Realtors experienced their busiest March in terms of sales on the Multiple Listing Service®, since 2006. Reports collected from Real Estate Boards around the country show a considerable surge in resale home sales in March and throughout the first quarter of the year.

The strong home sales reported in March and throughout the first quarter of 2011 have been based on solid affordability and improving economic conditions country wide.

Ontario - second best March on record

Toronto, April 5, 2011 - Greater Toronto REALTORS® reported 9,262 transactions in March 2011, representing the second best March result on record. The number of transactions was 11% lower than the record result reported in March 2010.

"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up 5% year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately 7% for both home types.

"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

The median price was $385,000, from the $370,000 recorded during March of 2010.

Ottawa, April 5, 2011 - Members of the Ottawa Real Estate Board sold 1,232 residential properties in March through the Board’s Multiple Listing Service® system compared with 1,495 in March 2010, a decrease of 17.6%. The five-year average for home sales in March is 1,256.

Of those sales, 296 were in the condominium property class, while 936 were in the residential property class.

“As you can see, last month was an extremely average one in terms of resale home sales, in a way that 2010 was certainly not. The effects of the introduction of the Harmonized Sales Tax in July were already being felt in March as buyers leapt into the market to try to avoid taxes on the services associated with a real estate transaction,” said Board President Joanne Tibbles. “Years in which there are unusual market forces, such as the HST in 2010, tend to create skewed comparisons with subsequent years. Ottawa’s housing market is ticking along much as it usually does in early spring,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $346,148, an increase of 4.9% over March 2010.

The average sale price for a condominium-class property was $253,763, an increase of 6.5% over March 2010. The average sale price of a residential-class property was $375,364, an increase of 5.6% over March 2010.

British Columbia - Vancouver Leads BC Housing Markets

Vancouver, March 14, 2011 - The British Columbia Real Estate Association (BCREA) reports that residential sales in the province climbed 5% in February from January 2011, on a seasonally adjusted basis. Compared to February of 2010, MLS® residential unit sales increased 8% to 6,410 units. The average MLS® residential price rose 18% to $587,571 in February compared to the same month last year.

"The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher," said Cameron Muir, BCREA Chief Economist. "Elevated sales activity in Vancouver’s pricier communities has pushed average home prices higher than market conditions would suggest." Compared to February 2010, the average MLS® residential price in Vancouver has climbed more than 19%, whereas the Benchmark or typical home price has increased a more modest 4%.

Year-to-date, BC residential sales dollar volume increased 15% to $6.03 billion, compared to the same period last year. Residential unit sales remained relatively unchanged, albeit down by 0.3% to 10,547 units. The average MLS® residential price climbed 15.6% to $572,121 over the same period.

Alberta -  Calgary's housing market recovery driven by single home sales

Calgary, April 1, 2011 – According to figures released today by Calgary Real Estate Board (CREB®), Calgary Metro sales remained at levels similar to the first quarter of 2010. Improved sales in the single family market have largely been offset by declining sales in the condominium market, indicating that the gradual recovery will continue to be driven by the single family market for the better portion of the year.

Single family home sales in the first quarter of 2011 were 3,309, a 4% increase over the first quarter of 2010. The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fuelling the growth.

March 2011 single family home sales totaled 1,355, a 3% decrease over March 2010 figures. The decline in sales was accompanied by a 19% year-over-year decline in new listings. As a result, inventory remained at three months, which indicates a balanced single family market.

The NW sector boasted the largest gains in single family home sales in the first quarter of 2011 with 1,198 sales, a 13% increase over the first quarter of 2010. Sales in the SE posted quarterly gains of 5%, while the SW remained relatively unchanged and NE sales declined by 9%.

“Improved affordability levels in single family homes have offered some individuals the opportunity to purchase homes in areas of the city that were once unattainable,” says Sano Stante, president of CREB®.

The SW sector recorded the highest single family average home price in the first quarter of 2011 at $570,748, while average home prices in the NW and SE were $464,990 and $422,821 respectively. The NE sector continues to remain the most affordable, with average prices hovering around $282,713.

“Average single family home prices remain relatively stable compared to the first quarter of last year, as people continue to purchase more homes at the lower end of the price spectrum,” says Stante. “The rise in sales has been primarily offset by a corresponding increase in listings, resulting in stable average prices.”

Calgary Metro average price of single family homes in March 2011 was $462,947, a 2% decline from March 2010, and virtually unchanged from the previous month. Meanwhile, the median price declined by 5% compared to March 2010.

Quarterly condominium sales continue to fall over levels recorded in the previous year, down by 11% compared to the first quarter of 2010, while quarterly average prices are down by 1%. It is important to note the quarterly average price of condominiums is skewed upwards for 2011 due to the sale of a $4.1 million condominium. If we remove this sale, quarterly average price would have declined by over 2%.

The average price of condominiums in March 2011 was $280,781, while the median price was $256,000, a respected 5% drop and 7%, respectively, from levels recorded in March 2010.