Annual Price per Square Foot survey looks at prices back to 2018 for almost 50 communities
VANCOUVER, British Columbia, July 22, 2024 (GLOBE NEWSWIRE) — Canadian housing prices per square foot generally held steady in the first half of this year, with some notable exceptions indicating families continue to migrate to more affordable communities both nearby and across provincial borders.
CENTURY 21 Canada’s eighth annual Worth per Sq. Foot survey compares the value per sq. foot of properties offered in virtually 50 communities between January 1 and June 30 this 12 months to the identical interval of earlier years. In lots of circumstances it has knowledge going again to 2018 for each metro facilities and smaller communities.
The report reveals that costs in Ontario, BC, and Atlantic Canada remained largely regular this 12 months, with positive aspects in some smaller markets and suburbs whereas downtown rental costs declined indicating continued migration away from metro cores. Alberta bucked the development with vital value will increase in quite a lot of markets together with Calgary and Edmonton – however to costs per sq. foot nonetheless nicely under these in BC, Quebec, and Ontario. The Prairies additionally noticed value will increase, however at a extra modest tempo.
Main metropolis rental markets exterior of Alberta all noticed modest dips in value per sq. foot, whereas these in Alberta rose – by greater than 17 per cent in Calgary and virtually 10 per cent in Edmonton. Condominium costs in Excessive River topped the will increase at greater than 22 p.c, however to a comparatively inexpensive $285 a sq. foot. That compares to $421 in Calgary (up 17.6 per cent), $1,113 in downtown Vancouver (down 1.7 per cent), $706 in downtown Toronto (down 4.5 per cent), and $672 in downtown Montreal (down 11.9 per cent). Vancouver continues to have the best costs in Canada, whereas the Prairies and Atlantic Canada have essentially the most inexpensive.
Trying again over the historical past of the survey, even with some declines over the past couple of years pricing has not fallen under 2021 ranges in any included market. Throughout COVID, 2021 noticed vital value surges and set a brand new benchmark in markets coast-to-coast. For essentially the most half, costs stay nicely above pre-COVID common.
Gross sales volumes throughout Canada have declined from the brisk market of 2021 and 2022, particularly 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 Vice President of CENTURY 21 Canada. “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. With the next possible rate cut coming on July 24 buyers may be extending their ‘wait and see’ approach until the fall.”
Shyiak says that stock and rates of interest will possible be main elements in costs going ahead, as sellers might maintain off on placing their houses in the marketplace in response to a hesitant purchaser base ready for rates of interest to fall.
“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.”
Regional highlights:
Atlantic Canada
Costs in Atlantic Canada have continued to see development, however typically at a much more average tempo in comparison with current years. The sharp rise of Halifax rental costs seen in recent times stopped this 12 months, with no change in value since final 12 months. St. John’s, NL was an exception, with double-digit value development persevering with a gradual upward development that began in 2021. Moncton, NB additionally bucked this development with a pointy 20 per cent rise in indifferent residence costs, however to costs per sq. foot nonetheless among the many lowest in Canada. Each are smaller market feeling the increase of immigration each from overseas and inside Canada. Together with the Prairies, Atlantic Canada continues to be essentially the most inexpensive area in Canada, per sq. foot.
“We’re definitely feeling the change in the market, some areas of the region listing inventory is down while in others it is up. Prices are still trending up at various degrees and there are still families looking to make their home here,” says Joel Ives, Dealer at CENTURY 21 Colonial Realty in Charlottetown. “I think we’re going to be able to weather these market conditions because we still have the advantage of affordability compared to the bigger markets.”
British Columbia
Although BC costs had been secure total for the primary two-quarters of 2024 a number of Metro Vancouver suburbs noticed value will increase whereas Vancouver rental costs fell modestly, anecdotally resulting from households persevering with emigrate from town core to extra inexpensive markets that supply more room. Vancouver east aspect homes went up virtually 18 per cent in value to $977 per sq. foot, a rebound from a value lower final 12 months and nicely under the value per sq. foot of west aspect and downtown properties. West Vancouver, North Vancouver, Burnaby, Richmond, Delta, White Rock/South Surrey all noticed will increase this 12 months as nicely – most of them modest, and a rebound from final 12 months’s declines. Fraser Valley costs had been secure.
