What Does the Canadian Housing Market Look Like Today?
There have been a lot of people interested in moving to Canada lately. And it’s not surprising that most are looking at British Columbia for a home relocation. Did you know that last year, B.C. saw its most significant amount of interprovincial net migration in 28 years?
So people from other parts of Canada are on the move as well. Yet, with all that activity, you might wonder about the effects on the Canadian housing market. Affordable housing has been a hot-button issue in Canada for several years now.
So keep reading if you are thinking of moving to Canada soon. We’ll give you a brief look at Canada’s real estate market trends and what to expect.
A Province By Province Look
Population growth is happening all over Canada, but certain areas are more popular. In Ontario, for example, 25% growth is occurring year over year. Yet when broken down into regions, cities are not seeing the gains that smaller centers enjoy.
While Toronto and Ottawa struggle to maintain pre-COVID levels, there’s higher demand elsewhere. For example, suburban towns surrounding the GTA are more popular for buying a home.
By contrast, Montreal and Quebec City are getting more looks from the real estate market. But then, the Maritime provinces are booming for those looking at affordable housing.
Going west in Canada tells a different story. Gains in the central provinces are less pronounced. For example, Manitoba has stayed in the low double digits. Yet Saskatchewan and Alberta have single-digit growth.
Then, when coming to British Columbia, the numbers look a lot like Ontario. The province enjoys over 20% growth year over year, but not in Vancouver. Many of the smaller centers are driving real estate market activity in B.C.
Canadian Housing Market by the Numbers
Interestingly, in September, listings fell by 1.6% from August, with so much growth. And some feel the drop relieves some of the stress of the pricing boom. For example, transactions over the past year also fell by 17.5%.
There is still more demand than available inventory in the biggest cities. But less activity is slowing the rise in median prices. As a result, the average price across Canada rose 14% this year to $686.000.
However, it’s important to note that the two largest markets drive these figures. For example, the average price of buying a home in Toronto is over $1.1 million. But other opportunities are available for those willing to consider home relocation.
You can find attractive alternatives with the best real estate agent in each region. In B.C., for example, consult with Lucas Group to learn more about your options.
What About the Bubble?
A Swiss central bank has warned that two of the world’s worst bubbles exist in Toronto and Vancouver. Yet Canada has outpaced many countries in population recovery since the pandemic. Catching up with inventory to meet demand is the key.
So the Canadian housing market is sorting itself out over time. More folks are looking outside of cities for buying a home. Yet, it will mean that more listings will become available again in those centers.
Canada’s real estate market remains ready to accept new home buyers. So if this article has given you the motivation to take a closer look, come back for helpful insights.