Vancouver (July 22, 2024) – Canadian housing prices per square foot generally held steady in the first half of this year, with some notable exceptions indicating families continue to migrate to more affordable communities both nearby and across provincial borders.
CENTURY 21 Canada’s eighth annual Price per Square Foot survey compares the price per square foot of properties sold in almost 50 communities between January 1 and June 30 this year to the same period of previous years. In many cases it has data going back to 2018 for both metro centers and smaller communities.
The report reveals that prices in Ontario, BC, and Atlantic Canada remained largely steady this year, with gains in some smaller markets and suburbs while downtown condo prices declined indicating continued migration away from metro cores. Alberta bucked the trend with significant price increases in a number of markets including Calgary and Edmonton – but to prices per square foot still well below those in BC, Quebec, and Ontario. The Prairies also saw price increases, but at a more modest pace.
Major city condo markets outside of Alberta all saw modest dips in price per square foot, while those in Alberta rose – by more than 17 per cent in Calgary and almost 10 per cent in Edmonton. Condo prices in High River topped the increases at more than 22 per cent, but to a relatively affordable $285 a square foot. That compares to $421 in Calgary (up 17.6 per cent), $1,113 in downtown Vancouver (down 1.7 per cent), $706 in downtown Toronto (down 4.5 per cent), and $672 in downtown Montreal (down 11.9 per cent). Vancouver continues to have the highest prices in Canada, while the Prairies and Atlantic Canada have the most affordable.
Looking back over the history of the survey, even with some declines over the last couple of years pricing has not fallen below 2021 levels in any included market. During COVID, 2021 saw significant price surges and set a new benchmark in markets coast-to-coast. For the most part, prices remain well above pre-COVID average.
Sales volumes across Canada have declined from the brisk market of 2021 and 2022, especially in larger cities.
“A number of our brokers are experiencing a slower market when compared to the conditions of just two years ago,” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “While across the Prairies and Atlantic provinces the market is quite active and balanced, increasing inventory and hesitant buyers in the GTA and the lower mainland (Vancouver and area) are resulting in a ‘wait and see’ market. With the next possible rate cut coming on July 24th buyers may be extending their ‘wait and see’ approach until the fall.”
Shyiak says that inventory and interest rates will likely be major factors in prices going forward, as sellers may hold off on putting their homes on the market in response to a hesitant buyer base waiting for interest rates to fall.
“Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever-evolving trends. That’s why this survey becomes more valuable year-over-year, because it allows us to see the big picture of Canadian housing.”
Alberta
Alberta bucked the national trend, with prices increasing briskly in numerous markets. Even with the increases Alberta prices remain well below those in neighboring BC, as well as Ontario and Quebec. The price increases tell a story of migration – Canadians moving to Alberta, in particular smaller communities where property prices remain moderate. Calgary prices continue to grow, with young professionals pushing condo prices up 17 per cent from last year.
CENTURY 21 Canada’s annual survey of data on the price per square foot (PPSF) of properties gathers and compares sales data from its franchises across Canada from January 1 to June 30 of each year. By looking at the price per square foot at the same time each year the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey compares 2023 prices with this year’s results.
BC area
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