Jennifer Ferreira
CTVNews.ca Producer
Although the average price of a home in Canada has fallen year-over-year, new data from the Canadian Real Estate Association (CREA) shows prices in most major cities have been rising on a monthly basis since January.
The average price of a home in Canada was $716,083 in April, not seasonally adjusted, according to statistics released by the CREA on Monday. While this represents a decrease of 3.9 per cent compared to the same time last year, it is about $104,000 higher than the average price of a home at the beginning of 2023.
According to the CREA, this increase is due to a rebound in home sales, primarily in regions such as the Greater Toronto Area and Lower Mainland British Columbia.
“Over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market,” said CREA chair Larry Cerqua in a press release Monday.
Demand for housing continues to outpace supply across the country, according to the CREA. Home sales rose 11.3 per cent in April compared to the month prior, despite the number of newly listed properties in Canada remaining at a 20-year low.
The surge in demand and low inventory has put sellers “back in the driver’s seat” in most major Canadian cities, according to a housing market update from the Royal Bank of Canada also released Monday. Current demand-supply conditions have contributed to the latest price gains month-over-month, said CREA senior economist Shaun Cathcart in a press release.
In addition to markets such as the Greater Vancouver and Toronto areas, other cities such as Calgary, Winnipeg and Montreal have also seen increases in average home prices on a monthly basis. The Halifax-Dartmouth area and Ottawa saw some of the largest price gains from March to April, at 7.6 and 6.4 per cent, respectively. These figures are based on average sale prices over MLS systems for residential properties, and are not seasonally adjusted.
Meanwhile, some cities are seeing declines in average home prices. These include Saskatoon and Trois-Rivieres, Que., as well as the province of Prince Edward Island.
Compared to other real estate markets, the number of new listings in these regions has remained relatively consistent year-over-year, CREA data shows. In Trois-Rivieres, for example, new residential listings dropped 4.1 per cent in April 2023, compared to the same time last year. In the Greater Toronto Area, the supply of new residential listings dropped 38.3 per cent in the same period of time.
According to RBC, the price correction involving Canada’s real estate market is now over, with home prices having bottomed out in recent months. If buyer demand remains strong, this could lead to further gains in home prices, the bank says.
CTVNews.ca has compiled a list of properties currently available in markets where home prices have dropped month-over-month, as well as other major cities in Canada.
MONTREAL
(Carly Fridman, Royal LePage Heritage)
Type: Apartment
Price: $599,000
Year Built: 2020
Property Size: 50.5 sq. m
Lot Size: N/A
Difference in monthly average price: +1.2 per cent
Spanning about 50 square metres, this apartment in Montreal’s International District has one bedroom and one bathroom. Wood flooring runs throughout most of the unit and floor-to-ceiling windows let in plenty of natural light. Near the apartment are schools, parks and public transit.
GREATER VANCOUVER
(ONIKON Creative Inc. / Faith Wilson, FaithWilson | Christie’s International Real Estate)
Type: Apartment
Price: $1,289,000
Year Built: 2003
Property Size: 94.76 sq. m
Lot Size: N/A
Difference in monthly average price: +2 per cent
In addition to two bedrooms and two bathrooms, this 94-square-metre apartment unit also includes an open-concept living, dining and kitchen area. The main bedroom has a walk-in closet and additional storage space, while both bathrooms feature wrap-around tiling. The unit itself overlooks Vancouver’s Yaletown neighbourhood and building amenities include a gym and sauna.
CALGARY
(Brendan Harris / Mitch Siemens, Calgary Home Sales Group, eXp Realty)
Type: Apartment
Price: $550,000
Year Built: 1979
Property Size: 115.4 sq. m
Lot Size: N/A
Difference in monthly average price: +2.8 per cent
Occupying the top two floors of its building, this penthouse unit in Calgary spans about 115 square metres and includes two bedrooms and one bathroom. Next to the two-storey living room with a natural gas fireplace is the kitchen, which was recently renovated and includes an island with seating for four. Completing the unit is a rooftop patio with views of the city skyline.
GREATER TORONTO
(Peter Yu, Pixels Alive / Maryrose Coleman and Emiline Layfield, Sotheby’s International Realty Canada)
Type: Townhouse
Price: $1,158,000
Year Built: 1873
Property Size: 102.47 sq. m
Lot Size: 92.39 sq. m
Difference in monthly average price: +4 per cent
Built in 1873, this character townhouse has seen many upgrades throughout the years, including the installation of a new wood fireplace. The main floor has an open-concept design with three-metre ceilings. On the upper floor are two bedrooms and one four-piece bathroom. Situated in Toronto’s Corktown neighbourhood, this home is within walking distance of public transit, restaurants and more.
WINNIPEG
(Eniko Crozier, Eagle Eye Real Estate Photography / Jordan Katz, Coldwell Banker Preferred Real Estate)
Type: House
Price: $349,900
Year Built: 1912
Property Size: 83.52 sq. m
Difference in monthly average price: +5.8 per cent
Located in Winnipeg’s Norwood Flats neighbourhood, this single-storey home has been completely remodelled. On the main floor, the combined living and dining area features a new electric fireplace made with stone. Quartz countertops have been installed in the kitchen, and new vinyl plank flooring runs throughout the home. In addition to two bedrooms are two bathrooms, and the property’s basement is partially finished.
OTTAWA
(Martin Dupuis / Tamara Gibb, Re/Max Absolute Realty)
Type: Townhouse
Price: $685,000
Year Built: 1999
Property Size: 92.9 sq. m
Lot Size: 113.39 sq. m
Difference in monthly average price: +6.4 per cent
This end-unit townhouse is located in Ottawa’s New Edinburgh neighbourhood. Throughout the home are hardwood floors and flat ceilings. On the main level is a combined living and dining area with access to a private terrace, and on the upper level are two bedrooms and one bathroom. Grocery stores, coffee shops and more are all within walking distance.
HALIFAX-DARTMOUTH
(Liam Tayler, SME Business Solutions/ Lorena MacDonald, HarbourSide Realty)
Type: House
Price: $569,900
Year Built: 1963
Property Size: 165.37 sq. m
Lot Size: 0.05 hectares
Difference in monthly average price: +7.6 per cent
This house in Dartmouth, N.S., spans about 165 square metres and includes three bedrooms and two bathrooms. At the front of the home is a covered verandah, while a sundeck is located in the backyard. The basement is fully finished and offers additional storage space, as does the garage. The home itself is situated near ponds, parks and walking trails.