Canadian Housing Market Shows Stability Amid Regional Price Fluctuations: CENTURY 21 Report

Vancouver, British Columbia — Canadian housing prices per square foot generally held steady in the first half of 2024, according to CENTURY 21 Canada’s eighth annual Price per Square Foot survey. The report highlights that while prices in Ontario, British Columbia, and Atlantic Canada remained stable, notable regional variations suggest that families continue to migrate towards more affordable communities both nearby and across provincial borders.

The survey, which compares the price per square foot of properties sold in nearly 50 communities from January 1 to June 30, reveals that smaller markets and suburbs saw some gains, whereas downtown condo prices in major cities experienced declines, indicating a continued migration away from metro cores.

Ontario Market Analysis

Ontario’s housing market was largely stable, with the exception of a double-digit drop in Windsor’s detached house prices, which reverted to levels more consistent with 2020-2022 following a surge last year. The Greater Toronto Area (GTA) saw minimal changes, with downtown Toronto condo prices dipping by approximately 4.5%. This decline follows a sharp decrease last year, reinforcing the trend of families moving towards more affordable areas.

Sault Ste. Marie, newly included in this year’s survey, posted the lowest prices per square foot for both condos and detached homes in the province. “We’re excited to see where the results of this survey take us,” said James Caicco, owner of CENTURY 21 Choice Realty in Sault Ste. Marie. “Our community is growing quickly, and we’re confident that year-over-year trends will highlight the appeal of Sault Ste. Marie as a desirable place to live.”

National Trends

Across Canada, the survey revealed:

• British Columbia: Vancouver retains the highest prices in the country, despite a 1.7% drop in downtown condo prices, reflecting a modest cooling in the market.
• Alberta: In contrast to other regions, Alberta experienced significant price increases. Calgary saw a rise of over 17%, reaching $421 per square foot, while Edmonton’s prices increased by nearly 10%. High River topped the list with a 22% increase, although it remains affordable at $285 per square foot.
• Prairies and Atlantic Canada: These regions witnessed modest price increases, maintaining their status as some of the most affordable housing markets in Canada.

Market Outlook

Todd Shyiak, Executive Vice President of CENTURY 21 Canada, pointed out that sales volumes across the country have declined from the brisk pace of 2021 and 2022, especially in larger cities. He emphasized that inventory levels and interest rates will be key factors influencing future housing prices. “With buyers adopting a ‘wait and see’ approach and a potential rate cut on July 24, we might see market dynamics shift in the coming months,” Shyiak noted.

He also stressed the importance of viewing housing trends within a broader context. “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.”

As Canadian families continue to seek affordability, the insights from this survey provide a valuable perspective on the evolving landscape of the housing market. For more detailed regional data and trends, the full survey is available on CENTURY 21 Canada’s website.

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