, Canadians are likely to see a more balanced market going forward, the report states.
“[Interest rate hikes are] already having a dampening effect on prices,” said Hogue. “It’s just curbing the rate of increase in prices.”While smaller cities in Ontario may have seen prices rise year-over-year based on the survey conducted by Century 21 Canada, the average cost per square foot of a condominium and detached house in Montreal fell on an annual basis.
In British Columbia, the prices per square foot of various property types have largely dropped across the province year-over-year, including in Vancouver. Despite this, the city is still home to some of the most expensive residential properties when looking at prices per square foot in Canada.Comparatively, Prairie provinces have seen stability in average prices per square foot on an annual basis, with minor gains and losses reported across the region.
“We continue to see growth in smaller markets as more families seek a lower cost of living,” Shyiak said.