It has been a while since we have done a deep dive together on property prices in some of the key cities across Canada. With the pandemic behind us and the population, including businesses, having returned to a somewhat regular schedule, how has the housing market reflected these social and economic changes?Let’s start on a positive note. Alberta’s housing market seems to be heading in the right direction for homebuyers and aspiring homeowners. According to WOWA, Alberta’s average house prices have decreased to $420,152, down 5% from this time last year. In all major Albertan cities, aside from Calgary where prices have not budged since last year, house prices have decreased. Across Alberta, the lowest home price is $285,000 in Red Deer, closely followed by $288,000 in Medicine Hat, and the highest is $512,000 in Calgary. If Edmonton is more your cup of tea, homebuyers are in luck, because Edmonton’s average price falls at a mid-point, sitting at $370,000. Transactions have decreased 34% from last year; an interesting result considering the influx of people moving to the province.&nbsp;Alberta’s average price reflects variation across property types. For example, the average price for a detached house in Alberta comes out to $498,937 – still below Calgary’s average price. For detached homes, prices have decreased 2% just from last year. Semi-detached shows a different pattern. With an average price of $456,056, prices for semi-detached homes in Alberta have increased a whopping 9.7%. Condo prices are at an average of $250,718, up 1% from this time last year. Compared to what Ontarians face, this seems like a dream.&nbsp;Speaking of Ontario, prospective homeowners are in for a treat. While the average house price of $798,835 looks horrifying, it has actually decreased since last year. In fact,&nbsp; this pattern is consistent across all major areas in Ontario, with WOWA citing decreases across the GTA, Toronto Metropolitan, Ottawa, Mississauga, Brampton, and Hamilton. The biggest decreases seen in these areas is in Brampton with a decrease of 24% and an average price of $1.03 million, then in Hamilton with a decreased of 23% and an average price of $751,000. The smallest decrease, still a significant decrease nonetheless, is in Ottawa, with at a decrease of 9% and an average price of $613,000.&nbsp;We talk about Ontario enough, so let’s move to another significant region. In British Columbia, across all major cities, the average house price has decreased. Province wide, the drop is at 16% from last year with an average price of $873,000. The largest drop is seen in Fraser Valley at 28%, with an average price of $891,000, making this the lowest average price across the province’s major cities. Greater Vancouver’s decrease looks modest in comparison at 8% with an average price of $1.7 million – still horrific.&nbsp;What is the main takeaway from all these numbers? For future homeowners, this is your time. Across each of these three regions, significant price drops are evident, possibly providing you with a way into the market. If you are an investor, you may be less excited. Anyone looking to invest in a home should be especially careful during this period, or even wait it out.&nbsp;

Any Changes in Canadian Housing Landscape? Real Estate Market Update 2023

Across Canada, significant price drops and lower sales numbers are evident, possibly providing new home buyers with a way into the market in 2023.

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