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
percent, 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 24 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.”
Regional highlights:
Atlantic CanadaPrices in Atlantic Canada have
continued to see growth, but generally at a far more moderate pace
compared to recent years. The sharp rise of Halifax condo prices
seen in recent years stopped this year, with no change in price
since last year. St. John’s, NL was an exception, with double-digit
price growth continuing a steady upward trend that started in 2021.
Moncton, NB also bucked this trend with a sharp 20 per cent rise in
detached home prices, but to prices per square foot still among the
lowest in Canada. Both are smaller market feeling the boost of
immigration both from abroad and within Canada. Along with the
Prairies, Atlantic Canada continues to be the most affordable
region in Canada, per square foot.
“We’re definitely feeling the change in the market, some areas
of the region listing inventory is down while in others it is up.
Prices are still trending up at various degrees and there are still
families looking to make their home here,” says Joel Ives, Broker
at CENTURY 21 Colonial Realty in Charlottetown. “I think we’re
going to be able to weather these market conditions because we
still have the advantage of affordability compared to the bigger
markets.”
British ColumbiaThough BC prices were stable
overall for the first two-quarters of 2024 several Metro Vancouver
suburbs saw price increases while Vancouver condo prices fell
modestly, anecdotally due to families continuing to migrate from
the city core to more affordable markets that offer more space.
Vancouver east side houses went up almost 18 per cent in price to
$977 per square foot, a rebound from a price decrease last year and
well below the price per square foot of west side and downtown
properties. West Vancouver, North Vancouver, Burnaby, Richmond,
Delta, White Rock/South Surrey all saw increases this year as well
– most of them modest, and a rebound from last year’s declines.
Fraser Valley prices were stable.
In BC’s interior Kelowna’s market looks to have finally cooled
after years of steady growth going back to 2019. Vernon is new to
the report this year, with rates somewhat below those in
Kelowna.
“A lot stayed the same this year, and it’s preferable to the
alternative,” says CENTURY 21 Creekside owner Cameron Van Klei in
Chilliwack. “We’re not seeing any signs of a huge turn, but it has
been sluggish and we’re seeing the inevitable slowdown from the
boom market of 2021.”
QuebecAfter several years of sharp increases
Montreal condo prices have declined by approximately 11 per cent.
Conversely, detached homes have risen by a similar amount, which
could tell a story of younger folks looking to upgrade to more
space without moving out of the major metro area.
OntarioOntario was largely stable across the
board, with the exception of a double-digit drop in Windsor
detached house prices. That decrease follows a surge last year,
returning the community to prices more in line with 2020 – 2022.
The GTA saw little change, with the Toronto downtown condo market
dipping by roughly 4.5 per cent. This drop builds on a sharp
decline last year.
Sault Ste. Marie is new to the survey this year, and has the
lowest PPSF for both condos and detached homes in the province.
“We’re excited to see where the results of his survey take us,”
says CENTURY 21 Choice Realty owner James Caicco in Sault Ste.
Marie. “Our community is growing quickly and we’re sure that
year-over-year trends will show just how many people have chosen to
make Sault Ste. Marie their home.”
PrairiesOverall, prices in the prairies were up
in the single digits. Condo prices rose as the larger cities in the
region continue to grow, with Regina condos seeing the largest gain
at 16 per cent with smaller gains throughout the rest of the
province. Only Brandon condos trended downwards, but at a very
modest 0.85 per cent. Prairie prices remain among the most
affordable in Canada.
AlbertaAlberta 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
continues 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.
See full PPSF study results here.
For more information please
contact:Shawn HallPhone: (604) 619-7913Email:
shawn@apogeepr.ca
About CENTURY 21 Canada®CENTURY 21 Canada
Limited Partnership (century21.ca) is a real estate master
franchisor with complete rights to the CENTURY 21® brand in
Canada.
The CENTURY 21 System is one of the world’s largest and most
recognized residential real estate franchise sales organization
with approximately 9,400 independently owned and operated
franchised real estate offices worldwide and over 127,000 sales
professionals. CENTURY 21 provides comprehensive technology,
marketing, training, management, and administrative support for its
members in 80 countries and territories worldwide.
How the information was gathered by CENTURY 21
CanadaCENTURY 21 franchisees were asked to help come up
with the average price-per-square-foot in their market. Data
published by the Canadian Real Estate Association for various MLS
boards was also analyzed. However, calculating a precise number is
not an exact science as every office and province tracks statistics
slightly differently. As a result, most have used the median price
and square footage in their market in sales from January 1 - June
30, 2024. Each franchisee has confirmed that that the numbers
provided are an accurate representation of the trends market.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/44932b35-a8cd-4e6a-88a2-8345fcef4079
https://www.globenewswire.com/NewsRoom/AttachmentNg/80f2849b-713a-416f-9ba6-a724d40959f6
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e1ed18c-6c7e-46c2-b549-4084c719dbe1