Slow start to spring market: home prices flat in March

Global News

TORONTO – The Teranet–National Bank index of Canadian house prices was unchanged last month, the first time in 15 years that there hasn’t been an increase between February and March.

A TD Bank commentary says the Teranet index for March was slightly below expectations and adds there will likely be a bounce back for the short run as the spring sales season progresses.

The bank also noted that mortgage rates have recently fallen — a trend that will make the overall cost of ownership less expensive for buyers.

READ MORE: Number of first-time home buyers still ‘growing strong’ 

Teranet noted that prices in major Western cities tended to do better than those in Ontario and further east last month compared with February. On a year-over-year basis, the national index was up 4.6 per cent from March 2013 and four of the 11 cities had declines.

Teranet also noted that several…

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