Biggest home price increases are in these Ontario cities

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Published May 29, 2024 at 12:11 pm

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Home prices have increased across Canada this spring but some cities are seeing bigger hikes than other places.

Following a seven-month decline, from June 2023 to January 2024, the national benchmark price started climbing again in February, according to the Canadian Real Estate Association.

In April, the national benchmark price increased to $735,900, marking a four per cent increase from the beginning of the year.

In Mississauga, the average price for a detached home was at $1,658,217 in April, a six per cent increase compared to March. The average selling price of all homes in the GTA was $1,156,167.

Several major Canadian real estate markets have experienced price increases exceeding four per cent from January, and when compared to last year, the price gains are even greater, according to a report from real estate brokerage and blog Zoocasa.

Zoocasa analyzed benchmark home price data, including all home types, for 21 major markets across Canada and compared how prices have changed over the past year.

Benchmark price data was sourced from the Canadian Real Estate Association.

Across Canada, Calgary has seen the biggest price jump year-over-year with an April 2024 benchmark price of $587,300, over $50,000 higher than in April 2023, which represents an increase of 9.9 per cent, the report found.

Saint John and St. John’s follow, with year-over-year benchmark price increases of 8.1 per cent and 7.6 per cent respectively.

While some cities in Ontario are seeing increases month-over-month, many places such as Toronto, London and St. Thomas, Kitchener-Waterloo, aren’t yet reaching the price peaks of last year.

Kitchener-Waterloo experienced the largest year-over-year drop, with the benchmark price for all home types down by 1.9 per cent from April 2023, followed by Guelph and District at -1.7 per cent and Niagara Region at -1.4 per cent.

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“These drops could be attributed to less competition in these markets, driven by many prospective buyers holding out for interest rate drops. With fewer active buyers, price gains will be more gradual and stable in these markets,” the report notes.

However, when looking just at single-family home prices, the benchmark price in Hamilton-Burlington and Toronto experienced price increases of more than seven per cent in four months.

Cambridge, Ottawa, Kitchener-Waterloo, the Niagara Region and Guelph have also seen single-family home price increases since January.

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See the full report from Zoocasa here.

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