Source – msn.com
- “…Atlantic Canada saw the biggest housing price increases between February 2022 and August 2022. Prince Edward Island saw the biggest hike in Canada, with house prices rising by a jaw-dropping 13.1 per cent”
House Hunting? Here’s Where Home Prices Have Dropped the Most in Canada
With increasing interest rates from the Bank of Canada and the possibility of a looming recession, it seems like house prices are on a downward plunge across the country. According to the Canadian Real Estate Association (CREA), the average price of a home in Canada came to $637,673 in August 2022, which is 3.9 per cent lower than August 2021.
These housing market dips haven’t been standard across the country, though. While some regions have experienced quite a steep drop, others have only experienced some slight decreases.
While Ontario experienced significant dips, BC also had quite the housing price plummet. In August 2022, the average house price was $995,500, which was 5 per cent lower than it was in February.
Unlike Ontario and BC, Quebec only saw home prices drop starting in May. In August 2022, home prices in Quebec were $489,900, which was 2.5 per cent lower than it was in May
Manitoba was the only province in the Prairies to see home prices decline. Specifically, Winnipeg home prices dropped by 4.5 per cent over six months.
Alberta actually saw house prices increase by 2.5 per cent in the last six months, reaching an average of $469,900. On the bright side, the CREA says home prices “appear to have peaked” in Alberta. In Calgary, specifically, house prices increased by a shocking 10.6 per cent.
Saskatchewan has not yet reached their housing market peak, according to CREA. They’re up 5.3 per cent in the province and are “still rising slightly.”
Atlantic Canada saw the biggest housing price increases between February 2022 and August 2022. Prince Edward Island saw the biggest hike in Canada, with house prices rising by a jaw-dropping 13.1 per cent.
Nova Scotia came close, with house prices rising 10.3 per cent to reach $395,300. This price is still lower than when the market peaked in May, which clocked in at $417,500.
New Brunswick and Newfoundland and Labrador had their prices rise by 6.5 per cent and 7.9 per cent respectively.