NEWS

According to the regional real estate boards across Canada, home sales and their prices have decreased month over month, except in Calgary, Alberta. For the third consecutive month, the average price in the Greater Toronto Area (GTA) fell $122,000 from their February 2022 peak. Real Estate in the GTA started strong in 2022 but has fallen since as many potential home buyers have put their plans on hold due to the rate tightening that has been occurring. It appears the same has been happening in both Vancouver and Montreal.

However; in Calgary, has continued to see their average prices increase, though the pace of growth has slowed. Month-over-month, Calgary prices have increased 3.7%. According to Ben Rabidoux of Edge Realty Analytics, “I think we’re still in the early innings of Alberta outperforming the rest of the country.”

Regional Home Price Data

Greater Toronto Area (GTA)

Sales: 11,903

• -38.8% (YoY)
• -48.6% (MoM)

MLS Price Index – Average Price (All Types) $1,212,806.00

• +9.4% (YoY)
• -3.3% (MoM)

Greater Vancouver Area (GVA)

Sales: 2,918

• -31.6% (YoY)
• -9.7% (MoM)

MLS Price Index – Average Price (All Types) $1,261,100.00

• +14.7% (YoY)
• -0.3% (MoM)

Calgary

Sales: 3,071

• +3.0% (YoY)
• -9.7% (MoM)

MLS Price Index – Average Price (All Types) $546,000.00

• +14.5% (YoY)
• +3.7% (MoM)

* Data & Information from TRREB, REBGV, CREB & CMT