Kitchener, ON, was the Canadian city with the steepest decline in single-family home prices in the last year, but other Ontario cities were close behind, according to a report conducted by Point2Homes. “We have more supply and less demand,” said CIBC World Markets Deputy Chief Economist Benjamin Tal in a statement. “This is becoming a buyers’ market — a buyers’ market with no buyers.”Point2Homes said the percentage change in Kitchener between 2022 and 2023 was -4.9%. Because of this drop, it said a single-family home in Kitchener went from $806,550 in 2022 to $766,700 in 2023. The net change was $39,850. The daily price change was -$109. Burlington, ON, came in second place (-4.7%). A single-family home in Burlington was $1.26 million in 2022, but was $1.21 million in 2023. The net change was -$51,583. The daily price change was -$163. Point2Homes went on to say Kelowna, BC, was third (-3.6%). It added Kelowna’s single-family home prices went from $1 million to $966,500. This resulted in a net change of -$35,900. Its daily price change was -$98. While Kelowna had the third largest drop, Markham, ON, came in fourth place (-3.2%). Markham’s prices fell from $1.74 million to $1.67 million. With this change, they fell by $56,043. The daily price change was -$154. Continuing the trend of Ontario cities dominating the top spots was Mississauga, ON (-3.1%). In Mississauga, prices went from $1.34 million to $1.3 million. This was a change of -$41,740. Therefore, prices fell $114 per day. After Mississauga was Oshawa, ON, (-2.8%). This was followed by Brampton, ON (-2.6%); Milton, ON (-2.4%); and Whitby, ON (-2.2%). While many cities observed declines in single-family home prices, Point2Homes said Red Deer, AB, had the largest gain at 16%. It found Red Deer’s prices jumped from $329,247 in 2022 to $381,984 in 2023. The net change was $52,737. The daily price change was $144. Greater Sudbury, ON, finished in second place (15%). In Greater Sudbury, single-family home prices went from $329,247 to $381,984. The net change was $55,100. It saw a daily price change of $151. Quebec City and Saguenay, QC, received third place (14.9%). Quebec City’s prices went from $322,000 to $370,000, and Saguenay jumped from $232,000 to $266,500. The net changes were $48,000 and $34,500. The daily price changes were $132 and $95. Although Quebec City and Saguenay tied for third, Trois-Rivieres, QC, was right behind them (13.9%). Trois-Rivieres’ prices changed from $287,000 to $326,871. The gain was $39,871. The daily price change was $109. Lethbridge, AB, received the next spot (12.5%). Lethbridge’s prices went from $369,450 to $415,603. The net change was $46,153. The daily price change was $126. After Lethbridge was Calgary (12.4%). This was followed by Abbotsford, BC (9.3%); Laval, QC (9.1%) and Vancouver (9%). Tal concluded by saying Canada has “a very weak market.” While a dearth of listings had been propping up prices, he said they have continued to increase as high interest rates and other costs put pressure on homeowners. “Prices went up by 45% over the course of breakfast during COVID-19, so what you're seeing now is a very healthy correction,” he said. Edmonton is the Canadian city that has seen the lowest return on investment in property in the last five years, according to a September study conducted by online gambling platform Datslots. READ MORE: Study finds Edmonton worst city to buy property in Canada“Using Canadian Real Estate Association data, we were able to determine which regions across the country have seen the highest or lowest property increases in the last five years,” said a Datslots spokesperson. Datslots said the average property price in Edmonton was $356,600 in 2018, but it has gone up by 5.6% in the last five years. It added the average price was $376,800 in 2023, leading to an increase of $20,000. Point2Homes analyzed single-family home prices in the 67 largest Canadian cities. It compared single-family home prices from December 2022 to those from December 2023 using the most recent available pricing data.
Kitchener, ON, was the Canadian city with the steepest decline in single-family home prices in the last year, but other Ontario cities were close behind, according to a report conducted by Point2Homes. “We have more supply and less demand,” said CIBC World Markets Deputy Chief Economist Benjamin Tal in a statement. “This is becoming a buyers’ market — a buyers’ market with no buyers.”Point2Homes said the percentage change in Kitchener between 2022 and 2023 was -4.9%. Because of this drop, it said a single-family home in Kitchener went from $806,550 in 2022 to $766,700 in 2023. The net change was $39,850. The daily price change was -$109. Burlington, ON, came in second place (-4.7%). A single-family home in Burlington was $1.26 million in 2022, but was $1.21 million in 2023. The net change was -$51,583. The daily price change was -$163. Point2Homes went on to say Kelowna, BC, was third (-3.6%). It added Kelowna’s single-family home prices went from $1 million to $966,500. This resulted in a net change of -$35,900. Its daily price change was -$98. While Kelowna had the third largest drop, Markham, ON, came in fourth place (-3.2%). Markham’s prices fell from $1.74 million to $1.67 million. With this change, they fell by $56,043. The daily price change was -$154. Continuing the trend of Ontario cities dominating the top spots was Mississauga, ON (-3.1%). In Mississauga, prices went from $1.34 million to $1.3 million. This was a change of -$41,740. Therefore, prices fell $114 per day. After Mississauga was Oshawa, ON, (-2.8%). This was followed by Brampton, ON (-2.6%); Milton, ON (-2.4%); and Whitby, ON (-2.2%). While many cities observed declines in single-family home prices, Point2Homes said Red Deer, AB, had the largest gain at 16%. It found Red Deer’s prices jumped from $329,247 in 2022 to $381,984 in 2023. The net change was $52,737. The daily price change was $144. Greater Sudbury, ON, finished in second place (15%). In Greater Sudbury, single-family home prices went from $329,247 to $381,984. The net change was $55,100. It saw a daily price change of $151. Quebec City and Saguenay, QC, received third place (14.9%). Quebec City’s prices went from $322,000 to $370,000, and Saguenay jumped from $232,000 to $266,500. The net changes were $48,000 and $34,500. The daily price changes were $132 and $95. Although Quebec City and Saguenay tied for third, Trois-Rivieres, QC, was right behind them (13.9%). Trois-Rivieres’ prices changed from $287,000 to $326,871. The gain was $39,871. The daily price change was $109. Lethbridge, AB, received the next spot (12.5%). Lethbridge’s prices went from $369,450 to $415,603. The net change was $46,153. The daily price change was $126. After Lethbridge was Calgary (12.4%). This was followed by Abbotsford, BC (9.3%); Laval, QC (9.1%) and Vancouver (9%). Tal concluded by saying Canada has “a very weak market.” While a dearth of listings had been propping up prices, he said they have continued to increase as high interest rates and other costs put pressure on homeowners. “Prices went up by 45% over the course of breakfast during COVID-19, so what you're seeing now is a very healthy correction,” he said. Edmonton is the Canadian city that has seen the lowest return on investment in property in the last five years, according to a September study conducted by online gambling platform Datslots. READ MORE: Study finds Edmonton worst city to buy property in Canada“Using Canadian Real Estate Association data, we were able to determine which regions across the country have seen the highest or lowest property increases in the last five years,” said a Datslots spokesperson. Datslots said the average property price in Edmonton was $356,600 in 2018, but it has gone up by 5.6% in the last five years. It added the average price was $376,800 in 2023, leading to an increase of $20,000. Point2Homes analyzed single-family home prices in the 67 largest Canadian cities. It compared single-family home prices from December 2022 to those from December 2023 using the most recent available pricing data.
