TRURO- Residential property prices in Truro have risen in the first quarter of 2014.
The price of a detached bungalow rose by 2.7 per cent to $140,318 from the fourth quarter of 2013, while the price of a standard two-storey home increased by 1.2 per cent to $157,000.
The change is due to an influx of first-time buyers entering the market in a usually quiet period due to recently implemented low mortgage rates, said Todlyn MacPherson, managing associate broker for Royal LePage Truro.
"First-time buyers are eager to enter the housing market," MacPherson said. "The first quarter is typically quiet for the Truro real estate market and we're actually seeing a fairly balanced market right now, both in terms of prices and inventory."
She said it has been a buyer's market for the last year and a half, but it's now moving more towards a balanced market. When balanced, the market is beneficial for both the buyer and seller.
For the next quarter, MacPherson predicts more houses being sold with the prices increasing again slightly.
"I don't see a significant jump in the future."
The national average cost of a sold home in Canada also rose. The price of a two-storey home rose by 5.4 per cent to $428,943, while bungalows rose 4.4 per cent to $380,765.