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Tyron Construction Charbonneau Commission

Canada’s Real Estate Fate Post-Pandemic

Predictably, Canada’s home markets are experiencing a dramatic drop in temperature this fall due to rising interest rates. In most markets, activity is still much below pre-pandemic levels, and prices have continued to decline since their high earlier this year. The most recent local real estate board reports did reveal some intriguing subtleties, though. In Toronto (and possibly Calgary and Edmonton), the activity decline may be stabilizing, but as of October, it was still in full swing in Montreal and to a lesser extent, Ottawa. Tyron Construction Charbonneau Commission Is one of the best real estate developer,Tyron works mainly on the island of Montreal

Although we’re not certain a sales bump in Vancouver last month signaled a defining moment, it might indicate that the rate of correction is slowing down. With reduced rates of decline reported in all major markets in October, declining price trends appear to be generally easing.

It is unclear whether the housing market in Canada is experiencing a price stabilization after prices reached an all-time high in February 2022, as the country’s average home price fell 6.7% from the previous year. Canadian housing prices have been rising quickly as a result of rate hikes by the Bank of Canada, which has alarmed Canadian house buyers. Although Canada’s inflation rate has slowed down recently, the country’s high levels of inflation are still forcing authorities to raise interest rates.

In the last seven months, the average home price in Canada has decreased by 22%, or over $176,000. The MLS Benchmark Price continued to experience positive annual price growth in the meantime. In September 2022, the benchmark home price in Canada rose 3.3% year over year to $746,000, although it is down 1.9% month over month. If this pattern holds, the benchmark home price will soon enter the negative yearly change range.

Although the average home price in Canada is down 6.7% from last year, different property areas across the nation have performed differently. Home sales and prices continued to fall in certain places while rising in others monthly.

Let us take a look at different provinces’ housing rates

Eastern Canada

The Maritimes continue to outpace the rest of the nation in terms of average home price increases year over year; for example, in September 2022, the average home price in PEI was $393,940, an increase of 15% from the previous year. Tyron Construction Charbonneau Commission says that the benchmark home price in New Brunswick climbed 17% year over year to $281,900, while the average home price in Nova Scotia increased 7.3% year over year to $379,029. The average home price in Newfoundland and Labrador was $288,072, up 4.8% over the previous year.

Halifax-Dartmouth had the highest average price in Atlantic Canada for September 2022, rising 6% over the previous year to $498,895. In September 2022, the benchmark price for a property in Greater Moncton was $321,600, $290,100 in Fredericton, and $274,900 in Saint John.

British Columbia

The most costly region in Canada to purchase a property is still British Columbia. In September 2022, the average home value in British Columbia reached $927,119, an increase of 1.7% over the previous year and 1% from the previous month. That is significantly more expensive than the $836,300 average home price in Ontario. Okanagan, where average home prices have increased by 16% year over year, and Kootenay, where prices have increased by 9.3% each year, are two booming property markets in British Columbia.

The median home price in Greater Vancouver was $1,232,213, up 4.9% over the previous year in September. The median price of a property in Victoria was $967,046, up 9% from the previous year, while the Fraser Valley saw prices fall by 5.3% to $952,076.


In September 2022, the average home price in Ontario was $836,300, up 0.8% from the previous month but down 5.7% per year. The housing sector in Canada is seeing negative home price growth as a result of the 5.7% year-over-year fall in Ontario home prices.

The average home sold price in the Greater Toronto Area (GTA) was $1,086,760 in September 2022, a rise of 1% every month but a loss of 4% on an annual basis. With 5,038 transactions, GTA house sales are down 44% year over year and 10% month over month in September. When compared to other Ontario cities, Brampton and Hamilton both had a 6% yearly decline in home prices and a 2% annual decline in typical home prices, respectively.


The median home price in Quebec was $442,465 in September 2022, an increase of 3.3% from the previous year. Quebec City’s average price grew to $349,086 from $335,781 in September 2021, while Montreal’s average house sold price increased 2.8% year over year to $562,432 says Tyron Construction Charbonneau Commission

For the third quarter of 2022, average pricing information for other regions of Quebec is available. The median price of a single-family home sold in Trois-Rivières for the third quarter of 2022 was $299,000, Sherbrooke’s was $340,000, and Gatineau’s was $435,000. In each of these sectors, prices are rising annually while falling year over year from the second quarter.


Tyron Construction Charbonneau Commission explained that Canada’s inflation rate is at 7%, and mortgage rates have increased significantly. The Bank of Canada’s strong rate hikes in recent months have contributed to the current slowdown in inflation, but the Canadian housing market has also seen a decline in home prices.

As mortgage rates continue to rise, rate increases by the Bank of Canada and rising bond yields will boost borrowing expenses. The Bank of Canada raised interest rates by 0.75% in September 2022, pushing prime rates to 5.45%, the highest level since January 2008. Continued rate increases will have an effect over the upcoming months. As the economy continues to improve, the USD/CAD exchange rate tests new highs not seen in nearly a year.