Canadian real estate market overview by province

The Canadian real estate market in September 2023 presents a variety of dynamics across its provinces, illustrating the complex and diverse nature of Canadian real estate. This in-depth analysis explores the state of the market in each province, providing valuable insights for buyers, sellers and investors. Cette analyse approfondie explore l’état du marché dans chaque province et fournit des informations précieuses aux acheteurs, aux vendeurs et aux investisseurs.

Image article Canadian market overview by province

Market in Alberta :

In Alberta, the market continued to favor sellers, with a sales-to-new-listings ratio (SNLR) of 72%. This dynamic indicates strong demand and a limited supply of properties, pushing up prices. The strength of the local economy, particularly the energy sector, plays a crucial role in maintaining demand for housing. However, potential buyers should remain vigilant in the face of fluctuating interest rates, which could have an impact on the availability of mortgages.

Market in Saskatchewan

In Saskatchewan, the real estate market continues to favor sellers, with an SNLR of 64%. Demand remains strong, but a limited supply of available properties is keeping house prices high. Investment in local infrastructure and a stable economy are contributing to the real estate sector’s solid performance.

Market in Manitoba

In Manitoba, the market is in favor of sellers, with an SNLR of 61%. Sustained demand and relatively limited supply are keeping prices high. The province’s diversified economy and continuing population growth contribute to the strength of the real estate market. However, investors and potential buyers should keep an eye on monetary policies, which could influence interest rates and the availability of financing.

Market in Ontario

In Ontario, the market shifted in favor of buyers with an SNLR of 34%. Despite this, house prices continue to rise, perhaps indicating a resilience in real estate values. Home to major cities such as Toronto and Ottawa, the province sees varied dynamics between local markets. Par exemple, le marché de Toronto est plus compétitif en raison de sa population dense et de son attractivité économique, tandis que d’autres régions peuvent offrir plus d’options aux acheteurs. Changes in interest rates and regional housing policies may also influence the market in the months ahead.

Market in Québec

In Quebec, the market is balanced with an SNLR of 51%, reflecting healthy competition between buyers and sellers. Despite a slight fall in prices this month, the annual increase of 8% testifies to a continuing appreciation in real estate values. The province’s economic stability and the constant demand for housing in key cities like Montreal are contributing to this trend. Local housing initiatives and urban planning policies can also play a role in moderating prices and promoting a balanced market.

Market in Nova Scotia

In Nova Scotia, the market favors sellers with an SNLR of 63%. Strong demand, coupled with limited supply, is keeping house prices up. The province continues to attract residents thanks to its quality of life and economic opportunities, boosting demand for housing. Potential buyers and investors should be aware, however, of possible variations in real estate financing policies that could affect the market.

Market on Prince Edward Island

On Prince Edward Island, the market is balanced with an SNLR of 58%, reflecting a balance between supply and demand. Moderate house prices and market stability foster healthy competition between buyers and sellers. Steady population growth and local housing policies contribute to market stability.

Market in Terre-Neuve

In Newfoundland, the real estate market favors sellers with an SNLR of 69%, indicating strong demand and limited supply. Local economic factors and sustained demand for housing are contributing to this seller-friendly dynamic. However, potential buyers should remain alert to interest rate variations, which could affect the availability of real estate financing.

Market in British Columbia

In British Columbia, the market saw its first monthly price increase since May 2023. The average house price in September 2023 was $966,530, up 5% over the year. Factors such as attractive geographic location and a stable economy continue to drive demand, although rising interest rates may present challenges for potential buyers.

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An analysis of this information

An examination of the Canadian real estate market in September 2023 reveals a mosaic of varied dynamics across the provinces. Regional differences in terms of economy, regulations and demographic demands contribute to these variations. A thorough understanding of these regional dynamics is crucial for investors, buyers and sellers to effectively navigate the Canadian real estate market.

Canada’s real estate market is a complex and rewarding one, offering diverse opportunities across the provinces. Careful analysis and understanding of regional trends can go a long way to helping you make informed choices in this ever-changing market.

To see datas per province, click here.

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Kyle Shapcott

kyle@equipels.com

438-888-5953