{"id":20984,"date":"2022-12-06T10:10:00","date_gmt":"2022-12-06T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20984"},"modified":"2022-12-02T10:10:17","modified_gmt":"2022-12-02T18:10:17","slug":"how-home-prices-across-canada-have-changed-since-the-peak","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/12\/how-home-prices-across-canada-have-changed-since-the-peak\/","title":{"rendered":"How Home Prices Across Canada Have Changed Since The Peak?"},"content":{"rendered":"<p style=\"text-align: justify;\">Since March, the Bank of Canada has raised interest rates six times, with the most recent hike in October. While rate increases were rumoured at the start of the year, this many were unexpected for many. July\u2019s increase of 100 basis points was the largest in Canada since 1988. The final announcement of 2022 is expected in early December, bringing about a potential seventh rate hike in nine months. Home prices have taken a hit due to the rising rates, with some provinces and cities feeling the impact harder than others. While there have been major declines in some areas, a few have also remained relatively steady over the past seven months. We took a look at major provinces and cities across Canada and in the Greater Toronto Area (GTA) to see how home prices have changed since February, the month prior to the Bank of Canada\u2019s initial rate increase.<\/p>\n<p style=\"text-align: justify;\"><strong>How Home Prices Across Canada Have Changed Since February 2022<\/strong><\/p>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-1.jpg\" alt=\"\" class=\"wp-image-20986\" width=\"490\" height=\"888\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-1.jpg 490w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-1-159x288.jpg 159w\" sizes=\"auto, (max-width: 490px) 100vw, 490px\" \/><\/figure>\n<\/div>\n\n<p style=\"text-align: justify;\">The provinces with the most expensive real estate markets experienced the greatest price dips this year. Ontario\u2019s prices have dropped 18.26% from $1,075,800 in February to $879,400 in October, while British Columbia\u2019s prices have fallen 8.51% from $1,048,900 to $959,600 over the same period. <\/p>\n<p style=\"text-align: justify;\">On the other hand, some provinces only experienced minor price dips while others actually have experienced price growth since February. The average price in Prince Edward Island has appreciated 10.10% to $362,900, and Newfoundland\u2019s price has increased by 6.22% to $281,600. This price growth could be a reflection of the increasing demand for more affordable housing, as well as out-of-province buyers migrating to more affordable areas.<\/p>\n<p style=\"text-align: justify;\">Alberta has remained relatively flat throughout 2022. The average price in the province dipped by just $2,000 since February, from $459,300, to $457,200 in October. A small difference of just 0.5% which has led to a comparatively stable market. <\/p>\n<p style=\"text-align: justify;\">Looking at some of the major cities across Canada provides another perspective. Using data provided by the Canadian Real Estate Association (CREA), we took a more in-depth look at some of the major cities across Canada to see if prices reflected the numbers of their provinces.<\/p>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"437\" height=\"888\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-2.jpg\" alt=\"\" class=\"wp-image-20987\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-2.jpg 437w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-2-142x288.jpg 142w\" sizes=\"auto, (max-width: 437px) 100vw, 437px\" \/><\/figure>\n<\/div>\n\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/impact-of-rates-on-home-prices\/\" target=\"_blank\" rel=\"noopener\">The Impact of Rising Interest Rates on Home Prices Across Canada<\/a> by Daniel Crook | zoocasa<\/p>","protected":false},"excerpt":{"rendered":"<p>Since March, the Bank of Canada has raised interest rates six times, with the most recent hike in October. While rate increases were rumoured at the start of the year, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/12\/how-home-prices-across-canada-have-changed-since-the-peak\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20984","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Home Prices Across Canada Have Changed Since The Peak? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/12\/how-home-prices-across-canada-have-changed-since-the-peak\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Home Prices Across Canada Have Changed Since The Peak? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Since March, the Bank of Canada has raised interest rates six times, with the most recent hike in October. While rate increases were rumoured at the start of the year, &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2022\/11\/zoocasa-1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"How Home Prices Across Canada Have Changed Since The Peak?\",\"datePublished\":\"2022-12-06T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/\"},\"wordCount\":366,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/zoocasa-1.jpg\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/12\\\/how-home-prices-across-canada-have-changed-since-the-peak\\\/\",\"name\":\"How Home Prices Across Canada Have Changed Since The Peak? 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