House prices

Home Prices in Canada Are Falling in Some Places and That Might Give You Some Hope

The cost of buying a home in Canada is starting to drop in the country’s most populated and expensive provinces, while things are starting to heat up in traditionally less popular areas.

According to the Royal LePage House Price Survey, property prices in Canada have increased year over year. However, there was a decline on a quarterly basis, felt especially in some cities.

Since last year, housing in Canada has increased by 12.1% during the months of April, May and June.

However, there has been a decline of around 4.9% since the previous three months of January, February and March, which is good news for anyone looking to move up the real estate ladder.

According to the report, part of the decline stems from much interprovincial migration, which has driven down prices in British Columbia and Ontario.

In fact, parts of southern Ontario have even seen double-digit declines in overall home prices since the first quarter of 2022.

For example, the town of Whitby, Ontario saw a whopping 16.2% decline this spring.

Other cities that were affected by price declines were Oshawa, with prices down 11.2%, and Pickering, with prices down 9.5%.

In fact, the Greater Toronto Area averaged an 8.1% price decline.

This was also reflected on the West Coast, with the Vancouver area registering an overall decline of 4.1%.

The town of Langley near Vancouver saw one of the steepest declines of 5.4%.

Conversely, home prices in Alberta, Saskatchewan, Manitoba and Atlantic Canada have been on the rise as more buyers flock to these areas.

The median price of a house increased by 4% in Regina, as well as in Saskatoon which increased by 1.2%.

Winnipeg also saw a 1.2% increase and Fort McMurray was hit by a 4.7% jump.

As for the east coast, Charlottetown, PEI, home prices last quarter rose 4%. This effect also occurred in Fredericton, New Brunswick, a city where housing costs increased by 7.3%.

As for the future, Royal LePage expects things to grow only 5% in the fourth quarter — October, November and December — of 2022.

As housing markets in Canada become increasingly difficult to predict, this may make some Canadians nervous about their ability to buy a home.

And with rising interest rates continuing to affect mortgage rates, many people find themselves giving up on home ownership altogether.

The cover image of this article was used for illustrative purposes only.