19 February 2019

Housing prices were also down in many markets, but CREA says the average number is not fully reliable, as expensive markets of Toronto and Vancouver push the national results higher.

That’s why the Association focuses on the Home Price Index, which adjusts the numbers to the size of different housing markets and real estate types.

The index was up by 0.8% in the past year, marking the smallest gain since last summer.

However, even such numbers show certain significant changes across Canada.

In case of the Greater Vancouver, the HPI was down by almost 5%, about as much as in Calgary, Edmonton, Regina and Saskatoon.

At the same time, home prices rose by more than 9% on Vancouver Island. In Ottawa, Guelph, Ont., and the Niagara Region area the growth reached 7%.

We are seeing more and more clients who live in a condo or small townhouse are selling their properties at the peak value and snapping detached houses with good discount! There is no universal solution, however if you own a condo, townhouse or even semidetached, today might be the perfect time to upgrade it to a bigger detached home. Please call us for pre-qualification or to discuss your possibility to move up on the ownership ladder.