The real estate market in Canada has certainly changed a lot, especially in recent years. While 2021 saw the peak of home prices across the country, it seems that things are (possibly) looking up for multiple provinces this year.
According to a new report by HelloSafe, Canada experienced a “general drop of 12% in the value of real estate transactions between December 2021 and December 2022.” And much to our surprise – Ontario and British Columbia were the provinces that saw the greatest drop – although prices in Vancouver and Toronto remain high when compared to the rest of the country.
As for the Prairie provinces, their average prices have stagnated in 2022 – leaving the Atlantic provinces with the greatest jump in real estate value.
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Provinces & municipalities where real estate prices dropped
- Yukon (-10.9%)
- British Columbia (-11.9%) – Powell River (-17.6%), Greater Vancouver (-3.3%), Chilliwack and District (-16.2%)
- Ontario (-12.2%) – Thunder Bay (-9.4%), Sudbury (-8.8%), Toronto (-8.9%), Kingston & Area (-5%)
- Quebec (-0.9%) – Saguenay (-3.6%), Montreal (-0.7%)
In terms of major cities, the average price per real estate transaction went down from $1,152,500 to $1,114,300 in Greater Vancouver, from $1,187,200 to $1,081,400 in Toronto, and from $501,500 to $497,800 in Montreal.
And while Alberta saw a rise in real estate prices overall (+2.8%), there were a few key cities that saw a drop: Edmonton (-0.8%), Fort McMurray (-15.1%), and Lloydminster (-5.9%).
For a more visual representation of each market, here are the average prices in 13 of the largest cities in the country:
Visit HelloSafe Canada for more tools.
And now, for the provinces & cities in Canada that experienced the greatest increase in real estate prices.
Provinces & municipalities where real estate prices rose
- Northwest Territories (+25.6%)
- Alberta (+2.8%) – Grand Prairie (+1.1%), Calgary (+8.1%), Lethbridge (+10%) Medicine Hat (+17.9%)
- Saskatchewan (+0.3%) – Prince Albert (+0.6%), Saskatoon (+0.8%), Swift Current (+1.5%)
- Manitoba (+0.7%) – Brandon (17.7%), Portage La Prairie (+22.5%)
- Newfoundland and Labrador (+6.3%) – St. John’s (+5.1%)
- Nova Scotia (+6%) – Halifax-Dartmouth (+6.3%), Yarmouth (14.8%), Cape Breton (+5.6%)
- New Brunswick – Fredericton Area (+7%), Greater Moncton (+7.5%), Saint John (+3.9%)
- Prince Edward Island (+5.6%)
Some key takeaways? South Central Alberta saw the greatest jump in real estate prices in 2022 at 27.1%, followed by
Timmins & Cochrane in Ontario and Portage la Prairie in Manitoba.
You can view the full report, along with a more comprehensive breakdown per city on the 2023 HelloSafe real estate barometer.
Note that data was collected from the Canadian Real Estate Association (CREA) along with HelloSafe business partners. Comparisons were made month-to-month.
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