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Canadian Real Estate Prices Lead Lower, While Ontario is Booming

"Canadian real estate markets are heading in opposite directions, as Ontario picks up. Canadian Real Estate Association (CREA) data shows national prices made a gain in September. The national index, making a smaller than inflation rise, was held down by British Columbia markets.

Canadian Real Estate Prices Rising Less Than Inflation

Canadian real estate prices showed positive growth for a third consecutive month. CREA reported a typical (or benchmark) home across Canada was $628,200 in September, up 0.52% from the month before. This represents an increase of 1.34%, when compared to the same month last year. Prices are rising, just not much.

Ontario Real Estate Prices Lead In Gains

Markets in Ontario are seeing the biggest moves higher, compared to last year. Ottawa made the biggest climb with a benchmark of $434,100 in September, up 9.61% from the last year. Niagara followed with a typical home hitting $422,900, up 8.1% over the same period. The Hamilton-Burlington region came in third with a benchmark of $616,800, up 7.35% from last year. The big increase in all of these markets likely has to do with lower than typical past performance.

Western Canadian Real Estate Markets Lead In Losses

The index is being held down by weakness in Western Canada, especially in BC. Vancouver made the biggest drop, with the benchmark falling to $990,600 in September, down 7.28% from last year. Fraser Valley, the adjacent market, followed with a typical home hitting $818,900, down 4.68% from last year. Regina came in third with a benchmark of $266,800, down 3.95% from last year. BC markets have made large gains over the past decade, so the decline shouldn’t surprise."

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