In BC’s inside Kelowna’s market seems to have lastly cooled after years of regular development going again to 2019. Vernon is new to the report this 12 months, with charges considerably under these in Kelowna.
“A lot stayed the same this year, and it’s preferable to the alternative,” says CENTURY 21 Creekside proprietor Cameron Van Klei in Chilliwack. “We’re not seeing any signs of a huge turn, but it has been sluggish and we’re seeing the inevitable slowdown from the boom market of 2021.”
Quebec
After a number of years of sharp will increase Montreal rental costs have declined by roughly 11 per cent. Conversely, indifferent houses have risen by the same quantity, which might inform a narrative of youthful people seeking to improve to more room with out transferring out of the foremost metro space.
Ontario
Ontario was largely secure throughout the board, except for a double-digit drop in Windsor indifferent home costs. That lower follows a surge final 12 months, returning the group to costs extra in keeping with 2020 – 2022. The GTA noticed little change, with the Toronto downtown rental market dipping by roughly 4.5 per cent. This drop builds on a pointy decline final 12 months.
Sault Ste. Marie is new to the survey this 12 months, and has the bottom PPSF for each condos and indifferent houses within the province. “We’re excited to see where the results of his survey take us,” says CENTURY 21 Selection Realty proprietor James Caicco in Sault Ste. Marie. “Our community is growing quickly and we’re sure that year-over-year trends will show just how many people have chosen to make Sault Ste. Marie their home.”
Prairies
General, costs within the prairies had been up within the single digits. Condominium costs rose because the bigger cities within the area proceed to develop, with Regina condos seeing the biggest achieve at 16 per cent with smaller positive aspects all through the remainder of the province. Solely Brandon condos trended downwards, however at a really modest 0.85 per cent. Prairie costs stay among the many most inexpensive in Canada.
Alberta
Alberta bucked the nationwide development, with costs growing briskly in quite a few markets. Even with the will increase Alberta costs stay nicely under these in neighboring BC, in addition to Ontario and Quebec. The value will increase inform a narrative of migration – Canadians transferring to Alberta, specifically smaller communities the place property costs stay average. Calgary costs continues to develop, with younger professionals pushing rental costs up 17 per cent from final 12 months.
CENTURY 21 Canada’s annual survey of knowledge on the value per sq. foot (PPSF) of properties gathers and compares gross sales knowledge from its franchises throughout Canada from January 1 to June 30 of every 12 months. By wanting on the value per sq. foot on the similar time every year the agency is ready to get a good suggestion of how costs have modified over time for related properties. This 12 months’s survey compares 2023 costs with this 12 months’s outcomes.
See full PPSF examine outcomes right here.
For extra info please contact:
Shawn Corridor
Telephone: (604) 619-7913
E-mail: shawn@apogeepr.ca
About CENTURY 21 Canada®
CENTURY 21 Canada Restricted Partnership (century21.ca) is an actual property grasp franchisor with full rights to the CENTURY 21® model in Canada.
The CENTURY 21 System is without doubt one of the world’s largest and most acknowledged residential actual property franchise gross sales group with roughly 9,400 independently owned and operated franchised actual property places of work worldwide and over 127,000 gross sales professionals. CENTURY 21 supplies complete know-how, advertising and marketing, coaching, administration, and administrative help for its members in 80 nations and territories worldwide.
How the knowledge was gathered by CENTURY 21 Canada
CENTURY 21 franchisees had been requested to assist give you the typical price-per-square-foot of their market. Information revealed by the Canadian Real Estate Affiliation for numerous MLS boards was additionally analyzed. Nevertheless, calculating a exact quantity is just not a precise science as each workplace and province tracks statistics barely in another way. In consequence, most have used the median value and sq. footage of their market in gross sales from January 1 – June 30, 2024. Every franchisee has confirmed that that the numbers supplied are an correct illustration of the traits market.
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