After reaching its peak of $816,720 in February, the average price of a home in Canada has dropped by more than $170,000. According to the latest data from the Canadian Real Estate Association, the average price of a residential property in October was $644,643, not seasonally adjusted.
Despite the lower price tag, most online searches among Canadian homebuyers are for properties that cost well below the national average. This is according to a new study by Point2 Homes, an online real estate search portal.
Out of five million searches performed on Point2 Homes in 2022, more than 75 per cent targeted properties with a price of $600,000 or less.
“Canadian homebuyers are tightening their budgets in the post-pandemic landscape of increasing prices, inflation and mortgage rates,” the report states. “The lower budget ranges speak volumes to the buyer’s perception of affordability in today’s housing market.”
Additionally, the most popular price range searched for by Canadians in 2022 was between $200,000 and $300,000. This represents less than half the average price of a home in Canada.
CTVNews.ca has compiled a list of houses and apartments in major cities that are listed for less than $600,000, falling below the national average price of a home.
VANCOUVER
(iShot / Thomas Albrighton, Macdonald Realty Ltd.)
Type: Leasehold apartment
Price: $375,000
Year Built: 1970
Property Size: 48.5 sq. m
Lot Size: N/A
This leasehold apartment in Vancouver features a large combined living and dining space connected to the kitchen, which has updated appliances. In addition to one bedroom and one bathroom, the unit also has a private patio offering views of the English Bay. The building has upgraded windows as well as an outdoor swimming pool and shared laundry space.
KELOWNA
(Kyle Sanguin / Shannon Styles, Stilhavn Real Estate Services)
Type: Apartment
Price: $549,500
Year Built: 1991
Property Size: 120.12 sq. m
Lot Size: N/A
Along with two bedrooms and two bathrooms, this corner apartment unit in Kelowna has a refurbished kitchen with quartz countertops, stainless steel appliances and vinyl plank flooring. The office space doubles as a sunroom, with large windows throughout. The building is a short drive away from Hot Sands Beach, and numerous restaurants are close by.
CALGARY
(Zoon Media / Chris Zaharko, Royal LePage Benchmark)
Type: House
Price: $559,000
Year Built: 1931
Property Size: 101.41 sq. m
Lot Size: 411 sq. m
Originally built in the 1930s, this updated character home is located in Calgary’s Bankview neighbourhood. It features three bedrooms and a four-piece bathroom with white tiles and cabinetry. The bungalow also has a sunken living room with vaulted ceilings, and its original wood-burning fireplace. Throughout the home are planked wood ceilings and hardwood floors.
EDMONTON
(Justin Grimm Photography / Mary Bark, Re/Max River City)
Type: House
Price: $379,000
Year Built: 1921
Property Size: 129.97 sq. m
Lot Size: 395.55 sq. m
Located in Edmonton’s Westmount neighbourhood, this three-bedroom, two-bathroom home is more than 100 years old. On the main level, the living and dining rooms each have maple hardwood flooring, while ceramic tile floors complete the foyer. In the upgraded kitchen are stainless steel appliances, new cabinets and cork flooring. The corner lot also has a fully fenced backyard with a deck.
REGINA
(Josh Piett, Hatch Media / Peter Fourlas, Coldwell Banker Local Realty)
Type: House
Price: $599,900
Year Built: 2013
Property Size: 146.79 sq. m
Lot Size: 426.24 sq. m
Large windows along the back of this Regina home allow plenty of light to seep in. On the main floor is a custom kitchen with two-tone cabinets, granite countertops, a tile backsplash and a corner pantry. Also on the main floor is a living room with a 19-foot ceiling and gas fireplace. Filling the rest of the home are three bedrooms and four bathrooms. The walk-out basement is fully renovated and at the back of the home is a covered balcony.
SASKATOON
(Lee Kolenick / Ellen Nasser, Boyes Group Realty)
Type: House
Price: $529,900
Year Built: 1916
Property Size: 135.64 sq. m
Lot Size: 389.54
This two-storey home in Saskatoon features two bedrooms, two bathrooms and a finished basement. On the main floor are hardwood floors and custom cabinetry, along with a built-in coffee bar near the kitchen, and a copper gas fireplace in the living room. Located in the city’s Nutana neighbourhood, near South Saskatchewan River, this home is just a short drive from downtown Saskatoon.
WINNIPEG
(Wayne Landgraff / Dylan Sacramento, BySell Real Estate Inc.)
Type: House
Price: $574,900
Year Built: 1895
Property Size: 156.17 sq. m
Lot Size: 278.71 sq. m
This Winnipeg home features a modern design, with exposed glulam beams and hardwood flooring. On the upper level is the main bedroom, with a unique three-piece ensuite and a private balcony. Filling out the rest of the property are two more bedrooms and two additional bathrooms, as well as an open-concept kitchen, living and dining area.
