Ontario and BC Prices Decline, Atlantic Canada Sees Growth

Province-by-province, the Canadian housing market continues to demonstrate dynamic price movements. While Ontario and British Columbia saw price decreases, Atlantic Canada experienced significant growth. These developments are essential indicators for purchasers, vendors, and investors navigating the ever-changing real estate market. This article offers a comprehensive analysis of the current status of the Canadian housing market, emphasizing key trends and regional differences.

Ontario

In April 2023, the average price of a property on Ontario’s housing market decreased. The average price of a residence in Ontario decreased by 8% annually to $911,078. However, there was a modest 3% increase month-over-month. In April 2023, the average dwelling price in the Greater Toronto Area (GTA) was $1,153,269, representing an 8% decrease year-over-year and a 4% increase month-over-month. In April, despite the overall decline, 17% of all Canadian home sales occurred in the Greater Toronto Area.

British Columbia

Buying a property in British Columbia remains the most expensive in Canada. In April 2023, the average dwelling price in British Columbia was $995,506, representing a decrease of 6% year-over-year but an increase of 3.5% month-over-month. Notably, the average home price in Chilliwack decreased by 18% year-over-year, while the average home price in Powell River increased by 20%. The average price of a residence in Victoria, on the other hand, decreased by 9% year-over-year, reaching $990,918. The average property price in Greater Vancouver was $1,295,266 in April 2023, a decrease of 3% year-over-year.

Quebec

In April 2023, the average residence price in Quebec was $462,852, a decline of 8% from April 2022. However, the monthly increase was 3%. The average home sale price in Montreal decreased by 7% year-over-year, equating to $565,786, but increased by 3% month-over-month.

Atlantic Canada

Across the provinces of the Atlantic region, there were significant variations in property prices. The average home price in Prince Edward Island (PEI) increased by 12% year-over-year, reaching $380,096. The average home price in Nova Scotia increased by 9% from the previous month and 8% from the previous year, reaching $441,625. The average property price in St. John’s, Newfoundland, increased by 11% year-over-year, reaching $297,795. These positive trends suggest a robust housing market in the Atlantic region, which is attracting the interest of purchasers and investors.

The Prairies

In the last month, property prices in the Prairies region have exhibited a modest decline. Alberta experienced a monthly decrease of 6.5%, with the average home price remaining unchanged year-over-year at $462,086. The average price in Saskatchewan decreased by 9% year-over-year, reaching $297,840. On the other hand, Manitoba experienced a monthly increase of 4%, with a decrease of 8.5% year-over-year in the average home price to $353,589. Significant transformations have taken place in the main urban markets of the Prairies.

Source: https://wowa.ca/reports/canada-housing-market