The Canadian Real Estate Association’s latest statistics seemed to paint a dire picture for investors: Overall home sales fell for the fourth straight month and, at 3.1%, it was the largest drop since December 2014. However, as all investors know, real estate is a localized game.
So to get a sense of how individual provinces are performing, we’ve taken a cross-country look.
The hot story here has been Vancouver’s 15% tax on foreign buyers, which is obviously having an impact on B.C.’s real estate market.
The greater Vancouver area saw home sales fall by 25.6% and the average price drop 7.5% year-over-year to $883,065.
Province-wide, sales were somewhat stagnant, with the province reporting a 1.5% uptick year-over-year. Prices, however, fell by 8.2% with the average home sale coming in at $569,281 (down from $619,881 a year ago).
Overall, Alberta seems to be hanging in there. The average price saw a very minor (0.5%) increase in August but sales were down 4%.
Fort McMurray may be the most interesting story here: It saw an 88% year-over-year hike in home sales, despite suffering from the recent wildfire disaster.
Saskatchewan saw its sales decrease by 2.4% year-over-year; its average price, meanwhile, increased 1.6% to $293,328.
Its top performing market was Yorkton District, which saw its average price increase 27.1% year-over-year to $179,652.
It was a slightly busier month for agents, with an overall sales increase of 6.4%. Prices, however, remained relatively stable; the average price increased by 1.5% to $273,387.
Ontario had a solid month, overall, with both sales (+17.2%) and the average price (+16.2%) reporting significant year-over-year gains.
Greater Toronto performed inoressively, with a 22.7% increase in sales and the average price ($710,410) increasing 17.9% year-over-year.
The housing market in New Brunswick did well, following a few months of flying under the radar. Overall sales increased 19.2% and the average price was up 8.9%.
Two divergent trends were the story last month in NS. Sales took a major jump (+40.9%) but the average price fell 2.9% to $209,989.
Prince Edward Island
PEI saw both its sales (+25.9%) and average price (+24%) jump year-over-year in August.
Newfoundland & Labrador
Sales were up 6.4% but the average price fell by 9.4% to $265,521 in August.
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We take a deep dive into CREA's latest stats.