House Prices In Canada Are Actually Going Down In Some Places & It Might Give You Some Hope
But prices are going up in parts of the country as well.
Condos in Etobicoke, Ontario. Right: A house in New Brunswick.
The cost of buying a house in Canada is starting to come down in the nation's most populous and expensive provinces, while things are starting to heat up in traditionally less popular regions.
According to the House Price Survey by Royal LePage, the price of property has increased in Canada on a year-to-year basis. However, there has been a decrease on a quarterly basis, felt especially in certain cities.
Since last year, housing in Canada has gone up by 12.1% in the months of April, May and June.
However, there was a decrease of about 4.9% since the previous three months of January, February and March, which is good news for anybody looking to get on the property ladder.
Per the report, part of the decrease comes from a whole lot of interprovincial migration, which has caused the prices in B.C. and Ontario to decline.
In fact, some parts of southern Ontario have even experienced double-digit falls in aggregate house prices since 2022's first quarter.
For example, the town of Whitby, Ontario, saw a whopping decrease of 16.2% this spring.
Other towns that were hit with price decreases were Oshawa, with prices going down 11.2%, and Pickering, with a fall of 9.5%.
As a matter of fact, the Greater Toronto Area, on average, saw a price decline of 8.1%.
This was mirrored on the west coast as well, with the Vancouver area seeing a general decline of 4.1%.
The city of Langley near Vancouver saw one of the bigger decreases of 5.4%.
Conversely, the prices of homes in Alberta, Saskatchewan, Manitoba and Atlantic Canada have seen an uptick, as more homebuyers flock to those regions.
The median price of a home went up in Regina by 4%, along with Saskatoon which went up by 1.2%.
Winnipeg also saw a bump of 1.2% and Fort McMurray was hit with a jump of 4.7%.
As for the east coast, Charlottetown, P.E.I., house prices in the last quarter rose by 4%. This effect also took place in Fredericton, New Brunswick, a city where housing costs went up 7.3%.
As for the future, Royal LePage is predicting things to rise by a mere 5% in the fourth quarter — October, November, and December — of 2022.
As housing markets in Canada become increasingly difficult to predict, it may make some Canadians nervous about their ability to purchase a home.
And with the rising interest rates continuing to affect mortgage rates, a lot of people are finding themselves opting out of homeownership altogether.
This article's cover image was used for illustrative purposes only.