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1. What did you learn about your topic that surprised you the most?

I think what surprised me the most was how much the homes have increased annually. Each and every year the prices go up drastically.

2. Provide a real-life example of how this topic is relevant or interesting for you.

A few months ago my brother and his wife purchased there very first home. My mom always encouraged them to live at our house as long as they could so they could save up enough money to buy a home. Eventually they bought a starter home and they are both working very hard but they know owning a home will benefit them in the future for sure. My brother always knew he would never rent a home and pay someones mortgage, he would much rather pay roughly the same amount towards his own mortgage.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I think I would pass on the pros about owning a home. Personally I don't think anyone should have to pay rent, when they can be paying the same amount but towards their own mortgage.

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Here is where you will find your answer on whether you want to buy or rent a home. This padlet consists of many educational resources including websites, videos and photos. After reviewing the content, you will be able to gain more knowledge on which method of living is best fit for you!

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Facebook Marketplace is a social media tool within Facebook that allows you to see what the public is selling! In order to gain full access to this tool you must be a facebook user with an account. You can join certain groups to see more specific products you want to buy. For example, Cars, Homes, Rental Homes, Furniture etc. You can also filter your searches, so if you are looking to either buy or rent a home, you can filter your results down to minimum or maximum spending limit. Facebook Marketplace

I chose this website because I personally use it a lot to buy used furniture. While I use this website I see a lot of homes for sale or rent. I figured it would be a good resource to add on to my padlet wall.

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Buy or sell new and used items easily on Facebook Marketplace, locally or from businesses. Find great deals on new items shipped from stores to your door.

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Video 1: Buying a house before or after marriage.

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Video 1: Buying a house before or after marriage.

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This is a real life Realtor answering questions on whether you should buy a home before or after your married. First, he states why it would be a good idea to buy a home before you get married because they you could possibly rent out one of the rooms or the basement to a tenant to help pay your mortgage. He then states why It would be a bad idea to buy a home before you get married because it is helpful to have the assistance in making mortgage payments.

This video is very useful for the young adults because this is when they are making their big decisions. The Realtor in this video explains a valid point that stood out to me, which was "Job Loss". Job loss is very scary when you own a home by yourself because jobs are not easy to get and if you can't pay your mortgage then your in trouble.

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Should you buy a house before marriage? Learn the PROS and CONS!

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This photo leans more to the owning side, and shows how owning a house has more worth than renting does. I wanted to share this photo because I personally would rather own a home, so I want people to see what benefits it has.

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This photo shows that there are two completely different pathways and typically there's only one you can choose. This also shows the different lifestyle you want to pick, depending on how much responsibility you want to take, whether it's buying or renting a home.

I find this photo interesting because it helps people understand that renting and buying are two completely different pathways to take, and when it's time to do so, you must choose one.

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If you click the website provided below, you will see a chart for both renting and buying a home. In each chart you will see two different lists. One of them is pros and the other is cons. This website also gives you real life example. For instance, whether or not you have to pay for the repairs on the home, or whether or not you will be paying someone's mortgage or your own.

I think this website is a very helpful resource when it comes to making that "final decision". I would definitely recommend it to the young adults who are planning on continuing there life. I chose this website because it relates to me in a way because soon to come I will be making a decision like this of my own.

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Look at housing options, expected costs and your personal situation before you start the buying process. Part of Canada's step-by-step guide for homebuyers.

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This is a humorous advertisement about the app called Realtor. In the video the young girl is talking to the man about the doll house features, and whether or not its good fit for her client.

Despite the funny ad, the app is very useful when it comes to buying or renting a house. You can filter your result similar to the Facebook Marketplace website, but in this app you can go more in depth on what you want. For example, how many bedrooms, bathrooms, prices (Min/Max). You can also filter it down to the street you may want to live on, and it will show you if there are any houses to rent/buy.

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This video provides you with 7 steps to help you buy a home, and the main ones are: Legal Advisor, Borrowing, Loaning, Insurance and Home. An important statement the guy made in the video was "purchasing a home is one of the most important transaction you will make in your life". That statement really stood out to me because it truly is an important transaction because you will be owing a lot of money afterwards, but you need to see the benefits.

This video is very beneficial because it educates the young adults who have no idea what they are doing, and mistakes can happen. This video can help improve the mistakes and allow people to know more about buying a home.

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Seven steps to buying a home

Do you want to leave apartment life behind and buy a home?

Buying a home is one of the most important transactions you will ever make. Being prepared will make the process easier and help you make educated choices.

Getting a mortgage?

Are you searching for the home of your dreams, a home that will be yours and offer you freedom and peace of mind?

