Canadian real estate markets are cooling down in almost every region. Canadian Real Estate Association (CREA) numbers show the price of a typical (a.k.a. benchmark) home fell in April 2019. Despite some large annual growth in a few markets, only 3 real estate markets are printing new highs.
Canadian Real Estate Prices Are Down Less Than A Point
The price of a typical home across Canada barely moved from last year. The national benchmark price fell to $621,700 in April, down 0.34% from last year. Prices are now down 1.49% from the all-time peak. The annual decline was due largely to weakness across Western Canada. Prices remained close to peak due to only three real estate markets. All three underperformed the national benchmark, but brought the price floor higher.
Canadian Real Estate Benchmark Change
The 12 month price in change of a typical home across Canada.
Only 3 Canadian Real Estate Markets Hit New Highs
Last month’s biggest gainers were also the only markets to hit a new all-time high. Montreal made the biggest gain with the benchmark hitting $360,900 in April, up 6.34% from last year. Niagara followed with the price of a typical home reaching $404,500, up 6.21% from last year. Hamilton followed at $598,700, up 4.6% from last year. Somewhat surprising to see only three markets reach new highs in April. All three markets are also below the national number.
Greater Vancouver Real Estate Made The Largest Drop In Canada
The largest annual declines were made in Vancouver, Barrie, and Calgary. The price of a typical home in Greater Vancouver fell to $1,008,400 in April, down 8.51% form the same month last year. Barrie followed with prices falling to $459,800, down 5.27% from last year. Calgary, which has been in the dumps for awhile, fell to $411,100, down 4.95% from last year.
Western Canada Leads In Declines From Peak
Two Western Canadian real estate markets led in declines, followed by a GTA suburb. A typical Regina home fell to $262,200 in April, down 14.79% from its peak – the largest decline in Canada. Edmonton followed with home prices falling to $320,900, down 14.15% from peak. Barrie’s benchmark home fell to $459,800, down 13.69% from last year. Western Canadian real estate markets round out the next 3 largest declines. This indicates a stronger than typical weakness in Western Canada… or greater than typical exuberance in Eastern Canada. Still a little unclear.
Toronto And Vancouver Real Estate Down From Peak
Toronto and Vancouver real estate didn’t make the top or bottom of the peak list. Toronto’s benchmark home fell to $789,100 in April, up 3.17% from last year. Prices in the region are still down 3.2% from peak. Vancouver’s benchmark fell to $1,008,400, down 8.51% from last year. Prices in the region are down 8.71% from peak prices. Both markets are smack dab in the middle of performance from peak.
Canadian real estate prices made a small decline from last year, and are down a touch more from peak. There are a couple of exceptions, but markets with the largest growth this year, saw the largest declines last year. This is clear when you look at how far they are from their peak price high. Since Western Canadian real estate markets led the way higher, it’ll be interesting to see if they lead the way lower.