During the third quarter of this year, detached bungalows sold for an average price of $172,816, while standard two-storey homes sold on average for $199,000, according to the Royal LePage House Price Survey released Wednesday.
“The housing markets in Truro and Colchester are balanced as buyer demand and market activity remain fairly consistent with previous levels,” said Todlynn MacPherson, associate broker with Royal LePage Truro Real Estate. “Inventory levels for resale properties, including standard detached bungalows and standard two-storey homes, are up slightly when compared with figures from previous quarters.”
And MacPherson said buyers in the region are also very particular and not afraid to shop around until they find the perfect property that meets all of their needs.
She also does not believe that recent flooding issues will have a long-term impact on the area’s housing sales.
“October is usually a busy period for us and we expect this trend to continue,” she said.
Nationally, the average standard two-storey home in Canada increased four per cent year-over-year, rising to $403,747, while detached bungalows rose 4.8 per cent to $366,773. Standard condominiums witnessed an increase of 1.8 per cent to $243,607. Most cities in Canada experienced modest price appreciation in the quarter, but fewer homes were sold compared to the same period in 2011.
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in more than 250 neighbourhoods from coast to coast.