Great article from Better Dwelling today. We have pulled all the information applicable to our market. Click the link here to read the full article.
“Canadian real estate prices are moving the most in over a year – which doesn’t say much. Canadian Real Estate Association (CREA) data shows the price of a typical home increased in November. Most of the index gains were from markets east of Toronto, which are booming after a slow few years. The drag on the index was located exclusively West of Toronto, where markets are mostly spiraling lower”.
Canadian Real Estate Prices Rise Less Than 3%
“Canadian real estate prices are moving higher, driven by movements in Eastern Canada. The typical price of a home reached $638,300 in November, up 2.55% from last year. The rise in prices are coming in just a clip above inflation, which CPI printed at 2.4% in the latest numbers. Last month’s 12-month increase is also the highest observed since August 2018. Not huge growth, but the highest in a long time”.
Markets Furthest From Peak Are All In Western Canada
“Western Canadian real estate markets are furthest away from the peak. Regina, uh… bottom’s the list, with a typical home at $260,600 in November, down 15.72% from peak. Edmonton follows with prices falling to $319,400, down 14.55% from peak. Calgary’s typical home price comes in third at $414,200, down 10.09% from peak. All of these markets haven’t seen peak in a few years, and were left out of the recent national price rally”.
“Canadian real estate prices are back to rising, but growth is still low as an aggregate. Breaking it down regionally, we can see that Eastern Canada is seeing prices boom. This is especially true in markets that didn’t see a big jump during the national rally – such as Ottawa and Montreal. In Western Canada, things are still mostly in the dumper – accounting for most of the drag on the index. Yes, dumper is a technical term”.