After reaching its peak of $816,720 in February, the average price of a home in Canada has dropped by more than $170,000. According to the latest data from the Canadian Real Estate Association, the average price of a residential property in October was $644,643, not seasonally adjusted.
Despite the lower price tag, most online searches among Canadian homebuyers are for properties that cost well below the national average. This is according to a new study by Point2 Homes, an online real estate search portal.
Out of five million searches performed on Point2 Homes in 2022, more than 75 per cent targeted properties with a price of $600,000 or less.
“Canadian homebuyers are tightening their budgets in the post-pandemic landscape of increasing prices, inflation and mortgage rates,” the report states. “The lower budget ranges speak volumes to the buyer’s perception of affordability in today’s housing market.”
Additionally, the most popular price range searched for by Canadians in 2022 was between $200,000 and $300,000. This represents less than half the average price of a home in Canada.
CTVNews.ca has compiled a list of houses and apartments in major cities that are listed for less than $600,000, falling below the national average price of a home.
VANCOUVER
(iShot / Thomas Albrighton, Macdonald Realty Ltd.)
Type: Leasehold apartment
Price: $375,000
Year Built: 1970
Property Size: 48.5 sq. m
Lot Size: N/A
This leasehold apartment in Vancouver features a large combined living and dining space connected to the kitchen, which has updated appliances. In addition to one bedroom and one bathroom, the unit also has a private patio offering views of the English Bay. The building has upgraded windows as well as an outdoor swimming pool and shared laundry space.
KELOWNA
(Kyle Sanguin / Shannon Styles, Stilhavn Real Estate Services)
Type: Apartment
Price: $549,500
Year Built: 1991
Property Size: 120.12 sq. m
Lot Size: N/A
Along with two bedrooms and two bathrooms, this corner apartment unit in Kelowna has a refurbished kitchen with quartz countertops, stainless steel appliances and vinyl plank flooring. The office space doubles as a sunroom, with large windows throughout. The building is a short drive away from Hot Sands Beach, and numerous restaurants are close by.
CALGARY
(Zoon Media / Chris Zaharko, Royal LePage Benchmark)
Type: House
Price: $559,000
Year Built: 1931
Property Size: 101.41 sq. m
Lot Size: 411 sq. m
Originally built in the 1930s, this updated character home is located in Calgary’s Bankview neighbourhood. It features three bedrooms and a four-piece bathroom with white tiles and cabinetry. The bungalow also has a sunken living room with vaulted ceilings, and its original wood-burning fireplace. Throughout the home are planked wood ceilings and hardwood floors.
EDMONTON
(Justin Grimm Photography / Mary Bark, Re/Max River City)
Type: House
Price: $379,000
Year Built: 1921
Property Size: 129.97 sq. m
Lot Size: 395.55 sq. m
Located in Edmonton’s Westmount neighbourhood, this three-bedroom, two-bathroom home is more than 100 years old. On the main level, the living and dining rooms each have maple hardwood flooring, while ceramic tile floors complete the foyer. In the upgraded kitchen are stainless steel appliances, new cabinets and cork flooring. The corner lot also has a fully fenced backyard with a deck.
REGINA
(Josh Piett, Hatch Media / Peter Fourlas, Coldwell Banker Local Realty)
Type: House
Price: $599,900
Year Built: 2013
Property Size: 146.79 sq. m
Lot Size: 426.24 sq. m
Large windows along the back of this Regina home allow plenty of light to seep in. On the main floor is a custom kitchen with two-tone cabinets, granite countertops, a tile backsplash and a corner pantry. Also on the main floor is a living room with a 19-foot ceiling and gas fireplace. Filling the rest of the home are three bedrooms and four bathrooms. The walk-out basement is fully renovated and at the back of the home is a covered balcony.
SASKATOON
(Lee Kolenick / Ellen Nasser, Boyes Group Realty)
Type: House
Price: $529,900
Year Built: 1916
Property Size: 135.64 sq. m
Lot Size: 389.54
This two-storey home in Saskatoon features two bedrooms, two bathrooms and a finished basement. On the main floor are hardwood floors and custom cabinetry, along with a built-in coffee bar near the kitchen, and a copper gas fireplace in the living room. Located in the city’s Nutana neighbourhood, near South Saskatchewan River, this home is just a short drive from downtown Saskatoon.
WINNIPEG
(Wayne Landgraff / Dylan Sacramento, BySell Real Estate Inc.)
Type: House
Price: $574,900
Year Built: 1895
Property Size: 156.17 sq. m
Lot Size: 278.71 sq. m
This Winnipeg home features a modern design, with exposed glulam beams and hardwood flooring. On the upper level is the main bedroom, with a unique three-piece ensuite and a private balcony. Filling out the rest of the property are two more bedrooms and two additional bathrooms, as well as an open-concept kitchen, living and dining area.
