Which areas have declined in the last year?
For the latest numbers (updated monthly) check out the interactive CREA map below (Canadian Real Estate Association), which uses either the MLS® HPI or the National Average Home Price. It shows the price-percentage changes (year-over-year) by province. The drop-down lets you look at more specific areas, such as Greater Toronto.
Taking a snapshot of February 2023 year-over-year, provinces that had an area decline the most are Saskatchewan (Lloydminster -29.4%), Ontario (Durham Region -27.7%) and British Columbia (Chilliwack -24.7%).
The Greater Toronto Area (GTA) has seen home prices decline by 17.7%, and Greater Vancouver Area has seen a decline of 9.2% from February 2022.
Which areas show price increases?
In February 2023, some regions posted price increases compared to last year, likely due to reduced listings (more competition can hike prices) and more interest and influx from Canadians looking for better value for their mortgage bucks.
Provinces that had an area increase the most since last February are New Brunswick (Yarmouth +12.1%), Quebec (Saguenay +8.6%) and Saskatchewan (Prince Albert +5.3%).
Calgary, Alberta had seen home prices increase by 1.8% since last February.
Note: Even though the composite MLS® HPI tends to be a closer measure than the 'home price average' of a particular area, not all areas report the HPI.