Everyone thinks their real estate market is hot, but they don’t realize they almost all are. Canadian Real Estate Association (CREA) data shows large home price gains in January. Not just for the year, but for the actual month. The increases were actually so big, almost two dozen markets saw prices climb 5-digits.
The Price of A Typical Home Across Canada Is Up $79,800
The price of a typical home across Canada made a sharp increase, not just over the year – but last month. The benchmark price reached $669,000 in January, up 2.2% (+$14,400) from a month before. This represents an increase of 13.5% ($79,800) from the same month one year ago. To say this is an astronomical increase in home prices at the national level, is a bit of an understatement.
Canadian Real Estate Benchmark Price
The benchmark price of a typical home accros Canada, in Canadian dollars.Source: CREA, Better Dwelling.
Home Prices Grow At The Fastest Rate Since 2017
This rate of price growth is highly unusual, and hasn’t been seen in a few years. With a typical home increasing $79,800 from a year before, this is the biggest annual dollar gain since May 2017. As for the 13.5% increase, it’s also the highest annual rate of growth since June 2017. While it sounds a lot like a redux of 2017, there’s an important difference – this isn’t just Toronto or Vancouver. It’s almost every market in the country. Even places with shrinking populations.
Canadian Real Estate 12-Month Price Change
The 12-month increase of a typical home across Canada, in Canadian dollars.Source: CREA, Better Dwelling.
Only 5 Markets Saw A Negative Monthly Move
Only 5 markets saw a negative monthly move last month. Regina and North Bay both saw prices drop by $5,600 in January. Saskatoon saw a typical home drop by $1,700, and the Kawarthas saw a $1,000 pull back. Edmonton had the smallest drop, with typical home prices dropping by $700 in the month, and that’s it. Not one real estate market across Canada saw a negative annual price movement either.
Prices In A Toronto Suburb Jumped Over $73,000 Just Last Month
To contrast, 37 markets saw big monthly gains – with 12 of them in the 5-digit range. The biggest gain was in the pricey Toronto suburb of Oakville, where the price of a typical home reached $1,259,300. The market saw an increase of 6.2% (+$73,600) compared to just a month before. The 12-month increase for a typical home in the region works out to a 20.1% ($210,900) increase. The home must have gone to an Ivy League school.
Canadian Real Estate Monthly Price Change
The monthly change in price for a benchmark home in Canadian dollars in January 2021.Source: CREA, Better Dwelling.
T.O. Suburb Sees $34,000 Increase In One Month
Mississauga, another Greater Toronto suburb saw the second largest monthly gains. The benchmark price reached $993,300 in January, up 5.38% (+$34,300) from the month before. The 12-month price increase is 12.0% (+$106,500) from last year. This was one of the 11 markets with a 6-digit increase over the past year.
Canadian Real Estate 12-Month Price Change
The 12-month change in price for a benchmark home in Canadian dollars in January 2021.Source: CREA, Better Dwelling.
Toronto Home Prices Performed Close To Average
Greater Toronto’s massive price gains seem much more calm in contrast, but are still near historic levels. The benchmark price of a home in the region reached $927,700 in January, up 2.0% (+$18,200) from a month before. This works out to an increase of 11.9% (+$98,900) compared to last year. Mississauga, which we just talked about, is actually one of the regions in Greater Toronto. This indicates the suburb helped propel the numbers, and the City likely underperformed.
Greater Vancouver Home Prices Up $9,200
Greater Vancouver’s gains were also very large, but seem almost miniscule compared to suburban Ontario. The benchmark price reached $1,056,600 in January, up 0.9% (+$9,200) from a month before. Compared to last year, prices are now 5.48% (+$54,900) higher. It’s a little surprising to see an increase of more than $50,000 not even register as a top move, but that’s where the national market is these days.
Montreal Home Prices Increased $7,500 Last Month
Montreal home prices are booming, but aren’t quite at the levels being seen in Southern Ontario. The benchmark price reached $434,000 in January, up 1.8% (+$7,500) from a month before. This represents an increase of 16.7% (+$62,000) from a year before. Once again, massive increases. It just seems modest in contrast to other markets across the country.
Home prices aren’t just having a big year across Canada, they ripped extra high last month. The monthly increase in some markets is higher than the annual wages of most Canadians. It’s not an issue of notoriously tight markets with booming economies either. Almost every market across the country is seeing lofty gains, from B.C. to Newfoundland. Untargetted increases across a whole country typically occur for two reasons: The economy is booming, or there’s too much stimulus in the credit pool.
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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
