After years of overheated growth, Canadian real estate price gains are tapering. Canadian Real Estate Association (CREA) numbers show prices for a benchmark (a.k.a. typical) home across Canada slowed in growth in November. Prices are beginning to stall after years of explosive growth across most of the country.
Canadian Real Estate Prices Rise Less Than 2%
Canadian real estate prices are continuing to see annual price growth taper. The benchmark price of a typical home across Canada reached $618,800 in November, down 0.51% from the month before. Prices are up 1.98% when compared to the same month last year, and are up 43.06% over the past 5 years. Growth has now fallen behind inflation, and is on trend for further tapering.
Canadian Real Estate Benchmark Change
The 12 month price in change of a typical home across Canada.
Source: CREA, Better Dwelling.
Canadian real estate price gains are tapering, and on trend to hit negative growth. November’s annual pace of growth at 1.98%, is huge contrast to the 8.54% we saw the same month last year. Like last month, the minor increase has more to do with the rapid deceleration of price gains. Prices aren’t falling as quickly into winter as they were last year.
Vancouver Real Estate Is Canada’s Most Expensive Market
Vancouver, Oakville, and Fraser Valley are the most expensive markets in Canada. The price of a typical Vancouver home reached $1,042,100 in November, down 1.35% from last year. Oakville, an affluent suburb of Toronto, reached $955,400, up 3.4% from last year. Fraser Valley hit $841,600, up 4.72% from last year. Toronto followed with a benchmark of $686,400, an increase of 2.73% from last year.
Canadian Real Estate Benchmark Price
The price of a typical home in Canada’s largest real estate markets.
Source: CREA, Better Dwelling.
The cheapest markets were Moncton, Regina, and Saskatoon. The price of a typical home in Moncton reached $182,300 in November, up 17.25% from last year. Regina was the second most affordable with a price of $272,100, down 10% from last year. Saskatoon came in third at $293,500, down 5.34% from last year. Two of those markets, while more affordable than the rest of Canada, are still seeing prices drop.
Vancouver Island, Guelph, And Niagara Make Biggest Gains
The biggest annual gains were made in Vancouver Island, Guelph, and Niagara. Vancouver Island’s benchmark price reached $486,700 in November, up 12.65% from last year. In second was Guelph’s benchmark with $530,000, up 9.26% from last year. Niagara came in third with $393,500, up 7.19% from last year. Yes, none of Canada’s major cities made the list this month.
Canadian Real Estate Price Change – 1 Year
The 1 year percent change in the price of a typical home, in Canada’s largest markets.
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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