Real eState
Canada housing markets where real estate prices are down
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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.
The average price of a home in Canada was $716,083 in April, not seasonally adjusted, according to statistics released by the CREA on Monday. While this represents a decrease of 3.9 per cent compared to the same time last year, it is about $104,000 higher than the average price of a home at the beginning of 2023.
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.
CALGARY
(Brendan Harris / Mitch Siemens, Calgary Home Sales Group, eXp Realty)
Type: Apartment
Price: $550,000
Year Built: 1979
Property Size: 115.4 sq. m
Lot Size: N/A
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.
OTTAWA
(Martin Dupuis / Tamara Gibb, Re/Max Absolute Realty)
Type: Townhouse
Price: $685,000
Year Built: 1999
Property Size: 92.9 sq. m
Lot Size: 113.39 sq. m
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.
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A real estate agent who lent a client $50,000 so she could afford to make a deposit on a property in Richmond, B.C., committed professional misconduct by doing so, according to a provincial regulator.
The B.C. Financial Services Authority, which investigates real-estate-related complaints from members of the public, has concluded that Wei “Vicky” Wang’s loan constituted a conflict of interest, and that Wang had committed misconduct by failing to avoid the conflict and by failing to advise her client of it.
The BCFSA’s chief hearing officer Andrew Pendray issued his decision on the matter earlier this month. It was published online Wednesday.
In it, Pendray wrote that the evidence before him supported the conclusion that the $50,000 Wang provided was a loan, and thus a conflict, despite Wang’s arguments to the contrary.
THE PURCHASE
Pendray’s decision came after hearings on the BCFSA’s fifth amended notice to Wang about the complaints against her from her former client.
All of the iterations of the notice centred on the client’s purchase of two homes – one in Richmond and one in Vancouver. Both addresses are redacted throughout the decision, as are the names of the client, her husband and other witnesses.
The loan related to the Richmond purchase, for which a contract of purchase and sale was executed on June 9, 2016, with a completion date scheduled for Oct. 4 of that year, according to the decision.
The agreed purchase price was $1,688,000, with a deposit of $90,000 – slightly more than five per cent of the total price.
Pendray’s decision indicates that Wang’s brokerage provided the BCFSA with two “receipt of funds records” relating to the deposit, one for $40,000 from the client’s account and one for $50,000 from Wang’s account.
The record for the $50,000 transaction included the note “loaning to the buyer temporarily,” according to the decision, and both Wang and the client acknowledged that Wang provided $50,000 toward the purchase of the Richmond property.
WANG’S DEFENCE
The real estate agent argued that the $50,000 she provided to her client should not be considered a loan because it wasn’t provided with the expectation of repayment with interest.
“When asked what she would call the $50,000 towards the (Richmond property) deposit, if it were not described as a loan, Ms. Wang indicated that she did not know, though she subsequently suggested that one could consider it to be a gift,” Pendray wrote in his decision.
“Ms. Wang stated that she and the client were friends, and that she had not thought much of providing the $50,000 at the time.”
Despite Wang’s suggestion that the money could be considered a gift, Pendray noted that she made efforts to secure repayment of it.
The money was wired back to Wang on June 29, 2016, after she and her client had exchanged WeChat messages about how and when she would be paid back, according to the decision.
In her defence, the decision indicates, Wang declined to say she had been repaid, insisting that the money had been “returned” in the same way one would return a car after borrowing it.
She also argued that the entire hearing had been unfair to her, submitting three times that it ought to be adjourned because the BCFSA had revised its allegations against her five times.
THE DECISION
Pendray rejected all of these arguments, writing that Wang has “long known the nature of the allegations against her” and that there was “no unfairness in proceeding with the hearing.”
He concluded that both Wang and her client understood the $50,000 to be a loan, not a gift, and that Wang expected to be repaid.
“Even if I was to accept Ms. Wang’s submission that in order for the $50,000 to be considered a loan, it is necessary that the loan have been provided in exchange for future repayment plus something more, the facts of this case lead me to the conclusion that there was, in this case, something more,” Pendray wrote.
The chief hearing officer noted that Wang received a commission of $22,538.78 for her role in the transaction. She could not have received that amount, he concluded, if the client had backed out of the purchase for lack of funds.
“In order to receive that commission, the purchase of that property had to complete,” Pendray wrote. “In order for the purchase to ever have had the chance to reach completion, the deposit on the property, as required by the contract of purchase and sale, would have had to have been paid.”
Having concluded that Wang provided the client with a loan, Pendray determined that doing so was a conflict of interest under the provincial Real Estate Services Act, and that Wang had committed misconduct.
He ordered Wang and the BCFSA to make submissions on what sanctions Wang should face for her behaviour, with specific penalties to be determined at a later date.
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The South Yarra property feels very secluded, every with its proximity to Chapel Street.
A winning collaboration by some of the best in the business has produced this luxurious modern sanctuary in a prized lifestyle location.
High-end builder Agushi teamed with celebrated Workroom architects and Nathan Burkett Landscape Architects on the private inner-city residence.
The four-bedroom, five-bathroom house at 12 Rockley Rd, South Yarra has hit the market with a $9m-$9.5m asking price.
