Canadian Housing Market Report Jul. 16th, 2022 | Interactive Map

Canada Actual Property Market Developments for All Property Sorts

Residential Property Worth Index

The Residential Property Worth Index (RPPI) is a housing worth index revealed by Statistics Canada that measures the change over time in promoting costs of residential properties. It analyzes each new and resale properties within the census metropolitan areas (CMAs) of Montréal, Ottawa, Toronto, Calgary, Vancouver, and Victoria. The nationwide composite is the weighted common of all of the areas measured by the index. The index is relative to a regular of 100 set in 2017.

RPPI for All Residential Properties

Costs for residential properties in Montréal, Ottawa, Toronto, Calgary, Vancouver, and Victoria proceed to skyrocket as costs enhance throughout Canada by 13.8% year-over-year in This autumn 2021. The largest will increase have been seen in Victoria, the place house costs have risen by 18.3% in comparison with Q3 2019. In the meantime, Ottawa has seen house costs enhance by 16.3% year-over-year. The capital metropolis’s housing market is predicted to stay sturdy on account of its financial stability and excessive availability of presidency jobs. Montreal and Toronto additionally remained scorching with 14.5% and 14.6% will increase respectively. Calgary, alternatively, was the worst-performing main housing market in Canada, with a 9.3% enhance in costs year-over-year.

RPPI for Condominium Residences

Common costs for condominium flats in Montréal, Ottawa, Toronto, Calgary, Vancouver, and Victoria elevated by 8.6% in This autumn 2021 in comparison with This autumn 2020. This development lags behind the general common of 13.8% for all property sorts. The largest will increase have been seen in Victoria, the place costs have risen by 15.1% in comparison with This autumn 2020. Montreal is second with year-over-year will increase of 10% regardless of the influence of COVID-19. Even Vancouver, the place properties stagnated in 2018 and 2019 on account of their Empty Houses Tax and Hypothesis taxes, is experiencing a revival in its condominium market. In distinction, Calgary confronted a year-over-year enhance of simply 0.7%.

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New Housing Worth Index

The New Housing Worth Index (NHPI) is a housing worth index revealed by Statistics Canada that measures the change over time in promoting costs of latest residential properties. It’s revealed by Statistics Canada and utilized by governmental companies, market analysts, and actual property companies. The index is relative to a regular of 100 set in 2017.

Actual Property in Canada

Actual Property Transactions in Canada

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In 2019, residential actual property transactions in Canada reached 486,800, a 6.2% enhance from a five-year low recorded in 2018. The quantity displays elevated exercise in Ontario and Quebec, the place exercise was up by 9% and 11% respectively.

Actual Property Brokers

Actual property brokers in Canada are licensed professionals who assist house consumers and residential sellers navigate the true property market and conduct actual property transactions. Most actual property brokers are a part of the Canadian Actual Property Affiliation (CREA), an expert affiliation that oversees actual property markets nationally. You may be aware of their emblems: MLS® and A number of Itemizing Service®.

In Canada, there are over 130,000 actual property brokers throughout all of the provinces and territories. Ontario has essentially the most brokers out of any province with 79,000 brokers throughout 38 native rea property boards. Of these 79,000 brokers, over 56,000 are a part of the Toronto Regional Actual Property Board (TREB). British Columbia is second with 23,000 actual property brokers and 11 actual property boards.

Actual property brokers are regulated on a provincial-level. Every province has their very own regulatory board that units rules for and oversees the conduct of actual property brokers within the province. In Ontario, the Actual Property Council of Ontario (RECO) regulates actual property transactions and helps resolve complaints in opposition to actual property brokers. In B.C., the Actual Property Council of British Columbia (RECBC) regulates actual property transactions and helps resolve complaints in opposition to actual property brokers. Different notable councils embrace RECA (Alberta), SREC (Saskatchewan), and OACIQ (Quebec).

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Different Actual Property Statistics

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Homeownership Price: 67.8% (2016)

Emptiness Price: 3.2% (2020)

Housing Development

Housing Begins: 63,720 models (This autumn 2020)

Housing Below Development: 292,109 models (This autumn 2020)

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Housing Completions: 50,938 models (This autumn 2020)

Funding in Residential Development: CAD $11.1 billion (This autumn 2020)

Funding in Non-Residential Development: CAD $4.4 billion (This autumn 2020)

Common Hire for a 2-Bed room Unit

As reported by Statistics Canada and the CMHC

RegionAverage Hire for a 2-Bed room UnitGreater Toronto Space, ON$1,622 (2020)Ottawa, ON$1,517 (2020)Vancouver, BC$1,792 (2020)Victoria, BC$1,507 (2020)Quebec Metropolis, QC$899 (2020)Montreal, QC$903 (2020)Edmonton, AB$1,272 (2020)Calgary, AB$1,323 (2020) Winnipeg, MB$1,262 (2020) Saskatoon, SK$1,166 (2020) Halifax, NS$1,255 (2020)

Knowledge sourced from the Canadian Actual Property Affiliation (CREA) and regional actual property boards. Any evaluation or commentary is the opinion of the analysts at WOWA.ca and shouldn’t be construed as funding recommendation. Please seek the advice of a licensed actual property skilled earlier than making an actual property funding choice. The emblems MLS®, A number of Itemizing Service® and the related logos are owned by The Canadian Actual Property Affiliation (CREA) and establish the standard of companies offered by actual property professionals who’re members of CREA.

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