Canadian Housing Market Report 2023, Canadian Hous Rate Price 2023
Prices in the Canadian home market closed a rocky year at a 22-month low. To $626,318 for December 2022, the average home price in Canada has once again dropped on a monthly basis. It hasn't been this low since January 2021. That is a 1% drop from the previous month and a 12% drop from the average sales price of the previous year in December 2021, as Canada's housing market continues to be negatively impacted by interest rate hikes and weakening demand. Sales decreased 39% year over year to 21,840 transactions nationwide in December 2022.
In December 2022, the MLS Benchmark Price for Canada, which gauges the cost of a "average" property there, was $717,000. That is a decrease of 7.5% over the prior year. The benchmark price dropped due to
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| Canadian Hous Rate Price 2023 |
Taking a look at Ontario, the province's average home price dropped to $812,338 in December 2022, a 2% month-over-month loss that maintained the province's home price slide. With prices now much lower than they were last year, this implies that home prices in Ontario are at a 22-month low, returning to where they were in January 2021. The 12% annual decrease in BC housing market prices is now equal to the 12% annual decline in Ontario home prices, which now matches Canada's total 12% annual price decline.
As purchasers flee one of Canada's most costly housing markets, the volume of home sales in Toronto has plummeted. In the GTA, the typical price of a home sold in December 2022 was $1,051,216, which
British Columbia
The most costly province in Canada to buy a home is still British Columbia. In December 2022, the average home price in British Columbia was $911,753, up 0.5% from the previous month but down 12% from the previous year. Even if both provinces' average home prices are declining by 12% annually, that is still more expensive than Ontario's average home price of $812,338.
Top movers in BC's housing market include Powell River, where average home prices have dropped by 22% over the past year, and the Fraser Valley, where prices have dropped by 18% over the same period. To $933,486 in Victoria, housing prices have decreased by 9% from last year. The median home price in Greater Vancouver in December 2022 was $1,182,935, a 5% decrease from the previous year.
Quebec
In December 2022, the average home price in Quebec was $442,616—a 2% decrease from the previous month. The average home sold price in Montreal is $549,057, which is a 3% decrease from last year and a 2% decrease from the previous month.
For the fourth quarter of 2022, average pricing information for various regions of Quebec is available. In Q4 2022, the average price of a home sold in Quebec City was $357,754, Saguenay $247,538, Sherbrooke $412,777, and Gatineau $433,491.
Atlantic Canada
Compared to Ontario or British Columbia, the Maritimes haven't seen as much of an annual price reduction in home prices. The average home price in Nova Scotia fell about 1.5% from the previous year to $362,966. The average home price in New Brunswick is $264,402, which is a 1% decline from the previous year. However, compared to how prices have done over the past month on a yearly basis, this is still a big shift.
While it was $272,401 in Greater Moncton and $284,899 in Saint John, New Brunswick, the average home price in Fredericton for December 2022 increased by 5% from the previous month to $301,058. Halifax-Dartmouth, the largest property market in Atlantic Canada, had an average price of $474,389 for December 2022, a 3% decrease from the previous year. In St. John's, Newfoundland and Labrador, the average price of a home increased.
The Prairies
In Alberta, the typical home price in December 2022 was $429,496, an increase of 3% over the previous year. While Manitoba's average home price is up 1% year over year to $336,485, Saskatchewan's average home price is down a more significant 4% year over year to $284,334.
The big metropolitan markets in the Prairies have maintained a large portion of their pricing gains from the previous year. Home prices in Edmonton decreased by 5% annually to $361,172, while home prices in Calgary rose by 4% annually to $495,231. At $351,866, the average home price in Winnipeg hasn't moved much from the previous year.
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