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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Elgin, Saint-Adrien-d'Irlande, Marwayne, Lower Rose Bay, Saint-Joachim
We take a deep dive into CREA's latest stats.