By comparison, new listings dropped nationally by 2.9% y-o-y, with just 52,342 properties being added to the market last month. As such, the overall housing market was highly competitive for home buyers in January, as indicated by the sales-to-new-listings ratio (SNLR) of 70%. The SNLR is a measure of marketing competition during a defined period of time, and is calculated by dividing sales by the total number of new listings added to the market during that time. A number over 60% depicts a seller’s market: where demand outpaces supply and competition conditions favour home sellers over buyers.
According to CREA, as the spring market approaches, the current pace of home sales growth might be inhibited by an evident lack of supply, particularly in Ontario markets, to meet growing home buyer demand. However, CREA notes that new supply “could materialize as current COVID-19 restrictions are increasingly eased and the weather starts to improve.”
Prevalent market conditions in January also put upward pressure on home prices: the national average home price rose 23% annually in January to $621,525. To better understand where home buyers may find pockets of affordability, we took a closer look at the average home price in each of the 25 regional housing markets covered in CREA’s monthly report, and ranked every market based on the annual rate of growth of the average home price. We also identified where the average home price fell below and above the national average home price, and curated a list of example homes in each market that sold within a $20,000 range of the average home price.
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. Further, 12 housing markets, or almost half of the areas included in the report, posted a growth in the average home price of at least 20%.
Average Home Price Below National Average in 18 of 25 Regional Markets Across Canada
Despite strong annual growth in the average home price in nearly every market, the average home price remained below the national average of $621,525 in 18 markets.
Saint John took the title of Canada’s most affordable housing market in January, despite an 8% increase in the average home price y-o-y to 199,853. On the other hand, Greater Vancouver recorded the highest average home price in January at $1,089,096 – an 11% increase y-o-y.
Despite tying for the highest increase in the annual average home price at 41%, the average home price in London and St. Thomas remained below the national average at $608,049. There was also a 41% increases y-o-y in the Niagara Region, however, the average home price clocked in at $651,138, nearly $30,000 higher than the national average.
Check out our infographic below highlighting the average home price in 25 regional housing markets across Canada, and where the average home price is above or below the national average. Further below find a sampling of home listings available in each region where the average home price is below the national average.
Sample Listings in Canada’s 18 Most Affordable Regions
1. London and St. Thomas
- Average Home Price: $608,049
Annual Price Growth: +41%
What you could buy: 362 Ridout Street South
List Price: $599,900
Property Details:
Detached
3 bedroom, 3 bathroom, 5 parking
2. Sudbury
- Average Home Price: $356,633
Annual Price Growth: +38%
What you could buy: 4436 Hector
List Price: $349,700
Property Details:
Detached
5 bedroom, 2 bathroom, 1 parking
3. Windsor-Essex
- Average Home Price: $492,480
Annual Price Growth: 31%
What you could buy: 686 Dynasty
List Price: $488,888
Property Details:
Detached
3+1 bedroom, 2 bathroom, 1 parking
4. Halifax-Dartmouth
- Average Home Price: $433,000
Annual Price Growth: +31%
What you could buy: 3145 Veith Street
List Price: $424,900
Property Details:
Semi-detached
4 bedroom, 3 bathroom, 0 parking
5. Ottawa
- Average Home Price: $591,413
Annual Price Growth: +26%
What you could buy: 83 Armagh Way
List Price: $598,800
Property Details:
Detached
4 bedroom, 3 bathroom, 3 parking
6. Trois Rivières, CMA
- Average Home Price: $225,694
Annual Price Growth: +24%
What you could buy:450-452 Rue Lacerte
List Price: $219,900
Property Details:
Duplex
2 bedroom, 1 bathroom, 0 parking
7. Gatineau CMA
- Average Home Price: $338,679
Annual Price Growth: +21%
What you could buy: 26 Rue Beauséjour
List Price: $325,000
Property Details:
Single Family House
5 bedroom, 2 bathroom, 0 parking
8. Montreal
- Average Home Price: $516,350
Annual Price Growth: +20%
What you could buy: 85 Rue De Castelnau O. #413
List Price: $519,000
Property Details:
Condo Apartment
2 bedroom, 1 bathroom, 0 parking
9. Sherbrooke CMA
- Average Home Price: $317,545
Annual Price Growth: +19%
What you could buy: 1786 Rue des Pois-de-Senteur
List Price:$320,000
Property Details:
Single-Family House
3 bedroom, 2 bathroom, 0 parking
10. Thunder Bay
- Average Home Price: $258,738
Annual Price Growth: +16%
What you could buy: 1405 Arthur St. West
List Price: $269,900
Property Details:
Detached
2 bedroom, 1 bathroom, 0 parking
11. Calgary
- Average Home Price: $518,237
Annual Price Growth: +15%
What you could buy: 201 560 6 Ave
List Price: $525,000
Property Details:
Apartment
2 bedroom, 2 bathroom, 1 parking
12. Quebec CMA
- Average Home Price: $313,811
Annual Price Growth: +14%
What you could buy: 1571 Rue Camus
List Price: $309,000
Property Details:
Single-Family House
3 bedroom, 2 bathroom, 0 parking
13. Winnipeg
- Average Home Price: $320,814
Annual Price Growth: +10%
What you could buy: 250 Queen Street
LIst Price: $309,900
Property Details:
Single-Family House
3 bedroom, 2 bathroom, 0 parking
14. Saguenay CMA
- Average Home Price: $206,242
Annual Price Growth: +10%
What you could buy: 4685 Ch St. Paul
LIst Price: $209,000
Property Details:
Single-Family House
3 bedroom, 2 bathroom, 0 parking
15. Saint John
- Average Home Price: $199,853
Annual Price Growth: +8%
What you could buy: 251 City Line
List Price: $195,000
Property Details:
Single-Family House
3 bedroom, 2 bathroom, 0 parking
16. Saskatoon
- Average Home Price: $331,555
Annual Price Growth: +7%
What you could buy: 213 X Ave N
List Price: $329,900
Property Details:
Single-Family Home – Bungalow
4 bedroom, 2 bathroom, 0 parking
17. Edmonton
- Average Home Price: $375,874
Annual Price Growth: +5%
What you could buy: 605 – 9741 110 St Nw
List Price: $365,000
Property Details:
Apartment
2 bedroom, 2 bathroom, 0 parking
18. Regina
- Average Home Price: $273,885
Annual Price Growth: -3%
What you could buy: 853 Connaught Street
List Price: $279,900
Property Details:
Row/Townhouse
3 bedroom, 2 bathroom, 0 parking
Maziar Moini, Broker of Record - Home Leader Realty Inc.
300 Richmond St. W., #300, Toronto, ON M5V-1X2
