Table of Content
A single-family home in Montreal for September 2021 sold for a median price of $500,250. Regina is the most expensive city in Saskatchewan, though real estate in the city and the province, in general, are more affordable than other areas in Canada. Although not displayed on the map, national and major market data are also available using the drop-down menus. “What happens in the housing market matters and can easily spill over to the broader economy,” he adds. The jump has been more pronounced in some of Canada’s smaller communities. Looking for specific market information to create new editorial content or innovative ways to present and share housing trends and statistics?
Ontario has the most agents out of any province with 79,000 agents across 38 local rea estate boards. Of those 79,000 agents, over 56,000 are part of the Toronto Regional Real Estate Board . British Columbia is second with 23,000 real estate agents and 11 real estate boards. View luxury property information while searching for your perfect home.
Topics
In the larger urban centres, even if home prices were to fall, they would eventually bounce back thanks to fresh housing demand stemming from population growth, Moffatt says. But in smaller towns that have seen property values climb without sustained population growth, “you could have a house price crash and never see that demand come back,” he says. In Moncton, N.B., homes are still relatively affordable, but the recent jump in home prices is remarkable. In 2019, the average local home price was an eminently reasonable 2.5 times the average household provincial income. For more than a decade, home prices growing much faster than incomes was an issue largely limited to Vancouver and Toronto, two of the country’s priciest and most active real estate markets. Here’s a look at average incomes relative to average home prices across markets over the last 40 years.
The average price for a detached home according to the Winnipeg Regional Real Estate Board was $364,817 in September 2021. Cities such as Airdrie, Red Deer, and Lethbridge are near enough to Calgary while managing to be much more affordable. For example, the average home in Airdrie costs $395,300, over $60,000 cheaper than Calgary proper. The Canadian Real Estate Association compiles monthly statistics on activity over Multiple Listing Service® Systems of Canadian Real Estate Boards and Associations.
Average house prices in Canada from 2014 to 2020 with a forecast up to 2022 with, by province
The median price of a Montreal-area condo, meanwhile, could drop by 1.5%, to $421,383. Looking at Ontario, the average Ontario home price fell to $835,090 in October 2022, a small drop of 0.1% month-over-month that continues Ontario’s decline in home prices. This means that Ontario home prices have dropped on a monthly basis for seven months in a row, with prices now significantly below what they were last year. Vancouver is the most populous city in British Columbia and is also infamously expensive for housing.
The price for a house in Ontario in 2022 is forecasted to be approximately 942,300 Canadian dollars. “And that’s going to be very problematic for people who bought at the top … and never see those home prices go back up again,” he says. The risk of a housing bust is higher in some of the smaller communities that have seen steep price appreciation, Moffatt says. But even stress-tested homeowners might feel the pinch from higher borrowing costs, Petramala says. And not all recent homebuyers had to go through the stress test, which isn’t mandatory for all lenders, Petramala notes. And for recent homebuyers, the question is what happens as interest rates rise from record lows.
Save Graph To User Account
This year, Calgary saw its best March in terms of sales volumes since 2007. In 2017 house sales have fallen in Canada and prices have stabilized in most provinces. Incomes in Canada have steadily risen since 2000 and show no signs of slowing down in the near future. This should improve housing affordability, as long as home price growth slows down.
The number reflects increased activity in Ontario and Quebec, where activity was up by 9% and 11% respectively. For other parts of Quebec, average price data is available for the third quarter of 2022. For Q3 2022, Trois-Rivières had an average home sold price of $300,426, Saguenay at $255,896, Sherbrooke at $435,089, and Gatineau at $446,690. Nova Scotia's second-largest city, Cape Breton, had an average price of $202,612 in the same period.
Canada Real Estate Market Trends for All Property Types
The average home price in British Columbia was $932,979 in October 2022, down 3% year-over-year but up 1% compared to last month. That's still higher than Ontario's average home price of $835,090, and BC’s annual price decline of 3% is relatively small compared to Ontario’s annual price decline of 8.5%. For major markets in Atlantic Canada, Halifax-Dartmouth had an average price of $517,503 for October 2022, up 8% year-over-year.
Saskatoon, Saskatchewan's other major city and the province's largest, is comparable in price to Regina, though homes were marginally cheaper on average. In Saskatchewan, the benchmark home price in September 2021 was $286,600. The average income in Saskatchewan is around $54,300, meaning the benchmark price of a home is about 5x the average income. The least expensive homes in Saskatchewan are in the areas of North Battleford and Melville with prices well below $200,000.
Meanwhile, Winnipeg’s average home price is up 4% year-over-year to $354,818. The Canadian Prairies, once a housing market that lagged behind the price gains seen in other parts of the country, are now seeing a slight downturn in home prices. The average home price in Alberta for October 2022 was $430,964, up 2% year-over-year. Saskatchewan's average home price is down 6% year-over-year, to $283,939, while Manitoba's average home price is down 4% year-over-year to $332,200. The Maritimes have performed relatively well compared to the rest of the country.
Canada’s housing market continues to feel the effect of rising interest rates as Canada’s average home price remains 10% lower year-over-year. While that’s an increase of 1% from last month, it’s still 10% lower compared to October 2021’s average sold price of $715,776. Nationally, sales during the month of October 2022 are down 36% year-over-year to 33,698 transactions. Idaho has one of the highest homeownership rates in the country, with 70.4% of its residents owning their homes. Historically, most people preferred moving to Canada because of the relatively cheaper housing options compared to other nations.
No comments:
Post a Comment