The four-bedroom house at 10164 Manor Drive, in the Fairfield Island area of Chilliwack, was listed for $899,000 but sold for $865,000 in just 12 days on Dec. 5.zealty.ca
If you’re looking for a deal on real estate in a sluggish market there’s a lot of data to crunch. We’ve taken a look across the country at the places where there are deals to be had according to home price data from the Canadian Real Estate Association.
Many, though not all, real estate markets in the country have seen modest price drops in the latter half of 2023, but in some areas, there’s been significant declines from recent all-time highs. “Bargain” hunters should be aware though that in almost every case prices are still up – mostly by double digits – from what was available just three years ago.
British Columbia
Starting in the west British Columbia prices are just starting to show some small month-over-month slippage with one area slipping faster than the others. The Chilliwack and District MLS Home Price Index was $721,900 in November, which is down 2.6 per cent from last month and is relatively flat year over year at about 0.5 per cent. In reality, there’s not a lot for sale in the $720,000 range unless you’re shopping for gut-teardowns and apartments, and certainly not detached homes even in the more rural parts of Chilliwack. CREA’s benchmark home price index for detached homes is $869,800, which is down 2.9 per cent from October, and down 5 per cent from the 2023 high of $915,800 in July. Where does $869,800 rate on the bargain meter? It’s down 21 per cent from the madness of February 2022, which was the most expensive month to buy in the area’s history with a benchmark of $1,103,200 (according to CREA’s data which goes back to 2005). There may be more room to shrink as well: while Realtor.ca recorded 77 residential listings in the area just before Christmas for sale between $800,000 and $900,000, there were only 12 sales in that range in the last 60 days according to Zealty.ca. Emblematic of this trend was the four-bedroom house at 10164 Manor Drive, in the Fairfield Island area of Chilliwack that was listed for $899,000 but sold for $865,000 in just 12 days on Dec. 5.
62 Carrington Rise N.W. in Calgary’s north side is an updated two-storey detached with four bedrooms and bathrooms for $649,999.PREP Realty Inc.
Moving east, don’t come to Calgary in search of bargains unless you’re looking for relative prices compared to other markets that still have a higher benchmark than Calgary’s $569,100. The rate of price growth has slowed over the last year but that benchmark is still 10.5 per cent higher than November 2022, which puts Calgary in the lead for year-over-year price growth out of the major regions CREA measures. The single-family benchmark was $652,200 in November, an all-time high for the city. Before Christmas, there were 343 listings for houses between $600,000 and $700,000 and an example of what the benchmark can get you is 62 Carrington Rise N.W. in Calgary’s north side, an updated two-storey detached with four bedrooms and bathrooms for $649,999.
346 Hickory Circle in Oakville is a four-bed, five-bath suburban home that needs a little updating.ROYAL LEPAGE PREMIUM ONE REALTY
According to CREA’s data, the most sustained price drops in the country have come in Ontario, with the “greater golden horseshoe” areas such as Hamilton, Cambridge, Milton and Mississauga posting year-over-year benchmark drops of about 2 per cent. Another thing November’s sales suggested was that folks who were selling were accepting considerably less than they did over the summer. The largest drop was in Milton-Oakville which saw the benchmark fall by 8.4 per cent from 6 months before and 8.5 per cent from three months before. The benchmark for all housing in that area is still $1.24-million, but the declines are most clearly seen in the detached market where the benchmark was $1.439-million in November, down 9.2 per cent from August and May indexes. Again, if you compare November’s price index to February 2022, the drop from the peak is a precipitous 20 per cent, but 2023 is still up 37 per cent from the pre-pandemic market of November 2019. A good example of what the current benchmark gets you is 346 Hickory Circle in Oakville, a four-bed, five-bath suburban home that needs a little updating. Initially listed for $1.549-million it was dropped to $1.459-million and eventually sold for $1.420-million in mid-December.
The southern Ontario region that has homes with the most significant discounts in real terms is Cambridge, with a detached home price index that’s half of Oakville’s for November: $744,900. Cambridge’s detached home index faced similar price slowness in 2023, but it’s also 25 per cent lower than its February 2022 peak of $999,200.
An example of something selling in the current index range is 147 Atikian Drive, in Eastern Passage south of Halifax.Steve Geen/Keller Williams Select Realty
Prices in the Halifax-Dartmouth area also sliding according to CREA, with November’s benchmark of $527,300 for all home types down 2 per cent from three months ago. Unlike some of the other regions, CREA measures Halifax’s different home types cluster together in price with not a huge variation between detached homes, townhouses and apartments. Detached homes in the area crossed the $500,000 benchmark in January 2022, but unlike some parts of the country this new peak wasn’t an aberration, and while they’ve fluctuated the index hasn’t fallen lower than half a million since. With November detached prices at $536,100 (only 4 per cent lower than the February 2022 all-time high) buying in Halifax isn’t going to be steeply discounted, even in relative terms to some of the nearby markets like New Brunswick that retains some of the lowest cost housing in the nation.
An example of something selling in the current index range is 147 Atikian Drive, in Eastern Passage south of Halifax. According to ViewPoint.ca data the 17-year-old 3-bedroom house sold for $289,000 in 2018 and when it went up for sale in November 2023 it went through three price changes – from $559,900 to $545,900 to $539,000 – before selling conditionally for asking on Dec. 17.
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.
