Although the average price of a home in Canada has fallen year-over-year, new data from the Canadian Real Estate Association (CREA) shows prices in most major cities have been rising on a monthly basis since January.
According to the CREA, this increase is due to a rebound in home sales, primarily in regions such as the Greater Toronto Area and Lower Mainland British Columbia.
“Over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market,” said CREA chair Larry Cerqua in a press release Monday.
Demand for housing continues to outpace supply across the country, according to the CREA. Home sales rose 11.3 per cent in April compared to the month prior, despite the number of newly listed properties in Canada remaining at a 20-year low.
The surge in demand and low inventory has put sellers “back in the driver’s seat” in most major Canadian cities, according to a housing market update from the Royal Bank of Canada also released Monday. Current demand-supply conditions have contributed to the latest price gains month-over-month, said CREA senior economist Shaun Cathcart in a press release.
In addition to markets such as the Greater Vancouver and Toronto areas, other cities such as Calgary, Winnipeg and Montreal have also seen increases in average home prices on a monthly basis. The Halifax-Dartmouth area and Ottawa saw some of the largest price gains from March to April, at 7.6 and 6.4 per cent, respectively. These figures are based on average sale prices over MLS systems for residential properties, and are not seasonally adjusted.
Meanwhile, some cities are seeing declines in average home prices. These include Saskatoon and Trois-Rivieres, Que., as well as the province of Prince Edward Island.
Compared to other real estate markets, the number of new listings in these regions has remained relatively consistent year-over-year, CREA data shows. In Trois-Rivieres, for example, new residential listings dropped 4.1 per cent in April 2023, compared to the same time last year. In the Greater Toronto Area, the supply of new residential listings dropped 38.3 per cent in the same period of time.
According to RBC, the price correction involving Canada’s real estate market is now over, with home prices having bottomed out in recent months. If buyer demand remains strong, this could lead to further gains in home prices, the bank says.
CTVNews.ca has compiled a list of properties currently available in markets where home prices have dropped month-over-month, as well as other major cities in Canada.
SASKATOON
(QuikSell Real Estate Photography / Megan Dyck, The M Group, Re/Max Saskatoon)
Type: House
Price: $359,900
Year Built: 1974
Property Size: 106.47 sq. m
Lot Size: 612.88 sq. m
Difference in monthly average price: -6.1 per cent
With more than 100 square metres of living space, this Saskatoon bungalow includes an open-concept living and dining area, as well as a kitchen and four bedrooms. Both bathrooms were recently renovated, and new windows were installed in the last few years. The home is within walking distance of the South Saskatchewan River, as well as trails, parks and schools.
TROIS-RIVIERES, QUE.
(Olivier St-Pierre, Re/Max de Francheville)
Type: Semi-Detached House
Price: $324,800
Year Built: 2008
Property Size: 136.75 sq. m
Lot Size: 473 sq. m
Difference in monthly average price: -5.8 per cent
Situated in Trois-Rivieres, this semi-detached home includes three bedrooms and two bathrooms. On the main floor, the open-concept kitchen is combined with the dining area, which provides access to the backyard. This private outdoor area has a patio and gazebo.
PRINCE EDWARD ISLAND
(Odyssey Virtual / Ashtyn Palmer, Keller Williams Select Realty)
Type: Semi-Detached House
Price: $370,000
Year Built: 2023
Property Size: 117.43 sq. m
Lot Size: 0.26 hectares
Difference in monthly average price: -5.4 per cent
Laminate flooring runs throughout this semi-detached home in Summerside, P.E.I. In addition to an open-concept kitchen, living and dining area are two bedrooms and two bathrooms. It’s possible to see Summerside Harbour from the property, and there are no neighbours behind the backyard.
MONTREAL
(Carly Fridman, Royal LePage Heritage)
Type: Apartment
Price: $599,000
Year Built: 2020
Property Size: 50.5 sq. m
Lot Size: N/A
Difference in monthly average price: +1.2 per cent
Spanning about 50 square metres, this apartment in Montreal’s International District has one bedroom and one bathroom. Wood flooring runs throughout most of the unit and floor-to-ceiling windows let in plenty of natural light. Near the apartment are schools, parks and public transit.
