The overall picture on home prices tells us the trade war has scared buyers away, and that prices are falling.
But a lot of the negativity in housing is generated by what’s happening in expensive markets like the greater Toronto and Vancouver areas. In other cities, the latest numbers tell us housing is doing just fine or better. Here are a few examples from the April national resale numbers from the Canadian Real Estate Association:
- St. John’s: The average resale price jumped 9.2 per cent on a year-over-year basis to $369,500 from $338,400
- Fredericton.: Up 10.7 per cent to $333,750 from $301,400
- Quebec City: Up 16.7 per cent to $413,800 from $354,500
- Montreal: Up 8.2 per cent to $574,800 from $531,300
- Winnipeg: Up 7.9 per cent to $385,200 from $356,900
- Moose Jaw, Sask: Up 10.9 per cent to $270,900 from $244,300
- Edmonton: Up 11 per cent to $431,300 from $388,500
- Northwest Territories: Up 20.1 per cent to $560,384 from $466,744
The national average resale price in April fell 3.9 per cent to $679,866 from $707,380, fed in large part by declines of 1.8 per cent in Greater Vancouver and 7.6 per cent in the Greater Toronto Area. Nearby southern Ontario cities like Oakville and Hamilton were down 12 and 6.4 per cent, respectively.
Home sales were subdued in April, which means market conditions could change. Still, there’s an obvious two-track pricing trend in housing today. While some places are in sharp decline, other are smoking hot.
From our readers
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.
Tools and guides
A look at the cost of owning a pet. Sorry, I meant “pet parenthood.”
