The latest findings from Century 21 Canada’s eighth annual Price per Square Foot survey reveal that Canadian housing prices per square foot have generally remained stable in the first half of the year. However, there are exceptions that highlight families moving to more affordable communities, both nearby and in other provinces.
The survey compares prices in nearly 50 communities from January 1 to June 30, providing data trends dating back to 2018 for both larger centers and smaller communities.
Regional insights
Prices in Ontario, British Columbia, and Atlantic Canada have remained steady, with some gains in smaller markets and suburbs. Downtown condominium prices have declined, indicating a shift away from metropolitan cores.
Alberta markets, including Calgary and Edmonton, have seen significant price jumps, although prices per square foot are still lower than in B.C., Quebec, and Ontario. Prairie provinces have experienced more moderate price increases.
Major condominium markets
Calgary condominium prices in Alberta have risen by over 17%, while Edmonton saw nearly a 10% increase. High River leads with a more than 22% increase, remaining affordable at $285 per square foot. Vancouver, Toronto, and Montreal have seen modest price dips per square foot.
Historical pricing and sales levels
Despite some declines, pricing has not dropped below 2021 levels in any market. Sales volumes across Canada have decreased from 2021 to 2022, especially in larger cities.
Todd Shyiak, executive vice president of Century 21 Canada, notes that some brokers are experiencing a slower market compared to conditions two years ago.
What’s next
Shyiak suggests that while the market is active and balanced in the Prairies and Atlantic provinces, increasing inventory and hesitant buyers in the GTA and Lower Mainland are leading to a ‘wait and see’ approach. The potential rate cut on July 24 may cause buyers to delay their decisions until fall, with inventory and interest rates likely influencing future prices.
He emphasizes the importance of not focusing solely on individual years and instead considering each data point within the broader context of evolving trends. The survey provides valuable insights year over year, offering a comprehensive view of the Canadian housing market.
Read the full report, including regional summaries, here.
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This article was complied with AI assistance and reviewed by an editor. More information can be found in our T &C