GREATER VANCOUVER
(ONIKON Creative Inc. / Faith Wilson, FaithWilson | Christie’s International Real Estate)
Type: Apartment
Price: $1,289,000
Year Built: 2003
Property Size: 94.76 sq. m
Lot Size: N/A
Difference in monthly average price: +2 per cent
In addition to two bedrooms and two bathrooms, this 94-square-metre apartment unit also includes an open-concept living, dining and kitchen area. The main bedroom has a walk-in closet and additional storage space, while both bathrooms feature wrap-around tiling. The unit itself overlooks Vancouver’s Yaletown neighbourhood and building amenities include a gym and sauna.
Difference in monthly average price: +2.8 per cent
Occupying the top two floors of its building, this penthouse unit in Calgary spans about 115 square metres and includes two bedrooms and one bathroom. Next to the two-storey living room with a natural gas fireplace is the kitchen, which was recently renovated and includes an island with seating for four. Completing the unit is a rooftop patio with views of the city skyline.
GREATER TORONTO
(Peter Yu, Pixels Alive / Maryrose Coleman and Emiline Layfield, Sotheby’s International Realty Canada)
Type: Townhouse
Price: $1,158,000
Year Built: 1873
Property Size: 102.47 sq. m
Lot Size: 92.39 sq. m
Difference in monthly average price: +4 per cent
Built in 1873, this character townhouse has seen many upgrades throughout the years, including the installation of a new wood fireplace. The main floor has an open-concept design with three-metre ceilings. On the upper floor are two bedrooms and one four-piece bathroom. Situated in Toronto’s Corktown neighbourhood, this home is within walking distance of public transit, restaurants and more.
SAINT JOHN, N.B.
(Luis Som / Ronalda Higgins, Re/Max Professionals Saint John)
Type: House
Price: $369,000
Year Built: 1958
Property Size: 154.22 sq. m
Lot Size: 1133.97 sq. m
Difference in monthly average price: +4.3 per cent
Various upgrades have been made to this Saint John, N.B., bungalow over the last five years, including the addition of a new deck in the backyard and two gas fireplaces inside. In addition to a recently renovated kitchen are separate living and dining rooms, as well as three bedrooms and three bathrooms. On the lower level are family, laundry and cold rooms.
EDMONTON
(3DR.Tours / Ayaaz Kassam, Sterling Real Estate)
Type: House
Price: $429,900
Year Built: 1945
Property Size: 69.9 sq. m
Lot Size: 409 sq. m
Difference in monthly average price: +4.6 per cent
This bungalow is situated in Edmonton’s Old Strathcona neighbourhood and features three bedrooms and two bathrooms. In addition to the living room is a newly renovated kitchen offering access to the deck and a fully landscaped backyard. In the basement is a Scandinavian-style bedroom, a spa-inspired bathroom and a gas fireplace. The home itself is a short walk from the Mill Creek Ravine.
VICTORIA
(VI Standard Real Estate Services / Harry Newton, Newtco Realty)
Type: Townhouse
Price: $1,099,000
Year Built: 2002
Property Size: 150.97 sq. m
Lot Size: 183 sq. m
Difference in monthly average price: +5.4 per cent
At the entrance of this Victoria home is a main foyer with a coat closet and space to greet guests. On the main level is a combined living and dining area with vaulted ceilings, maple floors and an electric fireplace. The living area also offers access to a deck with views of the Olympic Mountains in the United States. Rounding out the home are three bedrooms and two bathrooms.
WINNIPEG
(Eniko Crozier, Eagle Eye Real Estate Photography / Jordan Katz, Coldwell Banker Preferred Real Estate)
Type: House
Price: $349,900
Year Built: 1912
Property Size: 83.52 sq. m
Difference in monthly average price: +5.8 per cent
Located in Winnipeg’s Norwood Flats neighbourhood, this single-storey home has been completely remodelled. On the main floor, the combined living and dining area features a new electric fireplace made with stone. Quartz countertops have been installed in the kitchen, and new vinyl plank flooring runs throughout the home. In addition to two bedrooms are two bathrooms, and the property’s basement is partially finished.
Difference in monthly average price: +6.4 per cent
This end-unit townhouse is located in Ottawa’s New Edinburgh neighbourhood. Throughout the home are hardwood floors and flat ceilings. On the main level is a combined living and dining area with access to a private terrace, and on the upper level are two bedrooms and one bathroom. Grocery stores, coffee shops and more are all within walking distance.
