Which Canadian cities will have declining home prices?

To stay prepared, here are the top 5 Canadian cities that will have declining home prices: Barrie, Ontario, is the top city in Canada at the time of writing, with the most significant decline in house prices. As noted in the table below, prices have fallen from a March 2022 peak of almost $1,000,000 to just below $750,000.

What is the most expensive city to buy a home in Canada?

Greater Vancouver's average home price for June 2023 was $1,271,728, up 5% year-over-year. This makes Vancouver the most expensive city to buy a home in Canada. Looking at Quebec, the province's average home price was $475,100 for June 2023, down 2% compared to last year. It’s also a monthly decrease of 1%.

How much will Canadian home prices increase in Q1 2024?

It predicts that Canadian home prices will increase by 2.2 per cent between Q1 2019 and Q1 2024. St. John’s and Guelph will see the biggest jump in prices, climbing 6.1 and 5.5 per cent, respectively. Barrie (5.2 per cent), Edmonton (4.2 per cent), and Toronto (3.3 per cent) then round out the top five cities with the highest increases.

Why are house prices so high in Canada?

Canadian House Prices By Province House prices in British Columbia and Ontario are significantly higher than in Canada’s other provinces and territories. However, this is partially due to costs in Vancouver and Toronto driving the averages up. The maritime provinces have very affordable housing if you are looking for cheaper property.