In a report published February 18, Zoocasa, a real estate agency, crunched sales numbers from the Canadian Real Estate Association and found the average price for a Canadian home reached $621,525 in January – 23% more than a year before.
“Of the 25 regional housing markets included in CREA’s monthly report, 24 markets posted a y-o-y increase in the average home price, ranging from 5% to 41%, and just one market — Regina — saw the average home price decrease by 3% to $273,885,” according to report author Jannine Rane.
That’s the bad news for homebuyers, but the good news is the real estate market is anything but constant with huge differences in prices between cities.
The most expensive city in Canada is Vancouver where the average sale price for a home is $1,089,096, according to the report. In Toronto, it’s $967,885.
Of the urban regions evaluated in the report, the Saguenay area is the second most affordable based on average home price. The cost of a home was up 10% compared to 2020, rising to an average price of $206,242.
Trois-Rivières wasn't far behind with a year-over-year average home price increase of 24% to $225,694.
If you aren't already psyched to watch Canadian athletes win gold at the Tokyo 2020 Summer Games, here's a whole new reason to be eager for Olympic glory: free doughnuts.
For every gold medal Canada wins, Laval-based pastry chain Mr. Puffs is giving away five free honey and cinnamon or sugar and cinnamon Puffs, which are bite-sized Greek-style doughnuts, at any one of their stores.
This means that you, too, can enjoy the sweet flavour of victory from the comfort of your own home, without the need for incredible natural talents and years of body-shredding, sweat-inducing training.
According to the company website, Puffs are traditional Greek doughnut holes (called loukoumades), invented thousands of years ago by the ancient Greeks and enjoyed by Olympians of old.
If the win happens after 9 p.m. or overnight then the prize is valid the next day, so keep an eye out for news of athletic victories.
To win, all you have to say is, "go Canada, go!" at the cash register. The promotion ends August 8 and doesn't apply on any delivery platforms, so you'll have to make the athletic feat of getting to the store.
A new report from Royal LePage suggests that while Montreal's real estate market might start to cool down, home prices are still projected to increase more overall than any other market in Canada.
The company recorded a 21.7% year-over-year increase in the "aggregate price of a home" ("a weighted average of the median values of all housing types collected") in the Montreal area in the second quarter of 2021, bringing it to $514,000.
"Overall, the City of Montreal saw 990 $1 million–plus residential real estate transactions," including condos, attached and single-family homes, "in the first half of 2021, an increase of 112% from the same period in 2020," the report states.
Though sales in $2 to $4 million homes in Montreal rose by 138%, sales in $1 to $2 million homes made up the largest share of sales overall, with 807 Montreal properties sold in the first half of 2021, Sotheby's says.
Sales in properties over $4 million more than doubled between 2020 and 2021 — just six were sold in the first half of 2020, compared to the 14 properties sold in the same period in 2021.
The report said that according to the Quebec Professional Association of Real Estate Brokers, on average, selling a residential property in Montreal during the first quarter of 2021 took approximately 44 days, compared to the 68 it took to sell a home less than a year prior.