Here's where average home prices have dropped the most in Canada

Home sales in Canada are at 14-year low As home sales continue to slump across Canada, Jason Mercer, from the Toronto Real Estate Board, claims it won't last.

The average price of a home in Canada fell to $612,204 in January, based on data released by the Canadian Real Estate Association (CREA) on Wednesday. This represents a decrease of 18.3 per cent compared to the same time last year, and is a far cry from the record-high average of $816,720 in February last year.

The number of people buying and selling properties also dropped in January, which saw the fewest home sales for the month since 2009. Compared to the same time last year, home sales in January this year have decreased by 37.1 per cent. These figures are not seasonally adjusted and represent an aggregate of all residential property types.

“The big question on everyone’s minds after last year was what will housing markets do in 2023?” said CREA chair Jill Oudil in a press release published on Wednesday. “We may have to wait another month or two to see what buyers are planning this year since new listings are currently trickling out at near-record low levels.”

Rising interest rates over the last year have led to increases in mortgage rates, which have ultimately resulted in a slower housing market. The Bank of Canada’s most recent interest rate announcement involved a hike of 0.25 per cent on Jan. 25.

While most MLS systems included in the CREA’s monthly report saw a drop in average home prices, not all regions are seeing the same level of decline. Major markets, such as the Greater Toronto and Vancouver areas, saw the average price of a home fall 16.4 and 8.4 per cent year-over-year, respectively.

However, smaller markets situated just outside of these major hubs, such as Fraser Valley in British Columbia and London, Ont., are seeing steep annual declines of 27.4 and 25.3 per cent respectively. According to experts, these regions, which reported some of the largest price increases in Canada during the COVID-19 pandemic, are likely to see the most significant price corrections in 2023.

CTVNews.ca has compiled a list of Canadian real estate markets reporting some of the largest declines in average home prices year-over-year. Scroll down to see homes that are currently on sale in these markets.

FRASER VALLEY

Type: House

Price: $949,000

Year Built: 1980

Property Size: 164.16 sq. m

Lot Size: 712.29 sq. m

Price Decline: 27.4 per cent year-over-year

This three-bedroom, three-bathroom home is located in Abbotsford, B.C., in the province’s Fraser Valley region. On the main floor, high-vaulted ceilings cover the open-concept living area, which is connected to the dining room and kitchen. In the backyard is a large patio with room for dining or recreation, as well as a cabin that can serve as a hobby room or art studio.

LONDON AND ST. THOMAS

Type: House

Price: $624,900

Year Built: 1925

Property Size: 125.42 sq. m

Lot Size: 505.86 sq. m

Price Decline: 25.3 per cent year-over-year

Situated in London, Ont., this bungalow has four bedrooms and two bathrooms, all of which have been recently updated. The home also features a galley kitchen and combined living and dining area. A detached garage sits in the backyard, along with a tiered deck that can be accessed from the kitchen and main bedroom.

NIAGARA REGION

Type: Condo townhouse

Price: $685,000

Year Built: 2006

Property Size: 150.97 sq. m

Lot Size: N/A

Price Decline: 25 per cent year-over-year

Built in 2006, this two-bedroom, three-bathroom condo townhouse in Niagara Falls, Ont., has a fully renovated basement, complete with a family room and kitchenette. On the main level is the primary bedroom, an eat-in kitchen and home office, along with cathedral ceilings that hang over the living room. On the upper level is the second bedroom and a sitting area overlooking the living room.

REGINA

Type: Apartment

Price: $344,900

Year Built: 2005

Property Size: 117.8 sq. m

Lot Size: N/A

Price Decline: 13.6 per cent year-over-year

Spanning nearly 118 square metres, this twelfth-floor apartment features two bedrooms and two bathrooms, along with an open-concept living and dining area. Recent upgrades include the addition of hardwood and tile flooring throughout the unit, including the kitchen, which also has oak cabinets, granite countertops and a wine fridge. Located in downtown Regina, the apartment is situated near restaurants, cafes and Victoria Park.

VICTORIA

Type: Condo townhouse

Price: $950,000

Year Built: 2017

Property Size: 159.24 sq. m

Lot Size: 178.28 sq. m

Price Decline: 10.1 per cent year-over-year

At the entrance of this condo townhouse in Victoria, B.C., is a den that can double as a mudroom. Also on the main level is a bedroom and four-piece bathroom. In addition to the remaining two bedrooms and bathrooms is a combined living, dining and kitchen area. The home is a short drive away from the University of Victoria, and within walking distance of public transportation and other amenities.

EDMONTON

Type: Apartment

Price: $398,500

Year Built: 1930

Property Size: 106.15sq. m

Lot Size: N/A

Price Decline: 6.7 per cent year-over-year

This Edmonton apartment is located in the city’s historical Phillips Lofts building, first constructed in 1913. The unit has an open-concept floorplan and features exposed lumber beams and pillars, as well as black steel hardware. Throughout the apartment is the unit’s original brick interior finishing, along with maple hardwood floors.

SAINT JOHN, N.B.

Type: House

Price: $289,900

Year Built: 1953

Property Size: 171.87 sq. m

Lot Size: 0.4 hectares

Price Decline: 6.6 per cent year-over-year

With nearly 172 square metres of living space, this home in Saint John, N.B., has three bedrooms and two bathrooms. The living room on the main floor features hardwood flooring, a fireplace and built-in bookshelves. Also on the main floor is the kitchen, which offers access to a large deck in the backyard. The main bedroom on the upper floor features a soaker jet tub and a skylight.

MONTREAL

Type: Apartment

Price: $499,000

Year Built: 2005

Property Size: 59.2 sq. m

Lot Size: N/A

Price Decline: 5.8 per cent year-over-year

Situated in downtown Montreal, this 60-square-metre apartment has one bedroom and one bathroom, with nine-foot ceilings throughout. The unit also has a combined kitchen and living area, as well as its own stacked washer and dryer. The building is located near various supermarkets, health-care clinics and restaurants.

WINNIPEG

Type: Condo townhouse

Price: $389,900

Year Built: 1986

Property Size: 136.75 sq. m

Lot Size: N/A

Price Decline: 5.7 per cent year-over-year

This two-storey condo townhouse in Winnipeg has seen numerous upgrades over the last few years, including updated windows, doors and lighting. In the living room is hardwood flooring and a wood-burning fireplace. Meanwhile, the renovated kitchen has new custom cabinetry, a glass backsplash and quartz countertops. Rounding out the rest of the home are two bathrooms and two bedrooms.

HALIFAX-DARTMOUTH

Type: Apartment

Price: $499,999

Year Built: 1987

Property Size: 113.71 sq. m

Lot Size: N/A

Price Decline: 3.7 per cent year-over-year

With nearly 114 square metres of space, this Halifax, N.S., apartment includes three bedrooms and two bathrooms. One of the bedrooms sits on the main floor, along with the living, kitchen and dining areas. On the upper level are the two remaining bedrooms, one of which features its own private patio.