TORONTO
(Imaginahome / Chris Bresolin, Core Assets Real Estate)
Type: Apartment
Price: $518,800
Year Built: 1973
Property Size: 79.9 sq. m
Lot Size: N/A
With one bedroom and one bathroom, this fully renovated unit has a back wall made completely of glass. The updated kitchen includes a large island that seats three people, as well as custom cabinets and stainless steel appliances. In the bathroom is a custom shower enclosure with a new vanity and toilet. Situated in the Annex, the apartment is a short walk from transit stations, parks and other amenities.
OTTAWA
(Maya Desrosiers, London House Photography / Diana Sneddon, Royal LePage Team Realty)
Type: Townhouse
Price: $599,000
Year Built: 2005
Property Size: 111.48 sq. m
Lot Size: N/A
Located in Ottawa, this property features an open-concept floor plan on the main level. The large kitchen, complete with stainless steel appliances and an eating bar, connects to both the living and dining areas. The main and upper floors each have a balcony, offering views of the playground nearby. Rounding out the townhome are three bedrooms and two bathrooms.
MONTREAL
(Sofia Pauline Balouk / Alexis Rubinfeld, Keller Williams Prestige)
Type: Apartment
Price: $545,000
Year Built: 1983
Property Size: 88.44 sq. m
Lot Size: N/A
Brand new wood floors run throughout this two-bedroom apartment unit in Montreal. In the living area is a stone fireplace and large windows. In addition to one bathroom, there is also a private balcony facing the courtyard. The unit is situated just steps away from a subway station and various restaurants and cafes.
ST. JOHN’S
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
Type: Townhouse
Price: $333,000
Year Built: 1915
Property Size: 186.74 sq. m
Lot Size: under 0.2 hectares
This two-bedroom, three-bathroom townhome is within walking distance of downtown St. John’s. At the entrance of the home is the foyer, featuring its original staircase. Beyond that are large living and dining rooms, as well as a gourmet kitchen with a propane stove and exposed brick detailing. On the top level are both bedrooms and the main bathroom, a four-piece ensuite with a shower and corner tub.
HALIFAX
(Trevor Kennedy, Eye Capture Images / Andrew Perkins, Keller Williams Select Realty)
Type: Apartment
Price: $499,900
Year Built: 1987
Property Size: 111.67 sq. m
Lot Size: under 0.2 hectares
Located in downtown Halifax, this corner apartment unit spans approximately 112 square metres. It has two bedrooms and two bathrooms, along separate living and dining areas. The galley-style kitchen has been renovated and includes stainless steel appliances, while the main bedroom has a walk-in closet and two-piece ensuite. In the apartment building is a heated indoor pool, gym and sauna.
Built in 1974, this three-bedroom, two-bathroom home has seen a number of upgrades, including an updated eat-in kitchen. Next to the kitchen is the living room, complete with a large bay window. All three bedrooms are located on the main floor, while the lower level features a laundry room and full bathroom.
FREDERICTON
(Brent Urquhart / Dave Watt, The Right Choice Realty)
Type: House
Price: $469,900
Year Built: 1964
Property Size: 144.19 sq. m
Lot Size: 906 sq. m
A mudroom welcomes guests into this four-bedroom, two-bathroom home in Fredericton. Porcelain tile floors lead to a renovated kitchen with a tiled backsplash and soft-close cabinets. Hardwood floors run throughout the living and dining rooms, and a small bathroom rounds out the main floor. On the upper level are three bedrooms, the main bathroom and a covered balcony.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
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.
(iShot / Thomas Albrighton, Macdonald Realty Ltd.)
(Kyle Sanguin / Shannon Styles, Stilhavn Real Estate Services)
(Zoon Media / Chris Zaharko, Royal LePage Benchmark)
(Justin Grimm Photography / Mary Bark, Re/Max River City)
(Josh Piett, Hatch Media / Peter Fourlas, Coldwell Banker Local Realty)
(Lee Kolenick / Ellen Nasser, Boyes Group Realty)
(Wayne Landgraff / Dylan Sacramento, BySell Real Estate Inc.)
(Imaginahome / Chris Bresolin, Core Assets Real Estate)
(Maya Desrosiers, London House Photography / Diana Sneddon, Royal LePage Team Realty)
(Sofia Pauline Balouk / Alexis Rubinfeld, Keller Williams Prestige)
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
(Trevor Kennedy, Eye Capture Images / Andrew Perkins, Keller Williams Select Realty)
(Mike Thompson, Odyssey Virtual / Kris Fournier, Re/Max Charlottetown Realty)
(Brent Urquhart / Dave Watt, The Right Choice Realty)
