Canadian housing costs per sq. foot have typically remained steady within the first half of the 12 months, with exceptions highlighting households are shifting to extra reasonably priced communities, each shut by and in different provinces, Century 21 Canada’s eighth annual Worth per Sq. Foot survey discovered.
The survey compares costs in practically 50 communities from January 1 to June 30, revealing information traits courting again to 2018 for each bigger centres and smaller communities.
Regional insights
In Ontario, British Columbia and Atlantic Canada, costs remained regular, with some good points in smaller markets and suburbs. Downtown condominium costs declined, indicating continued migration away from metropolitan cores.
Vital worth jumps had been seen in Alberta markets together with Calgary and Edmonton, although costs per sq. foot stay under these in B.C., Quebec and Ontario. Prairie provinces noticed extra reasonable worth will increase.
Main condominium markets
In Alberta, Calgary condominium costs rose by over 17 per cent, and people in Edmonton by practically 10 per cent. Excessive River topped will increase with greater than 22 per cent, however stays reasonably priced at $285 per sq. foot. Condominiums in Vancouver (the best priced in Canada), Toronto and Montreal noticed modest dips in worth per sq. foot.
Historic pricing and gross sales ranges
Even with some declines, pricing has not fallen under 2021 ranges in any market. Gross sales volumes throughout Canada have declined from 2021 and 2022, significantly in bigger cities.
“A number of our brokers are experiencing a slower market when compared to the conditions of just two years ago,” says Todd Shyiak, government vp of Century 21 Canada.
What’s subsequent
“While across the Prairies and Atlantic provinces the market is quite active and balanced, increasing inventory and hesitant buyers in the GTA and the Lower Mainland (Vancouver and area) are resulting in a ‘wait and see’ market,” Shyiak notes. “With the next possible rate cut coming on July 24 buyers may be extending their ‘wait and see’ approach until the fall.”
He explains that stock and rates of interest will doubtless be main elements influencing future costs.
“Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever-evolving trends. That’s why this survey becomes more valuable year-over-year, because it allows us to see the big picture of Canadian housing.”
Overview the complete report, together with regional summaries, right here.
