{"id":21977,"date":"2023-06-09T10:10:00","date_gmt":"2023-06-09T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21977"},"modified":"2023-06-03T09:06:20","modified_gmt":"2023-06-03T16:06:20","slug":"canadian-home-prices-stabilize-as-buyers-come-off-the-sidelines","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/06\/canadian-home-prices-stabilize-as-buyers-come-off-the-sidelines\/","title":{"rendered":"Canadian Home Prices Stabilize as Buyers Come Off The Sidelines"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home prices continued to bounce back from bottom in April, new data shows, with monthly gains recorded nationally and in five major markets.<\/p>\n<p style=\"text-align: justify;\">This is according to the Teranet-National Bank Composite House Price Index, which tracks observed or registered home prices across 11 CMAs: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax. All properties that have been sold at least twice are considered in the calculation of the index.<\/p>\n<p style=\"text-align: justify;\">The latest index, released Wednesday, shows an uptick of 1.8% between March and April. After adjusting for seasonal effects, the index remained \u201crelatively stable,\u201d dipping only 0.1%.<\/p>\n<p style=\"text-align: justify;\">This is the second consecutive month in which the index has stabilized. From February to March, it edged up 0.5% (before seasonal adjustments) marking the first increase in 10 months.<\/p>\n<p style=\"text-align: justify;\">This signifies that Canada\u2019s real estate slump is widely coming to an end. Earlier this week, the Canadian Real Estate Association (CREA) released data to a similar tune, reporting that the Aggregate Composite MLS Home Price Index was up 1.6% month over month in April \u2014 a large increase for a single month \u2014 with monthly price gains reported in the majority of local markets.<\/p>\n<p style=\"text-align: justify;\">Shaun Cathcart, Senior Economist for CREA, attributes the uptick in prices to the return of sidelined buyers. He adds that \u201csluggish\u201d supply also plays a role in the price gains observed all over the country.<\/p>\n<p style=\"text-align: justify;\">Month over month, five of the 11 CMAs examined by Teranet reported price growth in April, including Quebec City (up 1.2%), Toronto (up 0.7%), Winnipeg (up 0.5%), Calgary (up 0.3%), and Victoria (up 0.1%).<\/p>\n<p style=\"text-align: justify;\">Although not included in the composite index, notable price increases were also observed in Moncton and Peterborough, up 5.9% and 4.5%, respectively.<\/p>\n<p style=\"text-align: justify;\">Conversely, prices contracted in five CMAs included in the index, dropping 2.5% in Edmonton, 2.1% in Ottawa-Gatineau, 0.9% in Vancouver, 0.5% in Hamilton, and 0.2% in Montreal.<\/p>\n<p style=\"text-align: justify;\">Additionally, 12 of the 20 CMAs not included in the index experienced price declines, with the most notable of the bunch being Thunder Bay (down 12.8% after a 17.9% increase the previous month) and Kingston (down 11.1%).<\/p>\n<p style=\"text-align: justify;\">Prices remained stable in Halifax.<\/p>\n<p style=\"text-align: justify;\">Year over year, the national index slipped 8.5% \u2014 \u201ca record annual contraction\u201d \u2014 with price gains recorded in only two of the 11 cities considered in the composite: Calgary, up 6.9%, and Quebec City, up 2.7%. Prices also edged up in five markets not included in the composite, including Trois-Rivi\u00e8res (up 14.3%) and Sherbrooke (up 8.4%).<\/p>\n<p style=\"text-align: justify;\">Though annual price drops were significant in Hamilton (down 14.8%), Toronto (down 12.2%), and Ottawa-Gatineau (down 9.7%), the steepest declines were recorded in markets not considered in the composite, including Abbotsford-Mission (down 22.0%), Guelph (down 18.4%), and London (down 17.7%).<\/p>\n<p><a href=\"https:\/\/storeys.com\/canadian-home-prices-stabilize-in-april-teranet\/\" target=\"_blank\" rel=\"noopener\">Canadian Home Prices Stabilize in April as Buyers Come Off The Sidelines<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home prices continued to bounce back from bottom in April, new data shows, with monthly gains recorded nationally and in five major markets. This is according to the Teranet-National &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/06\/canadian-home-prices-stabilize-as-buyers-come-off-the-sidelines\/\">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-21977","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>Canadian Home Prices Stabilize as Buyers Come Off The Sidelines &#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\/2023\/06\/canadian-home-prices-stabilize-as-buyers-come-off-the-sidelines\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Prices Stabilize as Buyers Come Off The Sidelines &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home prices continued to bounce back from bottom in April, new data shows, with monthly gains recorded nationally and in five major markets. 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