Where should you invest in real estate within Canada?
There are a lot of statistics that you will come across while making your decision, and it is important that you pair your understanding of past fluctuation in value with future projections, as well. For example, if we look at the chart, below, you will notice that there has been a recent boom in Calgary; this, however, does not guarantee that you will cash in on an upcoming investment, as the home prices are expected to soon stabilize. Be that as it may, these cities do see high economic activity with thriving populations and are excellent centres for real estate investment in the long run.
Chart based on recent data:
Scroll down to see less recent statistics for Halifax and Fredericton.
According to wowa.ca:
Toronto Housing Market Report (from Aug 3, 2023)
The average home sold price in the Greater Toronto Area (GTA) increased 4.1% year-over-year to $1,118,374 for July 2023.
GTA home prices fell sharply after two rate hikes in June and July 2023.
Detached home average price increased by 4.7% year-over-year to $1.43M.
Semi-detached home average price increased by 2.2% year-over-year to $1.10M.
Freehold townhouse average price increased by 3.5% year-over-year to $1.03M.
Condo apartment average price increased by 2.2% year-over-year to $735k.
Montreal Market Report Summary for July 2023
Updated August 10th, 2023
The average home sold price reached $598,424 in July 2023, for a 3.8% annual increase.
Montreal home sales are up 1% year-over-year, and active listings are up by 20% year-over-year.
Single-family detached median price increased by 0.9% year-over-year to $555k.
Condo median price increased by 0.9% year-over-year to $395k.
Plex median price decreased by 5.3% year-over-year to $735k.
Edmonton Housing Market Report
Market Report Summary for July 2023
Updated August 8th, 2023
The average price of a home in the Edmonton area was $409,986 for July 2023, a 2.8% yearly increase and a 0.6% monthly decrease.
Detached home average prices increased by 2.9% year-over-year and increased 0.6% month-over-month to $503,542.
Semi-Detached home average prices increased by 2.3% year-over-year and decreased by 1% month-over-month to $378,902.
Townhouse average prices increased 3.8% year-over-year and 2.4% month-over-month to $264,128.
Condo apartment average prices decreased 3.1% year-over-year to $194,823. Condo prices are almost the same as last month.
Calgary Housing Market Report
Market Report Summary for July 2023
Updated August 3rd, 2023
Calgary benchmark home prices reached a new record high.
At 2,647, Calgary’s number of sales saw an 18% yearly rise. This number sets an activity record for July.
Detached home average price increased by 14.7% year-over-year to $731k.
Semi-detached home average price increased by 15.8% year-over-year to $594k.
Townhouse average price increased by 14% year-over-year to $406k.
Condo apartment average price increased by 12.1% year-over-year to $309k.
Ottawa Housing Market Report
Market Report Summary for July 2023
Updated August 8th, 2023
The average home sale price in Ottawa’s housing market increased by 5.7% year-over-year to $682,436 in July 2023. The average price has increased by 9.7% from July 2021.
Average freehold house prices reached $754,188, increasing 5.3% yearly.
Average condominium prices were $435,094, an increase of 2.2% compared with July 2022.
Vancouver Housing Market Report
Market Report Summary for July 2023
Updated August 3rd, 2023
Very low inventory continues to push prices higher.
The average home price in Greater Vancouver was $1,270,664. This price represents an annual rise of 5.7% and a monthly decrease of 0.1%.
The benchmark price of homes in Metro Vancouver is $1,210,700, representing a 0.6% monthly and a 0.5% yearly increase in July 2023.
Vancouver’s benchmark price exhibits a 29% increase over three years but is 4.1% lower than the all-time high of $1,262,600 in April 2022.
Detached home average price increased by 6% year-over-year to $2.16M.
Attached home average price increased by 4.6% year-over-year to $1.23M.
Condo apartment average price increased by 2.1% year-over-year to $814k.
Less recent data:
Fredericton
In February 2021, the average price of residences sold was $226,323, an increase of 9.9% over the previous year. While there were 3% more new listings during that time period, there were 44.4% fewer active home listings.This 20-year low for the number of current listings is a clear sign that Fredericton is a seller's market. Home prices in Fredericton are not too inflated due to the modest selling price increase.
Halifax
From August 2021 to August 2022, Halifax real estate prices climbed by 7.3%, and the average property there now costs $472,473. In the same time frame, sales dropped by 29.7%. Halifax's cost of housing became unaffordable for certain people as property prices increased sharply between January 2021 and January 2022, by a whopping 30.7%.