Canadian real estate markets are heading into the busy season with negative price growth. Canadian Real Estate Association (CREA) numbers show an annual decline for the price of a benchmark home in February. The decline for the benchmark is the first since 2009, and the first for the index outside of recession.
Canadian Real Estate Prices Drop For The First Time Since 2009
The price of a typical home in Canada made the first annual decline in almost 10 years, last month. The CREA benchmark fell to $615,300 in February, up 0.3% from the month before. Prices are now down 0.13% lower when compared to the same month last year. This is the first annual decline since 2009, and the only one outside of a recession.
Canadian Real Estate Benchmark Change
The 12 month price in change of a typical home across Canada.
Source: CREA, Better Dwelling.
The annual pace of growth (or lack thereof) is trending lower. The 0.13% decline is small, but lower than the month before. This is the sixth consecutive month of declines, with prices dropping 1.45% over just the past 6 months.
Ontario Real Estate Markets See Biggest Price Gains
The largest annual price gains were all observed in Southern Ontario. Ottawa made the largest gains with a typical home hitting $400,800 in February, up 7.41% from the same month last year. Guelph followed with a typical home reaching $527,300, up 6.84% from last year. Niagara came in third at $393,500, up 6.54% from last year. These markets all trail the national price, and are close to their all-time peak.
Canadian Real Estate Benchmark Price
The price of a typical home in Canada’s largest real estate markets.
Source: CREA, Better Dwelling.
Western Canadian Real Estate Leads Prices Lower
Real estate markets leading the way lower were all located in Western Canada. The typical home in Vancouver fell to $1,016,600 in February, down 6.1% from last year – the largest drop in the country. Regina did slightly better with prices falling to $262,800, down 5.13% from last year. Edmonton fell to $315,700, 4.49% from last year.
Canadian Real Estate Price Change – 1 Year
Steven Axford
Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....
Data provided by: Victoria Real Estate Board 3035 Nanaimo Street, Victoria, British Columbia V8T 4W2
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing