Canada's average home price just hit another record high

Feb 16 2022, 8:06 pm

There’s no end in sight for Canada’s rising real estate prices, with the country-wide average home price hitting a new high in January.

The Canadian Real Estate Association (CREA) released a national statistics report this week, revealing that Canada’s average home price is up 21% year-over-year, hitting a new record of $748,450.

“The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets,” the report reads. “Excluding these two markets from the calculation in January 2022 cuts almost $160,000 from the national average price.”

Ontario led the charge in price growth, with home prices there rising more than 30% year-over-year. British Columbia followed closely behind with a 28% annual growth.

canadas home price

Canadian Real Estate Association

The number of sales crawled upwards by just 1% month-over-month in January, with the report noting that market activity has been “generally stable” for the past four months. Even still, last month now holds the second-highest sales record for January ever, coming just behind the buying frenzy that was seen in January 2021.

As demand for housing remains high, the number of new properties listed continues to decline, falling 11% from the month before. A pullback in the GTA accounted for more than half of the national decline.

“As expected, January was pretty quiet on the new listings side of things, with this year’s first big new supply numbers unlikely to emerge until the weather starts to warm up a bit,” said Cliff Stevenson, chair of CREA. “The question is will that supply be overwhelmed by demand as it was last spring, or will we start to see the re-emergence of some of the many would-be sellers who have been hunkered down for the last two years?”

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