Largely crafted from concrete – which even features on the sculptural curved staircase that links the home’s three levels – and marble, it delivers sophisticated interiors with carefully framed garden views.
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When at home, a mirrored lift, infinity pool with in-floor cleaning and a six-car basement garage provide the ultimate in convenience.
But it is the state-of-the-art automation that paves the way for a lock-up-and-leave lifestyle.
The technology has been a game-changer for vendor and interior designer Georgie Coombe-Tennant and her husband, Mark.
It has transformed the way they live, doing away with the need for front door keys and allowing them to turn on the oven remotely, let the postie in the gate while sitting on a ski lift or turn on the sprinkler from Europe.
A skylight runs from the outdoor entertainment area into the dining room.
Grey Damastas marble is paired with chocolate toned timber in the kitchen.
The curved concrete staircase is a standout feature of the home.
“We had always had old traditional homes and renovated them, and we just felt like it was time for something modern,” Mrs Coombe-Tennant said.
“We saw Bear (Agushi’s) work and my expression for his work is that everything is so resolved.
“He has not left a single detail out of it. If you think of something you would need in a home it’s there.”
She has delighted in decorating the home, which she said offers loads of space despite having a townhouse feel.
“I found the home is so easy decorate and furnish because you have got this beautiful blank canvas and you can put any amount of colour or neutrality into in,” she said.
As well as three living areas and four bedrooms, the two-year-old home has the luxury of two home offices with desks crafted of the same grey Damastas marble that features in the lavish kitchen and bathrooms.
There’s a sense of privacy once you’re inside the gate.
Enjoy pool views from the main living room.
Gather around the sunken seating area.
The main open-plan living zone screams entertainer thanks to a series of full height sliding doors linking it to a covered outdoor dining space with a built-in barbecue, a conversation pit and north-facing sun deck.
A second ground floor lounge room provides another breakout space, perfect for curling up beside the fire.
Despite its proximity to Chapel St and Toorak Village, Mrs Coombe-Tennant said the home felt secluded.
“I guess with South Yarra people are always worried about noise and things like that but it’s very, very quiet, it’s really secretive. No one knows it’s here,” she said.
“Once we are in that front door you don’t hear a single sound, but you have got everything on your doorstep.”
It’s wall to wall marble in this bathroom.
The garage can accommodate six cars.
Built-in desks feature in both home offices.
RT Edgar Toorak director Sarah Case added that it was rare to find homes of this calibre created specifically for a lock-up-and-leave lifestyle.
“This home has every luxury we’ve come to expect from Agushi, who’s renowned solid concrete construction, superior quality, generous spaces and meticulous attention to detail, while providing for a modern way of living with a lift to all levels, stunning pool and six-car garage,” Ms Case said.
“From the magnificent marble kitchen to the beautiful bedrooms and the poolside outdoor spaces, every aspect has been thoughtfully designed to meet the needs of even the most discerning buyer.”
Mr Agushi said he prided himself on building homes with “over specced” insulation, glazing, solar panels and smart home integration.
Expressions of interest close on June 15 at 5pm.
According the latest Proptrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent.
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This has been a busy, bustling spring for the Toronto real estate market.
There are people who will say it’s all an illusion. A perfectly coordinated dance between snake oil selling realtors and their greedy clients, all unified in pumping a market currently back on its heels as means of personal enrichment.
How does that saying go — never let the truth get in the way of a good story?
They will say it makes no sense that the market should have any signs of life at all given the rollercoaster of the last 18 months (slash, the three years since COVID, if we’re being honest) and that with rates high and staying there, and prices still high and mostly staying there, we are looking at the furthest thing from a healthy marketplace.
And perhaps it’s all relative — things feel particularly energized because in comparison to last fall, we are actually seeing some action out there.
Houses in dodgy pockets fetching upwards of 20 offers, buyers seemingly undeterred by the needles on the street just steps away from the front door.
Cute houses in great pockets drawing multiple offers and landing peak-of-2022 prices.
Sellers who may have wondered if the time-was-now realizing they didn’t want to miss their moment.
There are many utterly baffled that the market has held. That prices have held. That the pain of 2022 didn’t reset the playing field.
They are adamant that any attempt to explain it by pointing to how grossly insufficient our inventory levels are is really just distortion and manipulation. The idea somehow being that people can be scammed into engaging and thus what we are really looking at is a mirage.
They think our problems will be solved if buyers simply stay home. Refuse to show up to houses that are underlisted. Refuse to engage in multiple offers. Refuse to pay a dollar more than list price. Refuse to pay realtor fees. Refuse to participate.
Legislate agents into listing at market value. Legally obligate sellers to accept any offer that meets the price they chose to list at. Cap realtor fees. The list goes on.
Absent from all of this is the reality very much apparent on the ground: for all of the noise and anger, Toronto has not enough houses and more than enough willing participants who are capable of driving a marketplace.
By this time next week, we will have stats to support that the spring market is very much here and with it I expect we will note a sharp increase in transactions and a notable bump to average sale prices.
Is it a seasonal blip that will fizzle out as temperatures rise? Entirely possible. But even just a return to some seasonal rhythms in our marketplace would be a welcome return to normalcy.
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