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.
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.
