes in these areas less profitable, but great for buyers. Areas like Sherwood, QC, and St. Catherines, ON, which are normally strong markets saw declines of 14%, and 3.5%, respectively.
Despite these falls, selling homes across the country has still been profitable, overall. Although it appears some areas are moving more towards a buyer’s market, the real estate hot zones, such as Edmonton, Calgary and Vancouver, are still experiencing a strong seller’s market. It will be interesting to see what the spring of 2015 brings for the markets across the country that saw a decline in the profits from selling homes. Keep your eyes peeled!