HALIFAX-DARTMOUTH
(Liam Tayler, SME Business Solutions/ Lorena MacDonald, HarbourSide Realty)
Type: House
Price: $569,900
Year Built: 1963
Property Size: 165.37 sq. m
Lot Size: 0.05 hectares
Difference in monthly average price: +7.6 per cent
This house in Dartmouth, N.S., spans about 165 square metres and includes three bedrooms and two bathrooms. At the front of the home is a covered verandah, while a sundeck is located in the backyard. The basement is fully finished and offers additional storage space, as does the garage. The home itself is situated near ponds, parks and walking trails.
NEWFOUNDLAND AND LABRADOR
(Craig Cole Photography / Chuck Hepworth, 3% Realty East Coast)
Type: House
Price: $339,900
Year Built: 2007
Property Size: 209.03 sq. m
Lot Size: under 0.2 hectares
Difference in monthly average price: +8.7 per cent
With three bedrooms and three bathrooms, this two-storey home in Paradise, N.L., is about 209 square metres. At the front of the home on the main floor is the living room, which features hardwood floors and a fireplace. Towards the back is the kitchen, which has a breakfast bar and adjacent dining area. The kitchen also offers access to a fully fenced backyard with a shed for additional storage.
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.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
British Columbia voters face no shortage of policies when it comes to tackling the province’s housing woes in the run-up to Saturday’s election, with a clear choice for the next government’s approach.
David Eby’s New Democrats say the housing market on its own will not deliver the homes people need, while B.C. Conservative Leader John Rustad saysgovernment is part of the problem and B.C. needs to “unleash” the potential of the private sector.
But Andy Yan, director of the City Program at Simon Fraser University, said the “punchline” was that neither would have a hand in regulating interest rates, the “giant X-factor” in housing affordability.
“The one policy that controls it all just happens to be a policy that the province, whoever wins, has absolutely no control over,” said Yan, who made a name for himself scrutinizing B.C.’s chronic affordability problems.
Some metrics have shown those problems easing, with Eby pointing to what he said was a seven per cent drop in rent prices in Vancouver.
But Statistics Canada says 2021 census data shows that 25.5 per cent of B.C. households were paying at least 30 per cent of their income on shelter costs, the worst for any province or territory.
Yan said government had “access to a few levers” aimed at boosting housing affordability, and Eby has been pulling several.
Yet a host of other factors are at play, rates in particular, Yan said.
“This is what makes housing so frustrating, right? It takes time. It takes decades through which solutions and policies play out,” Yan said.
Rustad, meanwhile, is running on a “deregulation” platform.
He has pledged to scrap key NDP housing initiatives, including the speculation and vacancy tax, restrictions on short-term rentals,and legislation aimed at boosting small-scale density in single-family neighbourhoods.
Green Leader Sonia Furstenau, meanwhile, says “commodification” of housing by large investors is a major factor driving up costs, and her party would prioritize people most vulnerable in the housing market.
Yan said it was too soon to fully assess the impact of the NDP government’s housing measures, but there was a risk housing challenges could get worse if certain safeguards were removed, such as policies that preserve existing rental homes.
If interest rates were to drop, spurring a surge of redevelopment, Yan said the new homes with higher rents could wipe the older, cheaper units off the map.
“There is this element of change and redevelopment that needs to occur as a city grows, yet the loss of that stock is part of really, the ongoing challenges,” Yan said.
Given the external forces buffeting the housing market, Yan said the question before voters this month was more about “narrative” than numbers.
“Who do you believe will deliver a better tomorrow?”
Yan said the market has limits, and governments play an important role in providing safeguards for those most vulnerable.
The market “won’t by itself deal with their housing needs,” Yan said, especially given what he described as B.C.’s “30-year deficit of non-market housing.”
IS HOUSING THE ‘GOVERNMENT’S JOB’?
Craig Jones, associate director of the Housing Research Collaborative at the University of British Columbia, echoed Yan, saying people are in “housing distress” and in urgent need of help in the form of social or non-market housing.
“The amount of housing that it’s going to take through straight-up supply to arrive at affordability, it’s more than the system can actually produce,” he said.
Among the three leaders, Yan said it was Furstenau who had focused on the role of the “financialization” of housing, or large investors using housing for profit.
