Canadian Housing Market: Regional Trends – April 2024

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Buckle up for a coast-to-coast ride through Canada’s housing market! April 2024 saw a fascinating mix of trends, with some regions experiencing record highs and others hinting at a potential cool-down. Whether you’re a seasoned investor or a first-time buyer, this data-driven breakdown will equip you with valuable insights.

We’ll delve into price fluctuations across provinces, analyze seller’s market dominance, and explore what the future might hold based on key economic factors. So, get ready to unlock the secrets of Canada’s housing market in April 2024!

Canadian Regional Housing Market Trends

Ontario Housing Market

The Ontario housing market in April 2024 presented a mixed picture, with some areas experiencing price growth and others cooling down. Overall, the average provincial home price reached $900,161, reflecting a slight monthly increase of 1.3%. However, it’s important to note that this represents a 0.9% decrease compared to April 2023. Benchmark home prices followed a similar trend, dipping 1.3% year-over-year despite a 1.2% monthly uptick.

Ontario continues to hold the title of the second-most expensive housing market in Canada, next only to British Columbia. But unlike BC, Ontario appears to be experiencing a slight moderation in prices. This is further evidenced by the significant increase in active listings, which jumped 57% year-over-year to reach 48,858 homes for sale in April 2024.

Let’s delve deeper into some interesting trends within Ontario’s diverse housing market. The Greater Toronto Area (GTA) stands out with a relatively stable average home price of $1,156,167, representing a modest 0.3% year-over-year increase. Interestingly, there was a more significant uptick of 3.1% compared to the previous month. However, GTA home sales declined by 5.5% year-over-year, suggesting a cooling market despite stable prices.

The story across different regions within Ontario varies. Mississauga boasted a particularly strong April, with average home prices surging 6.6% in a single month to $1,126,060. This hot streak comes on top of a 4.6% annual increase. On the other hand, Brampton’s market witnessed a slight dip of 0.2% in average home prices compared to March 2024. Additionally, Brampton prices are down 5.7% year-over-year.

Other noteworthy trends include a 1% monthly decline in Hamilton’s average home price to $818,381, while Ottawa saw a contrasting increase of 3.4% to $705,117 in the same period. Kitchener-Waterloo and Oshawa also displayed contrasting trends, with Kitchener-Waterloo experiencing a slight 0.8% monthly decrease and Oshawa’s average home price edging up by 0.7%.

British Columbia Housing Market

The British Columbia housing market in April 2024 displayed a wait-and-see approach, with a slight pullback in prices but indications of underlying strength. The average home price across the province stood at $1,006,248, marking a minor 1.3% decrease compared to March 2024. This is noteworthy as it represents the largest monthly decline amongst all provinces. However, it’s crucial to consider this within the context of the annual trend. Year-over-year, British Columbia prices remain positive, with a 1.4% increase showcasing continued demand.

While the average price dipped slightly, the benchmark home price painted a different picture. British Columbia’s benchmark price reached $984,900, reflecting a 0.9% monthly rise and a more substantial 2.1% annual increase. This suggests a potential for price stabilization or even a rebound in the coming months.

Sales activity in the province also offered some interesting insights. Unlike Ontario, where sales dipped, British Columbia saw a slight year-over-year increase of 1.5% in home sales, indicating that buyer interest remains present.

Greater Vancouver, consistently Canada’s most expensive city to buy a home in, displayed a similar trend to the broader provincial market. The average home price in Greater Vancouver for April 2024 was $1,302,794, representing a modest 0.6% increase year-over-year. This indicates a relatively stable market despite the slight monthly decline observed across the province.

In conclusion, the April 2024 data suggests a potential cooling off period in the British Columbia housing market. However, the year-over-year gains in benchmark prices and sales activity hint at a market with underlying strength. It will be interesting to see how this trend unfolds in the coming months.

Quebec Housing Market

The Quebec housing market in April 2024 continued to favor sellers, solidifying its position as a seller’s market. The Seller’s Neighbourhood Listing Ratio (SNLR) climbed to 69% this month, up from 67% in March 2024. This indicates a strong seller advantage and a competitive market for buyers.

Quebec’s average home price mirrored this trend, rising by 7.7% year-over-year to $498,124. This growth was further supported by a 1.6% increase in prices compared to March 2024. Similarly, the province’s benchmark home price displayed strength, increasing by 3.7% annually and 0.9% monthly to $481,600.

Montreal, the province’s largest city, witnessed a 6.1% annual increase in average home prices, reaching $600,220 in April 2024. Quebec City also outperformed the provincial average with an impressive 8.9% annual growth, bringing its average home price to $396,749.

