| Metropolis | January common house worth | February common house worth | Changein house costs | January mortgage cost | February mortgage cost | Change in funds | January earnings required | February earnings required | Change in come |
|---|---|---|---|---|---|---|---|---|---|
| Hamilton | $819,500 | $812,600 | -$6,900 | $4,294 | $4,194 | -$100 | $174,450 | $171,000 | -$3,450 |
| Toronto | $1,070,100 | $1,073,900 | $3,800 | $5,607 | $5,543 | -$64 | $223,290 | $221,200 | -$2,090 |
| Vancouver | $1,174,400 | $1,185,100 | $10,700 | $6,153 | $6,117 | -$36 | $243,600 | $242,600 | -$1,000 |
| Calgary | $573,100 | $576,800 | $3,700 | $3,003 | $2,977 | -$26 | $126,470 | $125,700 | -$770 |
| Victoria | $870,100 | $878,700 | $8,600 | $4,559 | $4,535 | -$24 | $184,300 | $183,700 | -$600 |
| Regina | $316,300 | $317,700 | $1,400 | $1,657 | $1,640 | -$17 | $76,470 | $75,910 | -$560 |
| St. John’s | $367,600 | $371,300 | $3,700 | $1,926 | $1,916 | -$10 | $86,450 | $86,210 | -$240 |
| Ottawa | $649,900 | $658,300 | $8,400 | $3,405 | $3,398 | -$7 | $141,420 | $141,340 | -$80 |
| Winnipeg | $363,200 | $373,700 | $10,500 | $1,903 | $1,929 | $26 | $85,600 | $86,670 | $1,070 |
| Montreal | $549,900 | $562,300 | $12,400 | $2,881 | $2,902 | $21 | $121,950 | $122,900 | $950 |
| Edmonton | $412,200 | $421,800 | $9,600 | $2,160 | $2,177 | $17 | $95,150 | $95,910 | $760 |
| Halifax | $550,500 | $561,400 | $10,900 | $2,884 | $2,898 | $14 | $122,070 | $122,730 | $660 |
| Fredericton | $338,800 | $343,800 | $5,000 | $1,775 | $1,775 | $0 | $80,850 | $80,920 | $70 |
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Canadian cities the place affordability improved
The place in Canada is proudly owning a house turning into extra inexpensive?
Hamilton: Bearing the correction brunt
In its newest information report, CREA identified that whereas gross sales fell in two-thirds of all markets, Ontario’s Better Golden Horseshoe was hit particularly exhausting. That’s fairly obvious in Hamilton, the place transactions dropped 35% yr over yr in February, in response to the Realtors’ Affiliation of Hamilton-Burlington. That resulted within the metropolis’s common house worth reducing by $6,900, to $812,600; mixed with decrease mortgage charges, that cooled the required earnings by $3,450. The common month-to-month mortgage cost in Hamilton additionally dropped by $100 in comparison with January, to $4,194.
Toronto: A spring marked by slowing gross sales
Tariff fears have additionally taken a chew out of demand inside Ontario’s priciest housing market Toronto. Transactions plunged over 27% in Toronto in February, in response to the Toronto Regional Actual Property Board (TRREB). Whereas house costs held agency—town’s common ticked up by $3,800 month over month to $1,073,900 – mortgage charges had fallen by a big sufficient diploma to maneuver the affordability dial; the required earnings dropped by $2,090 in Toronto, together with the typical month-to-month mortgage cost; it fell $64 to $5,543.
Vancouver: Beneath the seasonal common
Early spring house gross sales have additionally dropped in Vancouver, down 11.7% yr over yr, and sitting a whopping 28.9% under the 10-year seasonal common, in response to the Better Vancouver Realtors. Whereas transactions have corrected to a lesser diploma than what we’re seeing in Ontario, tariff considerations have additionally shaken west-coast patrons, particularly as Vancouver actual property stays the most costly in Canada. House costs nonetheless rose by a mean of $10,700 in February, to $1,174,400. Once more, decrease mortgage charges led to the typical month-to-month cost dipping barely, by $36, to $6,117, and the required earnings dropping by $1,000.
Canadian cities the place affordability worsened
Simply 5 of 13 cities noticed affordability worsen in February. These had been all markets in Canada the place patrons are much less constrained by excessive house costs—all with a mean under $600,000 —and with a development of accelerating gross sales and shrinking provide.
Winnipeg: Into sellers’ market territory
Not like Canada’s largest cities, the Winnipeg housing market heated up in February. In keeping with the Winnipeg information compiled by CREA, house gross sales elevated 13.4% yr over yr, whereas listings declined by 6.6%. That mixture pushed up costs. The town’s common rose $10,500 month over month to $373,700. In consequence, the required earnings wanted to qualify for a mortgage in Winnipeg elevated by $1,070. The common month-to-month mortgage cost additionally jumped by $26, to $1,929.
Montreal: Reaching pre-pandemic circumstances
Montreal continues to expertise strong actual property demand; in response to the Quebec Skilled Affiliation of Actual Property Brokers (QPAREB), February gross sales had been “akin to the 2 sturdy years previous the pandemic,” with a 7% year-over-year improve, introduced the group. General, it stays a robust sellers market, with bidding wars for single-family properties up 15%. That resulted in a $12,400 improve within the averaged Montreal house worth, to $562,300, and led to the required earnings rising by $950.
Edmonton: Gross sales proceed to rise
The Better Edmonton Space (GEA) housing market kicked off the yr with strong house gross sales, and that development continued into February, with the Realtor’s Affiliation of Edmonton (RAE) reporting a 14.3% improve in transactions, additionally outstripping new listings.