“It really squeezes renters,” he said of the trend. “It captures those units that would ordinarily become affordable and moves (them) into an investment product.”
The Greens’ platform includes a pledge to advocate for federal legislation banning the sale of residential units toreal estate investment trusts, known as REITs.
The party has also proposed a two per cent tax on homes valued at $3 million or higher, while committing $1.5 billion to build 26,000 non-market units each year.
Eby’s NDP government has enacted a suite of policies aimed at speeding up the development and availability of middle-income housing and affordable rentals.
They include the Rental Protection Fund, which Jones described as a “cutting-edge” policy. The $500-million fund enables non-profit organizations to purchase and manage existing rental buildings with the goal of preserving their affordability.
Another flagship NDP housing initiative, dubbed BC Builds, uses $2 billion in government financingto offer low-interest loans for the development of rental buildings on low-cost, underutilized land. Under the program, operators must offer at least 20 per cent of their units at 20 per cent below the market value.
Ravi Kahlon, the NDP candidate for Delta North who serves as Eby’s housing minister,said BC Builds was designed to navigate “huge headwinds” in housing development, including high interest rates, global inflation and the cost of land.
Boosting supply is one piece of the larger housing puzzle, Kahlon said in an interview before the start of the election campaign.
“We also need governments to invest and … come up with innovative programs to be able to get more affordability than the market can deliver,” he said.
The NDP is also pledging to help more middle-class, first-time buyers into the housing market with a plan to finance 40 per cent of the price on certain projects, with the money repayable as a loan and carrying an interest rate of 1.5 per cent. The government’s contribution would have to be repaid upon resale, plus 40 per cent of any increase in value.
The Canadian Press reached out several times requesting a housing-focused interview with Rustad or another Conservative representative, but received no followup.
At a press conference officially launching the Conservatives’ campaign, Rustad said Eby “seems to think that (housing) is government’s job.”
A key element of the Conservatives’ housing plans is a provincial tax exemption dubbed the “Rustad Rebate.” It would start in 2026 with residents able to deduct up to $1,500 per month for rent and mortgage costs, increasing to $3,000 in 2029.
Rustad also wants Ottawa to reintroduce a 1970s federal program that offered tax incentives to spur multi-unit residential building construction.
“It’s critical to bring that back and get the rental stock that we need built,” Rustad said of the so-called MURB program during the recent televised leaders’ debate.
Rustad also wants to axe B.C.’s speculation and vacancy tax, which Eby says has added 20,000 units to the long-term rental market, and repeal rules restricting short-term rentals on platforms such as Airbnb and Vrbo to an operator’s principal residence or one secondary suite.
“(First) of all it was foreigners, and then it was speculators, and then it was vacant properties, and then it was Airbnbs, instead of pointing at the real problem, which is government, and government is getting in the way,” Rustad said during the televised leaders’ debate.
Rustad has also promised to speed up approvals for rezoning and development applications, and to step in if a city fails to meet the six-month target.
Eby’s approach to clearing zoning and regulatory hurdles includes legislation passed last fall that requires municipalities with more than 5,000 residents to allow small-scale, multi-unit housing on lots previously zoned for single family homes.
The New Democrats have also recently announced a series of free, standardized building designs and a plan to fast-track prefabricated homes in the province.
A statement from B.C.’s Housing Ministry said more than 90 per cent of 188 local governments had adopted the New Democrats’ small-scale, multi-unit housing legislation as of last month, while 21 had received extensions allowing more time.
Rustad has pledged to repeal that law too, describing Eby’s approach as “authoritarian.”
The Greens are meanwhile pledging to spend $650 million in annual infrastructure funding for communities, increase subsidies for elderly renters, and bring in vacancy control measures to prevent landlords from drastically raising rents for new tenants.
Yan likened the Oct. 19 election to a “referendum about the course that David Eby has set” for housing, with Rustad “offering a completely different direction.”
Regardless of which party and leader emerges victorious, Yan said B.C.’s next government will be working against the clock, as well as cost pressures.
Yan said failing to deliver affordable homes for everyone, particularly people living on B.C. streets and young, working families, came at a cost to the whole province.
“It diminishes us as a society, but then also as an economy.”
This report by The Canadian Press was first published Oct. 17, 2024.