Average home prices in Canada have dropped, but some areas have seen further increases

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COVID-19 has had an impact on many Canadian industries, including the real estate market. The average price of homes in Canada fell 10% during the pandemic. However, parts of the country have seen increases.

Zoocasa, a full-service brokerage, shared an analysis of what the Canadian real estate market went through during the COVID-19 pandemic compared to before.

Average house prices in February and April were compared in 20 real estate markets across the country using data from the Canadian Real Estate Association.

With Canada as a whole, that average dropped 10% between those two months, from $ 539,724 in February to $ 488,203 in April.

This higher average precedes any strict public health measure put in place by the federal or provincial governments.

Of the 20 real estate markets examined by Zoocasa, 13 experienced a drop in prices.

The Greater Toronto Area is the only region to see its average house price drop by more than $ 50,000.

This average was $ 821,392 in April, a change of $ 88,898 from February.

Ottawa, Hamilton-Burlington, the Niagara region, Windsor-Essex and Calgary saw declines between $ 25,000 and $ 50,000.

After these markets, London / St. Thomas, Saint John, greater Montreal, Victoria, Regina, Kitchener-Waterloo and the Fraser Valley experienced smaller decreases.

With a global pandemic underway, you may not think that house prices would go up.

However, in seven real estate markets in Canada, this has been the case.

Edmonton, Halifax-Dartmouth, the agglomeration of Quebec, the agglomeration of Gatineau, Winnipeg and the agglomeration of Vancouver saw their prices drop to $ 25,000.

Saskatoon experienced the largest increase of any property market.

The average home price in April was $ 327,539, an increase of $ 29,815 from what it was in February.

Even with a decline due to COVID-19, Toronto and surrounding areas still have one of the highest average house prices in the country.

With all 20 real estate markets combined, Canada experienced a price decrease of $ 51,521 between February and April.

According to Zoocasa, the two physical distancing measures that have reduced face-to-face visits and reduced economic uncertainty have led to these changes.



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