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Where home prices have increased the most in Canada


While average home prices across most provinces and territories have cooled considerably since reaching their peak in February, several markets are still seeing prices rise year-over-year.

According to the latest data released by the Canadian Real Estate Association (CREA), major markets such as the Greater Vancouver and Toronto areas, Montreal and Calgary all saw average home prices increase between September 2021 and September 2022. However, smaller real estate markets situated outside of these hubs saw higher annual growth rates by comparison.

This is because rising interest rates have a greater influence on home prices in larger, more expensive markets, said Shaun Cathcart, CREA’s senior economist and director of housing data and market analysis.

“Interest rates have a massively greater impact on places where the price to income ratio is much higher,” Cathcart told in an interview on Wednesday. “People need to be borrowing more closely to the limits of the stress test [in more expensive markets].”

Regions that saw home prices balloon during the pandemic, such as Ontario and British Columbia, are now seeing their annual gains shrink as buyers are faced with higher stress test rates, Cathcart said. On the other hand, affordable markets such as the Prairies and Maritimes may not have made the same kinds of gains, but did a better job of holding onto them, he said.

“In some of these more affordable places, [average prices] not only continued to climb for longer in the spring, they've also declined by less from then until now,” said Cathcart.

In Victoria, B.C., for example, the average price of a home rose 15 per cent from September 2021 to September 2022. During the same period, average home prices in Saguenay, Que., increased 13.9 per cent. Residents of Yarmouth, N.S., saw the highest annual growth of any real estate market in September 2022 with a rate of 21.7 per cent. These figures are MLS benchmark prices, calculated to reflect price trends based on the majority of homes in a given area.

However, these kinds of price gains are not likely to stick around as rising interest rates continue to drive down home prices, Cathcart said.

“Those year-over-year gains are rapidly shrinking with every month that goes by,” said Cathcart. “[October] might be the last month that you see so many markets that still have year-over-year gains.”

Below is a list of properties has gathered that are on sale in markets that have seen some of the highest annual growth rates across the country.


(Louisette Higgins, Modern Realty)

Type: House

Price: $339,900

Year Built: 1987

Property Size: 200.67 sq. m

Lot Size: under 0.2 hectares

Price Growth: 21.7 per cent year-over-year

This four-bedroom, two-bathroom home in Yarmouth, N.S., has a fully-fenced backyard, with a new deck and above-ground pool. The main floor has an open-concept living and dining area leading to a kitchen with a breakfast bar. In the basement is a laundry room with access to the backyard, as well as another room that can be used as an office or home gym.


(Emma Lee Arsenault Photography / Adele Poirier, Keller Williams Capital Realty)

Type: House

Price: $349,900

Year Built: 2007

Property Size: 212.38 sq. m

Lot Size: 322 sq. m

Price Growth: 19.6 per cent year-over-year

Spanning nearly 213 square metres, this two-storey home has three bedrooms and three bathrooms. Hardwood and tile floors run throughout the main level, and the living room includes a propane fireplace. From the dining area, two sliding patio doors lead to a four-season sunroom that can be used year-round. The basement is also completely finished and has a separate side entrance.


(KLIK Solutions / Lori Gelmici-Hanni, Royal LePage Edson Real Estate)

Type: House

Price: $629,500

Year Built: 2013

Property Size: 147.44 sq. m

Lot Size: 1.59 hectares

Price Growth: 17.7 per cent year-over-year

Laminate flooring and modern finishes run throughout this rural home near Edson, Alta. Designer lighting on the main floor decorates the high ceilings, while the kitchen features granite countertops and an oversized island. Filling the rest of the home are four bedrooms and three bathrooms. A family room occupies the basement, along with a newly renovated bathroom complete with a tiled shower.


(Spartan Media / Anna Piloyan, Re/Max Camosun Oak Bay)

Type: House

Price: $799,999

Year Built: 1920

Property Size: 89.74 sq. m

Lot Size: 408.77 sq. m

Price Growth: 15 per cent year-over-year

Built in the 1920s, this character home features high ceilings and large windows. The one-storey home also comes with a small, detached garage that can be transformed into a workshop. Perched on a large rock, the house overlooks the Oaklands neighbourhood in Victoria, B.C., and is situated within walking distance of parks, schools and restaurants.


(Taralynn Arsenault, Palmer Real Estate Group, Keller Williams Select Realty)

Type: House

Price: $399,999

Year Built: 2002

Property Size: 272.39 sq. m

Lot Size: 0.26 hectares

Price Growth: 14.5 per cent year-over-year

This four-bedroom, four-bathroom rural home is located between Charlottetown and Summerside, P.E.I. The secluded lot features patios at the front and back of the house, as well as a gazebo in the backyard. On the main floor is a kitchen, formal dining room, living room and office. The main bedroom on the top floor has an ensuite with a double sink, full shower and separate jet tub.


