Canada’s Housing “Downturn”: East Coast Prices Jump Up To $28k In A Month

If Canadian real estate is in a correction, it forgot to tell buyers in most provinces. CREA data shows the price of a typical home fell nationally in June, even as most of its 9 provincial benchmarks climbed to new highs. In Atlantic Canada, two provinces even made 5-digit jumps over 30 days. You know? Like any totally normal real estate correction. Canadian Home Prices Down 21%, But Most Provinces Haven’t Heard Let’s quickly review the national picture for those who need a refresher. The price of a typical home across Canada slipped 0.3% (-$1,900) to $665,600 in June, down 3.6% (-$24,700) from last year and 20.9% (-$175,500) from its March 2022 peak. However, as regular readers have realized, most provinces haven’t seen any correction. Canadian Home Prices Surge In The East Coast, Drop in Ontario & BC Canadian home prices, by province: 1-month change in dollars. Source: CREA; Better Dwelling. Despite the national benchmark falling in June, home prices rose in most provinces—sharply in some cases. PEI led with a massive 7.5% (+$28,833) jump in just 30 days, followed by Nova Scotia at 5.2% (+$23,026), and Newfoundland at 2.3% (+$8,100). All three top performers were in Atlantic...