From government policy to local demand, there are many factors affecting housing prices. Whether or not we’ll see them fall is yet to be seen, but you might be wondering where they currently stand.
Canadian Housing Prices
Housing prices across Canada have almost universally increased, with most climbing a significant amount year to year.
Here’s a look at the current average sold price across Canada with a comparison from the same time last year:
British Columbia
February 2022 – $1,089,600
February 2021 – $946,090
Annual increase of 15.2%
Alberta
February 2022 – $482,255
February 2021 – $417,488
Annual increase of 15.5%
Manitoba
February 2022 – $363,660
February 2021 – $318,074
Annual increase of 14.3%
Ontario
February 2022 – $1,086,493
February 2021 – $863,847
Annual increase of 25.8%
Quebec
February 2022 – $498,688
February 2021 – $421,438
Annual increase of 18.3%
New Brunswick
February 2022 – $291,100
February 2021 – $217,100
Annual increase of 34.1%
Nova Scotia
February 2022 – $367,200
February 2021 – $271,800
Annual increase of 35.1%
These numbers are from the second quarter of 2022, but you can see an updated average sold price on the WOWA website.
Ontario Housing Prices
Ontario’s housing prices have increased by nearly 26% since last year. With prices already high, that means it will cost you over $222,000 more to buy a home this year. It is the first time in history that homes in Ontario have an average price over $1 million.
Ontario currently has three of the top five most expensive cities to buy a house.
Toronto
The second most expensive place to live in Canada (being narrowly edged out by Vancouver), Toronto’s average price is over $1.3 million. Job opportunities and population growth have helped skyrocket the price of homes in Toronto.
Mississauga
Following closely behind Toronto in third place is Mississauga with an average sold price above $1.2 million. This is due to limited real estate supply combined with a booming population growth.
Markham
With a recent surge in urbanization, Markham is developing quickly into a bustling metropolis. With its close proximity to Toronto, many people are choosing to live here due to it being (slightly) more affordable, though the average sold price is still $1.5 million.
Barrie Housing Prices
With its thriving business community, nation-leading low crime rate, and beautiful waterfront, Barrie has become one of the most expensive cities in which to buy or rent. The average home sells for nearly $900,000 and with an average of only 9 days on market.
Even with the Bank of Canada rolling out measures to cool the market with incremental increases to the Prime Lending Rate, achieving a balanced market will not result in a decrease in home value. A balanced market is more likely to result in a return to more normal days on market, with the re-introduction of conditional sales, and fewer bidding wars that push sale prices well above list prices.
Want to know more about the factors affecting Barrie’s housing market?
Whether you’re self-employed, have bruised credit, or are a first-time home buyer, current housing prices can make anyone think twice about buying a home.
However, with Solid Ground, you’re never alone.
If you have any questions or need advice, we’re here to help.