TORONTO
(Imaginahome / Chris Bresolin, Core Assets Real Estate)
Type: Apartment
Price: $518,800
Year Built: 1973
Property Size: 79.9 sq. m
Lot Size: N/A
With one bedroom and one bathroom, this fully renovated unit has a back wall made completely of glass. The updated kitchen includes a large island that seats three people, as well as custom cabinets and stainless steel appliances. In the bathroom is a custom shower enclosure with a new vanity and toilet. Situated in the Annex, the apartment is a short walk from transit stations, parks and other amenities.
OTTAWA
(Maya Desrosiers, London House Photography / Diana Sneddon, Royal LePage Team Realty)
Type: Townhouse
Price: $599,000
Year Built: 2005
Property Size: 111.48 sq. m
Lot Size: N/A
Located in Ottawa, this property features an open-concept floor plan on the main level. The large kitchen, complete with stainless steel appliances and an eating bar, connects to both the living and dining areas. The main and upper floors each have a balcony, offering views of the playground nearby. Rounding out the townhome are three bedrooms and two bathrooms.
MONTREAL
(Sofia Pauline Balouk / Alexis Rubinfeld, Keller Williams Prestige)
Type: Apartment
Price: $545,000
Year Built: 1983
Property Size: 88.44 sq. m
Lot Size: N/A
Brand new wood floors run throughout this two-bedroom apartment unit in Montreal. In the living area is a stone fireplace and large windows. In addition to one bathroom, there is also a private balcony facing the courtyard. The unit is situated just steps away from a subway station and various restaurants and cafes.
ST. JOHN’S
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
Type: Townhouse
Price: $333,000
Year Built: 1915
Property Size: 186.74 sq. m
Lot Size: under 0.2 hectares
This two-bedroom, three-bathroom townhome is within walking distance of downtown St. John’s. At the entrance of the home is the foyer, featuring its original staircase. Beyond that are large living and dining rooms, as well as a gourmet kitchen with a propane stove and exposed brick detailing. On the top level are both bedrooms and the main bathroom, a four-piece ensuite with a shower and corner tub.
HALIFAX
(Trevor Kennedy, Eye Capture Images / Andrew Perkins, Keller Williams Select Realty)
Type: Apartment
Price: $499,900
Year Built: 1987
Property Size: 111.67 sq. m
Lot Size: under 0.2 hectares
Located in downtown Halifax, this corner apartment unit spans approximately 112 square metres. It has two bedrooms and two bathrooms, along separate living and dining areas. The galley-style kitchen has been renovated and includes stainless steel appliances, while the main bedroom has a walk-in closet and two-piece ensuite. In the apartment building is a heated indoor pool, gym and sauna.
Built in 1974, this three-bedroom, two-bathroom home has seen a number of upgrades, including an updated eat-in kitchen. Next to the kitchen is the living room, complete with a large bay window. All three bedrooms are located on the main floor, while the lower level features a laundry room and full bathroom.
FREDERICTON
(Brent Urquhart / Dave Watt, The Right Choice Realty)
Type: House
Price: $469,900
Year Built: 1964
Property Size: 144.19 sq. m
Lot Size: 906 sq. m
A mudroom welcomes guests into this four-bedroom, two-bathroom home in Fredericton. Porcelain tile floors lead to a renovated kitchen with a tiled backsplash and soft-close cabinets. Hardwood floors run throughout the living and dining rooms, and a small bathroom rounds out the main floor. On the upper level are three bedrooms, the main bathroom and a covered balcony.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
(iShot / Thomas Albrighton, Macdonald Realty Ltd.)
(Kyle Sanguin / Shannon Styles, Stilhavn Real Estate Services)
(Zoon Media / Chris Zaharko, Royal LePage Benchmark)
(Justin Grimm Photography / Mary Bark, Re/Max River City)
(Josh Piett, Hatch Media / Peter Fourlas, Coldwell Banker Local Realty)
(Lee Kolenick / Ellen Nasser, Boyes Group Realty)
(Wayne Landgraff / Dylan Sacramento, BySell Real Estate Inc.)
(Imaginahome / Chris Bresolin, Core Assets Real Estate)
(Maya Desrosiers, London House Photography / Diana Sneddon, Royal LePage Team Realty)
(Sofia Pauline Balouk / Alexis Rubinfeld, Keller Williams Prestige)
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
(Trevor Kennedy, Eye Capture Images / Andrew Perkins, Keller Williams Select Realty)
(Mike Thompson, Odyssey Virtual / Kris Fournier, Re/Max Charlottetown Realty)
(Brent Urquhart / Dave Watt, The Right Choice Realty)