(Saïda Murray, Proprio Direct)

Type: House

Price: $365,000

Year Built: 1974

Property Size: 178.37 sq. m

Lot Size: 0.2 hectares

Price Growth: 13.9 per cent year-over-year

Situated in a quiet neighbourhood in Saguenay, Que., is this four-bedroom, one-bathroom home. The large lot backs onto a forest, and there are no neighbours behind the home. The two-storey house also has a finished basement, and is located near essential amenities as well as the Chicoutimi River.


(Dianne Brown, Re/Max Landan Real Estate)

Type: House

Price: $685,000

Year Built: 1912

Property Size: 79.8 sq. m

Lot Size: 226 sq. m

Price Growth: 11.5 per cent year-over-year

On the main floor of this Calgary home are 10-foot ceilings and a large bay window. The corner lot has one bedroom plus a den, as well as one bathroom. The kitchen features white cabinetry, an exposed brick wall and stainless steel appliances, while the living area has a gas fireplace with a mantle. Oak floors installed when the home was first built in 1912 run across both storeys of the home.


(Windsor Creative Real Estate Photography / Rick Lescanec, Deerbrook Plus Realty)

Type: House

Price: $699,900

Year Built: 1900

Property Size: 213.68 sq. m

Lot Size: 450 sq. m

Price Growth: 10.8 per cent year-over-year

While it may be more than 100 years old, this Windsor, Ont., home has been restored throughout the years. A brick porch sits at the entrance of the five-bedroom home, which also features custom stonework in the bathrooms. The sunroom leads to a backyard with a deck and gazebo. There is also an open-concept loft with a skylight.


(Gale Tytlandsvik / Linda Mack, Re/Max Blue Chip Realty)

Type: House

Price: $364,900

Year Built: 1985

Property Size: 119.10 sq. m

Lot Size: 767.29 sq. m

Price Growth: 9 per cent year-over-year

This four-bedroom, three-bathroom bungalow in Estevan, Sask., has had various upgrades since it was built in 1985. In addition to living, dining and kitchen areas on the main floor, the basement features a sizeable family room with built-in cabinetry and a gas fireplace. Also in the basement is a den, storage room and hot tub. The fully fenced backyard includes a deck, garden and two sheds.


(Matt Grandy Photography / Jackie Kavanagh, YYT Realty Group- Kavanagh Burke, Royal Lepage Vision Realty)

Type: House

Price: $309,900

Year Built: 1954

Property Size: 212 sq. m

Lot Size: under 0.2 hectares

Price Growth: 8 per cent year-over-year

This 212-square-metre home in St. John’s, N.L., comes with a large updated kitchen, complete with in-floor heating and ceramic tile. Making up the rest of the home is a large living and dining area, as well as four bedrooms and two bathrooms. In the basement is a laundry room and family room. The detached home is situated within walking distance of a hospital and grocery stores.


(PrimeLight Media / Shannon Stone, Re/Max Kelowna Stone Sisters)

Type: House

Price: $799,900

Year Built: 1940

Property Size: 129.88 sq. m

Lot Size: under 0.4 hectares

Price Growth: 6.1 per cent year-over-year

Located in Kelowna, B.C., this 130-square-metre house is surrounded by greenery. The large backyard serves as the ideal outdoor living space, complete with a concrete patio and flower garden. Inside are two bathrooms, updated to include heated flooring, as well as two bedrooms. The home also has an open-concept living and dining area that connects to the kitchen.


(Stephanie Rizzuto, The Agency Montreal)

Type: Apartment

Price: $499,000

Year Built: 2015

Property Size: 68 sq. m

Lot Size: N/A

Price Growth: 5.7 per cent year-over-year

Located in Montreal’s Griffintown neighbourhood is this two-bedroom, one-bathroom corner apartment. Nine-foot floor-to-ceiling windows are found throughout the unit, which features an open-concept floor plan and private balcony. In the condominium are amenities such as a picnic area, heated outdoor pool and rooftop terrace with 360-degree views of downtown Montreal.


(John Wilken Open House Media / Sean Miller,

Type: Apartment

Price: $999,000

Year Built: 2022

Property Size: 107.77 sq. m

Lot Size: N/A

Price Growth: 4.3 per cent year-over-year

Polished concrete ceilings in this apartment unit serve as a stark contrast to its modern design. Along with three bedrooms and two bathrooms, this corner unit in Toronto’s Leslieville neighbourhood also has a walk-in closet and a 100-square-foot balcony offering north-facing views of the city. Floor-to-ceiling windows also allow plenty of natural light to seep in.


(Nicole Landry-Milner, Re/Max Performance Realty)

Type: House

Price: $389,900

Year Built: 1909

Property Size: 160.91 sq. m

Lot Size: 306.58 sq. m

Price Growth: 2.2 per cent year-over-year

This home in Winnipeg’s Wolseley neighbourhood spans two-and-a-half storeys. Near the entrance is a living room with a fireplace mantel, which leads to dining and kitchen areas. Also on the main floor is a newly renovated bathroom with a walk-in shower. On the upper floor is a laundry facility, two bedrooms and a four-piece bathroom. Meanwhile, the partially finished basement includes a recreation room, bathroom and bedroom. Top Stories

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