Where are home prices declining in Canada? – BNN Bloomberg

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Home prices dropped in real estate markets across Canada between summer and late fall, with Ontario cities seeing the largest declines, according to a new report.

Real estate site Zoocasa examined where home prices have dropped the most across Canada by looking at benchmark price data from 21 major markets.


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Their report on the findings, published this week, noted a decline in single-family home prices across the board, with the biggest drops found in Ontario and some outliers bucking the trend in Atlantic Canada and the Prairies.

“In the span of just five months, the majority of Canadian real estate markets have experienced a drop in benchmark price by more than three per cent,” the report said. “Some markets are even falling below last year’s prices.”

WHERE DID HOME PRICES DECLINE THE MOST?

Ontario’s real estate market saw the largest drops in single-family home prices, with cities in the province notching the seven biggest price declines.

Kitchener-Waterloo saw the biggest price decrease in Zoocasa’s analysis. The benchmark price of a single-family home in the Ontario city decreased 9.7 per cent between June and November of last year to $802,900.

Homes in Hamilton and Burlington follow closed behind, with an 8.5 per cent price drop between June and November 2023, landing at a benchmark price of $864,200.

OPPORTUNITIES OUTSIDE ONTARIO

Ontario saw the biggest price declines, but the report suggested homebuyers might find opportunities in other, more affordable Canadian markets.

Single-family home prices in Regina had the largest year-over-year price decrease at 3.2 per cent. Homes in this city reached a benchmark price of $321,400 in November 2023. 

WHERE DID PRICES GO UP?

Only three markets in Canada did not see a drop in prices between June and November the report said – Calgary, St. John’s, N.L., and Saint John, N.B.

“Calgary’s home prices have increased by 10.5 per cent since November 2022 – more than any other market we analyzed – but still remains relatively affordable with a benchmark price of $557,400 in November 2023,” the report noted. 

“As long as migration to Calgary remains strong, housing demand will continue to grow propping up prices.” 

CONDO DEMAND

Zoocasa noted constant demand for more affordable types of housing through 2023, which resulted in a smaller decline in condo prices compared to single-family homes. 

Condo prices grew prices grew in nine cities over the assessed period, Zoocasa said, while single-family home prices rose in just three cities.

Condo units saw the biggest price growth in Saint John, N.B., at 12.9 per cent, and in St. Jonn’s, N.L., at 7.4 per cent, the report said.

Meanwhile, Calgary and Halifax-Dartmouth had the largest annual price increases at 16 per cent and 13.8 per cent respectively. 

This post was originally published on 3rd party site mentioned on the title of this site

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