Overall, the data paints a clear picture of a robust seller’s market in Quebec, with strong price growth and increased competition amongst buyers.

Key Takeaways from Quebec Housing Market in April 2024

Feature	Description
Market Condition	Seller’s Market
SNLR	69%
Average Home Price	Up 7.7% year-over-year to $498,124
Benchmark Price	Up 3.7% year-over-year and 0.9% monthly to $481,600
Montreal Avg. Price	Up 6.1% year-over-year to $600,220
Quebec City Avg. Price	Up 8.9% year-over-year to $396,749

Atlantic Canada Housing Market

The Atlantic Canada housing market is experiencing a tale of two regions in April 2024. While some provinces like Nova Scotia and New Brunswick are witnessing record-breaking price surges, others are showing more moderate growth.

Nova Scotia stands out as the frontrunner, boasting a remarkable 6.1% increase in average home prices year-over-year. This translates to an average home price of $468,543, a new high for the province. This growth story is further amplified by a significant 5.6% increase in prices compared to March 2024. Nova Scotia’s benchmark home price followed suit, rising 4.6% year-over-year and 3.3% month-over-month, reflecting strong buyer demand. Halifax, the province’s capital, mirrored this trend with a 4.0% annual increase in average home prices, reaching $597,721 in April 2024.

New Brunswick joins Nova Scotia in celebrating record highs. Both the average and benchmark home prices reached all-time peaks in April. The average home price climbed 4.4% month-over-month to $334,561, while the record-breaking benchmark price of $304,400 reflects a healthy 9.3% annual increase.

Meanwhile, Prince Edward Island (PEI) presents a contrasting picture. While the average home price of $379,366 represents a modest 0.8% year-over-year increase, it dipped slightly by 0.2% compared to April 2023. However, PEI home sales rose by a substantial 20.3% year-over-year, suggesting a market with continued buyer interest despite the price stagnation. The benchmark home price in PEI also displayed stability, with a marginal 1.0% annual increase and a mere 0.1% monthly uptick.

Finally, Newfoundland and Labrador exhibited moderate growth. The average home price for April 2024 reached $304,570, reflecting a slight 2.3% increase year-over-year. This growth is further supported by a 1.9% monthly increase. Home sales in Newfoundland also displayed positive momentum, surging by 28% compared to last year. The province’s benchmark home price echoed this trend, with a robust 5.8% annual increase.

In Conclusion: The Atlantic Canada housing market presents a fascinating mix of hot and stable markets. Nova Scotia and New Brunswick are experiencing significant price surges, while PEI displays price stability with strong sales activity. Newfoundland and Labrador round out the picture with moderate but consistent growth.

Overall Trends & Outlook for Canadian Housing Market – April 2024

Canada’s housing market in April 2024 presented a complex picture with regional variations and signs of potential shifts. Here’s a breakdown of the key takeaways:

Mixed Signals: Nationally, average home prices witnessed a slight increase of 1.3% month-over-month, masking a 0.9% annual decline. This suggests a potential cooling off period, but year-over-year comparisons paint a different picture for some regions.
Regional Variations: British Columbia and Ontario, historically hot markets, showed signs of moderation with slight price dips. However, underlying strength persists, evident in benchmark price growth and stable sales activity in some areas. Conversely, Quebec and Atlantic Canada continue to see robust growth, with Nova Scotia and New Brunswick experiencing record highs.
Seller’s Advantage: Quebec’s market solidified its position as a seller’s market, mirroring a trend seen in other provinces with rising SNLRs. This indicates increased competition amongst buyers for a limited number of listings.
Active Listings on the Rise: A significant increase in active listings across many provinces points towards a potential shift in buyer-seller dynamics. More choices for buyers could lead to a more balanced market in the coming months.

Looking Ahead:

Predicting the future of the Canadian housing market remains challenging. However, some key factors will likely influence its trajectory:

Interest Rates: The Bank of Canada’s future interest rate decisions will significantly impact affordability and buyer demand. Lower rates could reignite price growth, while higher rates might cool the market further.
Economic Growth: Canada’s overall economic performance will play a role. Strong economic growth could translate to increased buyer confidence and potentially higher housing demand.
Inventory Levels: The rise in active listings suggests a potential increase in housing supply. If this trend continues, it could moderate price growth and create a more balanced market.

In Conclusion:

The Canadian housing market appears to be at a crossroads. While some regions are experiencing a slowdown, others remain hot. Rising inventory levels and potential interest rate hikes suggest a possible shift towards a more balanced market. Staying informed about these trends and economic factors will be crucial for navigating the Canadian housing market in the coming months.