The aggregate price of a home in Canada decreased 2.8% year-over-year to $757,100 in the fourth quarter of 2022 (Q4), the first year-over-year decline recorded since the end of 2008 during the global financial crisis, according to the Royal LePage home price survey. .The aggregate price is a combination of all housing type prices..From the third quarter (Q3), the aggregate price of a home in Canada decreased 2.3%, the third consecutive quarterly decline, and the smallest decrease so far. .“Canada’s housing market closed out 2022 much as expected,” said Phil Soper, president and CEO of Royal LePage. “Activity levels were down sharply compared to the hyper-charged state we experienced during the pandemic, with home prices flattening or showing modest declines.”.“While the red-hot market conditions are behind us, there remains a widespread shortage of homes in Canada that cannot be offset by temporarily cooling demand. Many sidelined buyers are waiting patiently for the bottom to be revealed. Once interest rates stabilize and consumers adapt to their new normal, many of today’s sidelined buyers will be back, sooner than many analysts are predicting.”.All of the markets measured by Royal LePage showed price declines in Q4 from Q3, but three markets had year-over-year price increases..Here are market-by-market details..Calgary.The aggregate price increased 3.9% year-over-year to $599,100 in Q4 2022. The aggregate price decreased 1.7% from Q3, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased 5.5% year-over-year to $686,500 in Q4 2022. The median price of a condominium increased 4% to $233,700 during the same period..Greater Montreal Area.The aggregate price increased 2.2% year-over-year to $544,300 in Q4. From Q3, the aggregate price decreased 1.9%, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased 1% year-over-year to $601,500 in Q4, while the median price of a condominium rose 3.8% $445,100 during the same period..Winnipeg.The aggregate price increased 1.1% year-over-year to $361,000 in Q4. The aggregate price decreased 3.1%, quarter-over-quarter, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased by .8% year-over-year to $393,800 in the fourth quarter, while the median price of a condominium increased 7.7% during the same period..Greater Toronto Area.The aggregate price in the Greater Toronto Area decreased 4.6% year-over-year to $1,068,500 in Q4. From Q3 the aggregate price decreased 2.7%, the third consecutive quarterly decline..By housing type, the median price of a single-family home decreased 6.7% year-over-year to $1,325,900 in Q4, with the median price of a condominium increasing 2.7% to $683,100 during the same period..Greater Vancouver Area.The aggregate price in Greater Vancouver decreased 3.5% year-over-year to $1,208,900 in Q4. On a quarterly basis, the aggregate price decreased 3.3%, the third consecutive quarterly decline..By housing type, the median price of a single-family home decreased 3.7% year-over-year to $1,643,900 in the fourth quarter, while the median price of a condominium increased 2% to $731,700 during the same period..Halifax.The aggregate price in Halifax decreased 3.3% year-over-year to $469,000 in Q4. On a quarterly basis, the aggregate price decreased 4.4%, the second consecutive quarterly decline..By housing type, the median price of a single-family home decreased 2.7% year-over-year to $528,100 in the fourth quarter, while the median price of a condominium increased 1.4% to $394,100 during the same period..Ottawa.The aggregate price decreased 2.7% year-over-year to $719,900 in Q4. From Q3 the aggregate price decreased 3.3%, the third consecutive quarterly decline recorded..By housing type, the median price of a single-family home decreased 5.7% year-over-year to $826,300 in the fourth quarter, while the median price of a condominium decreased 8.1% to $383,700 during the same period..Edmonton.The aggregate price decreased by .3% year-over-year to $427,100 in Q4. On a quarterly basis, the aggregate price decreased 4.1%, the second consecutive quarterly decline..By housing type, the median price of a single-family home decreased 1.1% year-over-year to $464,500 in the fourth quarter, with the median price of a condominium remaining relatively flat, increasing .3% to $194,100 during the same period..Regina.The aggregate price remained flat, decreasing just .1% year-over-year to $359,600 in the fourth quarter. On a quarterly basis, the aggregate price of a home in the region decreased 2.8%, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased by .3% year-over-year to $388,800 in Q4, while the median price of a condominium increased 6.2% to $216,900 during the same period..“While home prices were down modestly on a year-over-year basis in the final quarter of 2022, it is prudent to note prices in the fourth quarter of 2021 were close to their peak,” said Soper..“Home prices across the country remain well above pre-pandemic levels. In the fourth quarter of 2022, the aggregate price of a home in Canada recorded an increase of 13.8 per cent over the same period in 2020, and 17.2 per cent over the same period in 2019.”
