A new report from Royal LePage says that the Canadian condo market is showing healthy year-over-year price increases in most regions. The Q1 Royal LePage House Price Survey, released on April 8, says that standard condominiums posted gains of 2.5 per cent, reaching an average price of $252,174.

“It appears that it took only the slightest hint of spring to bring home-sellers out of hibernation,” says Phil Soper, president and chief executive of Royal LePage. “When combined with pent-up demand following a particularly long and harsh winter, the stage is set for a robust 2014 spring market. This is particularly good news for buyers, as the home price spikes we have seen in a number of cities should be alleviated by this additional supply.”

In December 2013, Royal LePage released a condominium report that addressed fears of a condo crisis. It found that, despite projections and fears in the media, the condominium market continues to play a prominent and important role in housing for major Canadian cities.

The House Price Survey states that “the role (of condominiums) will continue to grow, resulting in sustained demand and expansion of inventories through new housing production.”

“Suggestions of an overheated real estate market and bubble continue within the mainstream dialogue, but are becoming less frequent,” Soper says. “Of the core housing types, the condominium segment remains the most vulnerable to short-term price softness in light of increased inventory, but the situation is limited to only a few cities. The medium to longer term prognosis for this housing sector remains very positive.”