Over the last 30 days, 255 single family houses were sold, up by 7 houses from last week.  The median price is up $10,500 to $553,000. The average house was on the market for 29 days. In the same time period, 129 condos were sold, down by 3 condos from last week.  The median price is down $9,000 to $266,000. The average condo was on the market for 42 days.

There are now 1,791 houses for sale, up by 54 from last week.  Condo inventory has risen by 35 to 947 suites.

The single family house market continues to exhibit strength with steady or even slightly increasing prices and a very few days on market until the sold sign appears.  Is it a strong market?  Not really, though.  We are still seeing much more activity for entry level houses under 500k than we see for higher end homes.  But, the theory is that as entry level houses sell, those buyers move up to higher end homes.  So, I wouldn’t be surprised at all if the entire segment still has room to improve this spring.

The condo market is not fairing as well as houses.  The volume of sales seems to have peaked, at least for now, and that could stabilize or bring prices down, not that they have climbed anyway!  I am pleased to see the days on market dropping so there may be some more life in the condo market still to come later this season.

The message to sellers of both houses and condos is the same as before.  Be cautious with your pricing!  Set your price at or slightly below market if you are serious about selling in the short term.  Act prudently and you will find success.

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The Bank of Montreal has again cut its 5-year mortgage rate to 2.99 per cent, the second time it has done so this year.

It has also cut the rate of its 10-year mortgage to 3.99 per cent, the lowest any of Canada's big banks has ever offered on a 10-year mortgage.

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