The latest statistics released by the Canadian Real Estate Association seemed to show a desperate situation for investors.
In total, home sales declined for the fourth straight month and at 3.1%, making it the largest drop since December 2014.
Regardless, as all investors are aware, real estate is a localized game.
Let’s take a cross-country look to see how the provinces are doing.
The headline for this province has been Vancouver’s 15% tax on foreign buyers, which is significantly affecting B.C.’s real estate market.
The greater Vancouver area witnessed a fall in home sales by 25.6% and the average rice falling by 7.5% yearly to $883,065.
Based on the province in its entirety, sales were quite stagnant, with a report of a 1.5% increase yearly. However, prices decreased by 8.2%, with the average home sale at $569,281, a fall from $619,881 a year ago.
Generally, Alberta seems to be keeping it steady. In August, the average price experienced a minor 0.5% increase; yet sales went down 4%.
Fort McMurray may be the most captivating story. It enjoyed an 88% yearly hike in home sales, despite having suffered from the recent wildfire disaster.
This province had its sales decrease by 2.4% year-over-year.
On the other hand, its average price increased 1.6% to $293,328.
Yorkton District was its top performing market which experienced an average price increase of 27.1% year-over-year to $179,652.
Agents had a busier month, with a total sales increase of 6.4%. Prices, nonetheless, remained rather stable.
The average price went up by 1.5% to $273,387.
Ontario witnessed an impressive month, as in totality, both sales (+17.2%) and the average price (+16.2%) reported strong yearly gains.
Greater Toronto outdid itself with a 22.7% increase in sales and the average price ($710,410) snowballing 17.9% year-over-year.
The housing market in this province performed impressively, after a few months of being under the radar. Total sales improved 19.2% and the average price went up 8.9%.
NS seemed to have two different trends on the works last month. Sales enjoyed a growth of 40.9%; however, the average price plummeted 2.9% to $209,989.
Prince Edward Island
PEI encountered a jump in both its sales with an increase of 25.9% and average price increase of 24%, yearly in August.
Newfoundland & Labrador
Sales increased 6.4% but the average price decreased by 9.4% to $265,521 in August.