You may be surprised to hear that home prices in Canada have been “trending downwards” for the past few months – leaving about 14 markets below the national average. While this may be hopeful news for future homeowners, that might mean, depending on where you live, you may have to make a move.
According to Real Estate website, Zoocasa there’s been a decline in home prices, just below the national average of $662,437, leaving only six markets above it.
One of the most affordable regions for home prices is Saint John, New Brunswick at $268,400.
“Impressively, Saint John has an $855,000 price difference with the most expensive region, Greater Vancouver,” according to Zoocasa.
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In second place for the most affordable city is Regina, Saskatchewan at $310,200, Quebec comes in third with a $5k difference – $315,200, and in fourth falls Winnipeg at an average home price of $329,900.
Though there have been year-over-year declines, some regions have seen a positive increase such as Calgary with a 1.8% increase, Saskatoon up 3.3%, and Halifax-Dartmouth up 3.4%.
“On the other hand, the largest year-over-year decrease in the average home price was seen in London and St. Thomas, at -25.1%. This drop helped keep the region under the national average, with an average home price of $583,500,” according to Zoocasa.
As for who topped the list, we’re not even surprised anymore – Greater Vancouver, Greater Toronto, and Fraser Valley placed at the top, in that order, surpassing the national average.
Here’s a breakdown:
British Columbia
Unfortunately for B.C., the average home price still sits well above the Canadian average. Greater Vancouver sits at $1,123,400, Fraser Valley at $946,700 and Victoria at $858,600
Alberta
Edmonton is one of the lowest regions for home prices, with an average of $365,100 and Calgary at $518,100.
Ontario
There are only four regions in Ontario with below-average home prices: Sudbury at $401,100, London and St. Thomas at $583.500, Ottawa at $613,000 and Niagara region at $627,500
Check out the full list below:
Whether or not this is a sign for Canadian homeowners to finally be positive about the housing market, these numbers are looking great nonetheless – if you’re willing to move that is.
