The average price of a home in Canada , based on data released by the Canadian Real Estate Association (CREA) on Wednesday. This represents a decrease of 18.3 per cent compared to the same time last year, and is a far cry from the record-high average of $816,720 in February last year.
The number of people buying and selling properties also dropped in January, which saw the fewest home sales for the month since 2009. Compared to the same time last year, home sales in January this year have decreased by 37.1 per cent. These figures are not seasonally adjusted and represent an aggregate of all residential property types.
鈥淭he big question on everyone鈥檚 minds after last year was what will housing markets do in 2023?鈥 said CREA chair Jill Oudil in a press release published on Wednesday. 鈥淲e may have to wait another month or two to see what buyers are planning this year since new listings are currently trickling out at near-record low levels.鈥
Rising interest rates over the last year have led to increases in mortgage rates, which have ultimately resulted in a slower housing market. The Bank of Canada鈥檚 most recent interest rate announcement involved a hike of 0.25 per cent on Jan. 25.
While most MLS systems included in the CREA鈥檚 monthly report saw a drop in average home prices, not all regions are seeing the same level of decline. Major markets, such as the Greater Toronto and Vancouver areas, saw the average price of a home fall 16.4 and 8.4 per cent year-over-year, respectively.
However, smaller markets situated just outside of these major hubs, such as Fraser Valley in British Columbia and London, Ont., are seeing steep annual declines of 27.4 and 25.3 per cent respectively. According to experts, these regions, which reported some of the largest price increases in Canada during the COVID-19 pandemic, are likely to see the most significant price corrections in 2023.
CTVNews.ca has compiled a list of Canadian real estate markets reporting some of the largest declines in average home prices year-over-year. Scroll down to see homes that are currently on sale in these markets.
(John Corrie, Re/Max Little Oak Realty)
Type: House
Price: $949,000
Year Built: 1980
Property Size: 164.16 sq. m
Lot Size: 712.29 sq. m
Price Decline: 27.4 per cent year-over-year
This is located in Abbotsford, B.C., in the province鈥檚 Fraser Valley region. On the main floor, high-vaulted ceilings cover the open-concept living area, which is connected to the dining room and kitchen. In the backyard is a large patio with room for dining or recreation, as well as a cabin that can serve as a hobby room or art studio.
(Visionary Visuals / Robert Kasowski, Open Door Property, Re/Max Escarpment Realty)
Type: House
Price: $624,900
Year Built: 1925
Property Size: 125.42 sq. m
Lot Size: 505.86 sq. m
Price Decline: 25.3 per cent year-over-year
Situated in London, Ont., , all of which have been recently updated. The home also features a galley kitchen and combined living and dining area. A detached garage sits in the backyard, along with a tiered deck that can be accessed from the kitchen and main bedroom.
(Tom Elgersma, Encore Photography / Elizabeth Pullman, Engel & Volkers Niagara)
Type: Condo townhouse
Price: $685,000
Year Built: 2006
Property Size: 150.97 sq. m
Lot Size: N/A
Price Decline: 25 per cent year-over-year
Built in 2006, this in Niagara Falls, Ont., has a fully renovated basement, complete with a family room and kitchenette. On the main level is the primary bedroom, an eat-in kitchen and home office, along with cathedral ceilings that hang over the living room. On the upper level is the second bedroom and a sitting area overlooking the living room.
(John Morrell, Panoptic Canada / Kyle Knapp, Platinum Realty Specialists)
Type: Apartment
Price: $344,900
Year Built: 2005
Property Size: 117.8 sq. m
Lot Size: N/A
Price Decline: 13.6 per cent year-over-year
Spanning nearly 118 square metres, this , along with an open-concept living and dining area. Recent upgrades include the addition of hardwood and tile flooring throughout the unit, including the kitchen, which also has oak cabinets, granite countertops and a wine fridge. Located in downtown Regina, the apartment is situated near restaurants, cafes and Victoria Park.
(Matthew James Photo / Lindsay Block-Glass, Royal LePage Coast Capital Realty - Oak Bay)
Type: Condo townhouse
Price: $950,000
Year Built: 2017
Property Size: 159.24 sq. m
Lot Size: 178.28 sq. m
Price Decline: 10.1 per cent year-over-year
At the entrance of this , is a den that can double as a mudroom. Also on the main level is a bedroom and four-piece bathroom. In addition to the remaining two bedrooms and bathrooms is a combined living, dining and kitchen area. The home is a short drive away from the University of Victoria, and within walking distance of public transportation and other amenities.
(Peter Kubiczek, Keystone Realty)
Type: Apartment
Price: $398,500
Year Built: 1930
Property Size: 106.15sq. m
Lot Size: N/A
Price Decline: 6.7 per cent year-over-year
This is located in the city鈥檚 historical Phillips Lofts building, first constructed in 1913. The unit has an open-concept floorplan and features exposed lumber beams and pillars, as well as black steel hardware. Throughout the apartment is the unit鈥檚 original brick interior finishing, along with maple hardwood floors.
(James Walsh, Rod Stears Photography / Shirley Roach-Albert, Sutton Group Aurora Realty)
Type: House
Price: $289,900
Year Built: 1953
Property Size: 171.87 sq. m
Lot Size: 0.4 hectares
Price Decline: 6.6 per cent year-over-year
With nearly 172 square metres of living space, this , has three bedrooms and two bathrooms. The living room on the main floor features hardwood flooring, a fireplace and built-in bookshelves. Also on the main floor is the kitchen, which offers access to a large deck in the backyard. The main bedroom on the upper floor features a soaker jet tub and a skylight.
(Albert Gravel / Mil猫ne Houle, Engel & Volkers Tremblant)
Type: Apartment
Price: $499,000
Year Built: 2005
Property Size: 59.2 sq. m
Lot Size: N/A
Price Decline: 5.8 per cent year-over-year
Situated in downtown Montreal, this , with nine-foot ceilings throughout. The unit also has a combined kitchen and living area, as well as its own stacked washer and dryer. The building is located near various supermarkets, health-care clinics and restaurants.
(Jim Todd Real Estate Photography / Marianne Krieger, Coldwell Banker Preferred Real Estate)
Type: Condo townhouse
Price: $389,900
Year Built: 1986
Property Size: 136.75 sq. m
Lot Size: N/A
Price Decline: 5.7 per cent year-over-year
This has seen numerous upgrades over the last few years, including updated windows, doors and lighting. In the living room is hardwood flooring and a wood-burning fireplace. Meanwhile, the renovated kitchen has new custom cabinetry, a glass backsplash and quartz countertops. Rounding out the rest of the home are two bathrooms and two bedrooms.
(Studio Royale / Joel Flewelling, Royal LePage Atlantic)
Type: Apartment
Price: $499,999
Year Built: 1987
Property Size: 113.71 sq. m
Lot Size: N/A
Price Decline: 3.7 per cent year-over-year
With nearly 114 square metres of space, . One of the bedrooms sits on the main floor, along with the living, kitchen and dining areas. On the upper level are the two remaining bedrooms, one of which features its own private patio.
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