Canadian housing market: Where have prices fallen?

Home prices continued to fall amid interest rate hikes from the Bank of Canada and fears of a looming recession, but the impact was not being felt evenly across the country.

The latest figures from the Canadian Real Estate Association (CREA .)) reported that the median home price in Canada was $637,673 in August 2022, down 3.9 percent from the same month last year.

But according to CREA’s home price index, some areas have recorded only a slight decline, if at all, while house prices in other areas are in full decline.

Here’s how housing markets are taking shape across the country:


The benchmark price for a home in Ontario was $904,800 in August 2022, down 15.9 percent from its peak in February 2022. Similarly, the Greater Toronto Area saw a 15.2 percent drop in prices over the same period, from $1.36 million to $1.12 million.

But the biggest declines were in communities that were within a two-hour drive of Toronto. The record price for a house in Cambridge fell 24.5 percent in the same period, while Oakville, London, Kitchener and Waterloo saw a 23 percent drop.

The only Ontario communities that bucked this trend and experienced an increase in home prices were Bancroft, Sault Ste. Mary and Windsor Essex, which both saw home prices rise 10 to 14 percent during this period.

British Columbia

BC was the county with the most expensive homes. The record price in British Columbia was $995,500 in August 2022, down 5 percent from the previous six months. Greater Vancouver saw home prices fall 4.6 percent from February 2022, while the Fraser Valley region saw an 11.2 percent decline.

Chilliwack saw the region’s largest price drop, with house prices dropping 16.9 percent in six months. However, on Vancouver Island, the price of a standard home actually rose 6.9 percent.


In Quebec, housing prices only started to fall in May. The county’s record home price was $489,900 in August 2022, down 2.5 percent. Similarly, house prices fell 2.4 percent in Montreal, to settle at $523,700, while house prices in Quebec City fell only 1.4 percent.


In Alberta, the record home price for August 2022 was $469,900, up 2.5 percent in six months, and Environment Canada (CREA) says prices in the province “appear to have peaked.” Home prices in Calgary saw a 10.6 percent increase – the largest price jump in the Prairie – while home prices in Edmonton rose 1.1 percent.

CREA says home prices in Saskatchewan are “still rising slightly”. Home prices rose 5.3 percent in the county. However, Manitoba was the only prairie province that experienced lower housing prices. Over six months, Winnipeg’s benchmark price is down 4.5 percent.

Atlantic Canada

In Nova Scotia, the price of a standard home rose 10.3 percent between February 2022 and August 2022, settling at $395,300. This is still down from its peak in May, when the record price was at $417,500.

In New Brunswick, prices are up 6.5 percent over the same six-month period, and in Newfoundland and Labrador, home prices are up 7.9 percent. However, like Nova Scotia, CREA says markets in these provinces appear to be declining.

In Prince Edward Island, home prices rose 13.1 percent, more than any other province. CREA says prices on the island “continue to rise on a monthly basis”.