Canada’s residential real estate market shows geographical divergence
Canadian real estate trends this year are increasingly defined by geography, with regional disparities that highlight a nation divided by affordability, economic uncertainty, and shifting buyer priorities.
While the Greater Toronto Area and Metro Vancouver dominate headlines, they’re also dominating the downturn, according to Century 21 Canada’s latest Price per Square Foot survey.
GTA condo prices have fallen back to 2022 levels and in downtown Toronto condo prices haven’t been this low since 2018, while prices for detached homes in Hamilton have plunged 24%. Vancouver hasn’t escaped the chill either with prices in Burnaby and Victoria down 12% and 13% respectively, while townhouses in Chilliwack have stalled after years of rapid growth.
