Housing Supply Shortage sparks bid wars

Today the Globe and Mail (courtesy of The Canadian Press) has confirmed what many agents have been saying for weeks now. They have eager buyers, and a stale inventory.

What does this mean? If you're thinking of selling, now is the time. Price it right and you will get it sold quickly and for a good dollar. Call me today for an evaluation of your options!

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Ben Sage, Sales Representative. Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

The housing market may be recovering, but is experiencing an undersupply of homes for sale in southern Ontario and elsewhere in Canada.

That's according to the latest house price survey by Royal LePage.

It says with the recession retreating, home prices are stabilizing and unit sales are increasingly driven by improved affordability.

Royal LePage says the average price of a two-storey home in Canada is up just 0.1 per cent from a year ago at $409,335.

Average bungalow values grew 0.06 per cent year over year to $341,146, while the price of an average condo increased 0.09 per cent to $243,748.

Royal LePage says a shortage in housing supply is leading to bidding wars in several cities, including Toronto, Montreal, St. John's, N.L.; St. John, N.B. Moncton, Edmonton, Calgary, North and West Vancouver, and Victoria.

While the Atlantic provinces saw a strong recovery in home prices, western provinces have been slower to recover from significant price corrections in 2008, particularly in British Columbia and Alberta.

Ontario and Quebec saw home prices stabilize or gain slightly year over year with much of the recovery occurring in a strong third quarter.