The aggregate price of a home in Canada decreased 2.8% year-over-year to $757,100 in the fourth quarter of 2022 (Q4), the first year-over-year decline recorded since the end of 2008 during the global financial crisis, according to the Royal LePage home price survey. .The aggregate price is a combination of all housing type prices..From the third quarter (Q3), the aggregate price of a home in Canada decreased 2.3%, the third consecutive quarterly decline, and the smallest decrease so far. .“Canada’s housing market closed out 2022 much as expected,” said Phil Soper, president and CEO of Royal LePage. “Activity levels were down sharply compared to the hyper-charged state we experienced during the pandemic, with home prices flattening or showing modest declines.”.“While the red-hot market conditions are behind us, there remains a widespread shortage of homes in Canada that cannot be offset by temporarily cooling demand. Many sidelined buyers are waiting patiently for the bottom to be revealed. Once interest rates stabilize and consumers adapt to their new normal, many of today’s sidelined buyers will be back, sooner than many analysts are predicting.”.All of the markets measured by Royal LePage showed price declines in Q4 from Q3, but three markets had year-over-year price increases..Here are market-by-market details..Calgary.The aggregate price increased 3.9% year-over-year to $599,100 in Q4 2022. The aggregate price decreased 1.7% from Q3, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased 5.5% year-over-year to $686,500 in Q4 2022. The median price of a condominium increased 4% to $233,700 during the same period..Greater Montreal Area.The aggregate price increased 2.2% year-over-year to $544,300 in Q4. From Q3, the aggregate price decreased 1.9%, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased 1% year-over-year to $601,500 in Q4, while the median price of a condominium rose 3.8% $445,100 during the same period..Winnipeg.The aggregate price increased 1.1% year-over-year to $361,000 in Q4. The aggregate price decreased 3.1%, quarter-over-quarter, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased by .8% year-over-year to $393,800 in the fourth quarter, while the median price of a condominium increased 7.7% during the same period..Greater Toronto Area.The aggregate price in the Greater Toronto Area decreased 4.6% year-over-year to $1,068,500 in Q4. From Q3 the aggregate price decreased 2.7%, the third consecutive quarterly decline..By housing type, the median price of a single-family home decreased 6.7% year-over-year to $1,325,900 in Q4, with the median price of a condominium increasing 2.7% to $683,100 during the same period..Greater Vancouver Area.The aggregate price in Greater Vancouver decreased 3.5% year-over-year to $1,208,900 in Q4. On a quarterly basis, the aggregate price decreased 3.3%, the third consecutive quarterly decline..By housing type, the median price of a single-family home decreased 3.7% year-over-year to $1,643,900 in the fourth quarter, while the median price of a condominium increased 2% to $731,700 during the same period..Halifax.The aggregate price in Halifax decreased 3.3% year-over-year to $469,000 in Q4. On a quarterly basis, the aggregate price decreased 4.4%, the second consecutive quarterly decline..By housing type, the median price of a single-family home decreased 2.7% year-over-year to $528,100 in the fourth quarter, while the median price of a condominium increased 1.4% to $394,100 during the same period..Ottawa.The aggregate price decreased 2.7% year-over-year to $719,900 in Q4. From Q3 the aggregate price decreased 3.3%, the third consecutive quarterly decline recorded..By housing type, the median price of a single-family home decreased 5.7% year-over-year to $826,300 in the fourth quarter, while the median price of a condominium decreased 8.1% to $383,700 during the same period..Edmonton.The aggregate price decreased by .3% year-over-year to $427,100 in Q4. On a quarterly basis, the aggregate price decreased 4.1%, the second consecutive quarterly decline..By housing type, the median price of a single-family home decreased 1.1% year-over-year to $464,500 in the fourth quarter, with the median price of a condominium remaining relatively flat, increasing .3% to $194,100 during the same period..Regina.The aggregate price remained flat, decreasing just .1% year-over-year to $359,600 in the fourth quarter. On a quarterly basis, the aggregate price of a home in the region decreased 2.8%, the second consecutive quarterly decline..By housing type, the median price of a single-family home increased by .3% year-over-year to $388,800 in Q4, while the median price of a condominium increased 6.2% to $216,900 during the same period..“While home prices were down modestly on a year-over-year basis in the final quarter of 2022, it is prudent to note prices in the fourth quarter of 2021 were close to their peak,” said Soper..“Home prices across the country remain well above pre-pandemic levels. In the fourth quarter of 2022, the aggregate price of a home in Canada recorded an increase of 13.8 per cent over the same period in 2020, and 17.2 per cent over the same period in 2019.”
