The Kitchener-Waterloo area saw the biggest drop in home prices across the country last year and the Toronto area wasn’t far behind, a new study suggests.
Zoocasa, a real estate firm, released a price analysis on Monday comparing benchmark price data from the Canadian Real Estate Association (CREA) for 21 major markets across Canada to see where home prices have dropped the most since June – when they hit their peak nationwide at $760,600.
A number of cities across southern Ontario made the list, including the Greater Toronto Area, Niagara Region, Hamilton, Burlington, London, Kitchener and Waterloo.
The most dramatic drop nationwide – 8.9 per cent – since June was seen in Kitchener-Waterloo, with prices down to $708,600 in November and by 0.6 per cent since last year.
In the GTA, prices dropped 7.7 per cent since June, with the benchmark price down to $1,081,300, a 0.1 per cent decrease from a year earlier.
London, St. Thomas, Hamilton and Burlington benchmark prices also fell more than seven per cent since June, with Guelph trailing behind at 6.6 per cent. Meanwhile, prices in the Niagara Region dropped by nearly five per cent since June, dipping down to $635,400.
With a downturn in demand in these Ontario markets, prices have been able to stabilize closer to pre-pandemic levels.
Seven cities across Ontario saw the most significant percentage drops in benchmark prices for single-family homes, with the Kitchener-Waterloo area seeing the largest price decline at a 9.7 per cent drop since June 2023 to $802,900.
The same type of homes in Hamilton and Burlington also saw benchmark prices dip by 8.5 per cent since June, with November’s market seeing $864,200.
Single-family homes in the Greater Toronto Area also dropped by 7.8 per cent since June, with benchmark prices hovering at $1.29 million two months ago.
The real estate firm notes condo prices did not see as significant drops due to the demand for more affordable housing as buyers wrestled with higher interest rates.
However, condo buyers in Ontario – particularly the GTA, Kitchener-Waterloo and London and St. Thomas – saw a more than four per cent drop in benchmark prices since June. Kitchener-Waterloo’s condo price saw the steepest decline since 2022 across Canada, with benchmark prices down by 5.2 per cent.
The average price of a home across all property types in the GTA peaked at $1,334,062 in February 2022, prior to the Bank of Canada’s first interest hike.
Average prices eventually dropped to a low of $1,037,542 but rebounded in the spring amid temporary declines in fixed-mortgage rates.
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.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