Becoming a homeowner for the first time requires time and energy. To help you in the process of obtaining a loan, you can choose to work with a mortgage broker. He or she will give you the tools needed to go through this process and will guide you at each step of the home-buying process. Your mortgage broker will also help you choose the mortgage product that will meet your needs and correspond to your situation from among a wide range of products.

To make it easier to assess your file and advise you properly, your broker will require several documents. Here is a non-comprehensive list of documents that your broker may request during your first meeting, that you can get together beforehand:

Your new property: signed offer to purchase, information sheet, municipal and school tax account, your lawyer or notary's contact information, etc.

Your job: confirmation of employment (hire date, gross salary and position), paystub, etc.

Your financial situation: origin of your down payment, list of your assets and debts, void cheque, etc.

Down payment

Minimum down payment
When buying a home, a minimum 5% down payment is required for a single-family home. A down payment is an amount of money not financed by your mortgage that you must pay to purchase your home. The minimum down payment varies based on the purchase price. If the purchase price of the desired property is $500,000 or less, the required minimum down payment is 5% of the purchase price. If the purchase price of the desired property is between $500,000 and $999,999, the required minimum down payment is 5% of the first $500,000 and 10% for the amount over $500,000. If the purchase price of the desired property is $1,000,000 or more, the required minimum down payment is 20% of the purchase price.

Mortgage insurance
If you make a down payment of less than 20%, your loan must be covered by a mortgage insurer like CMHC or Genworth. This insurance will cover the lender's risk with respect to repayment of the loan. The insurance premium will be financed by your loan and is calculated based on the percentage of your down payment.

Important decisions

Once you choose your mortgage lender, you will be required to make important decisions about amortization, term and type of interest rate.

Amortization - The maximum period for paying back your mortgage is 25 years, but it can be reduced during the loan based specifically on the type of interest rate or method of payment chosen.

Terms - It can vary between one and five years. Closed terms offer better interest rates. Open terms are usually used for the short term. The difference between the two is as follows: an open-term loan can be repaid at any time penalty-free. However, the interest rate for an open term is higher than for a closed term.

Fixed or adjustable rate mortgage? - A fixed rate guarantees that you pay the same rate and make the same payment for the duration of the term. An adjustable rate is based on the Bank of Canada's prime rate less a discount established with your lender at the start of the term.

Home insurance protects you against damages to your home and provides legal liability coverage that protects you against accidental physical injury to or damages to property belonging to another person. In general, if you take out a mortgage to buy your home, your lender will require you to take out home insurance.

There are different coverage options available to you, including named-peril and all-peril coverage (covers most incidents that can damage your property).

In the event of disability or death

Most lenders recommend that you take out mortgage loan insurance (term life insurance) that will enable you to meet some or all of your financial obligations in the event of early death.

This type of insurance the option of financial protection in the event of disability or critical illness, and covers you for the duration of the loan. Thus, you property will never become a financial burden on your family.

Need personalized advice?

A financial advisor can explain each in detail and help you to choose the right investments to reach your savings goals.

Learn more about buying a home

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Seven steps to buying a home | iA Financial Group

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Seven steps to buying a home Buying a home is one of the most important transactions you will ever make. Being prepared will make the process easier and help you make educated choices. Are you searching for the home of your dreams, a home that will be yours and offer you freedom and peace of mind?

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Website 3: Average Rental Costs for October 2020

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Website 3: Average Rental Costs for October 2020

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This website shows the average rental costs for 2020, in all of the major cities in Canada. It also shows what the average rental costs were for January 2019. Over the past year, the costs have been decreasing. As you can see the housing rentals are more expensive in the major cities like, Toronto, Hamilton, Mississauga etc. This website also gives you information on average of how much they are depending on the number of bedrooms you may need.

I think this website can be very educating for the students who are making their college choices. If a student is planning on moving away from home, these graphs can assist when making their choices, because they will look for something that is not going to cost them a fortune and is affordable.

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The average rent for all Canadian properties listed on Rentals.ca in September was $1,769 per month, down 9.5% annually. The average rent has been nearly identical over the last four months between $1,769 and $1,771.

National Overview

The chart below shows the average monthly asking rent for single-family housing, townhouses, rental apartments, condominium apartments, and basement apartments cumulatively from January to September of this year (black) and last year (red). The top panel shows the average rent, with the bottom panel showing the median rent.

Prior to the pandemic, rental rates in both years were following a similar path, but 2020 dropped off during the early months of the pandemic and has stayed flat since.

Quarterly Rents by bedroom Type

September marked the end of the third quarter, and looking at trends on a quarterly basis can eliminate some of the volatility with smaller monthly sample sizes.

The next chart looks at the average rent and average rent per square foot for all property types by the number of bedrooms (one-bedroom to four-bedroom units only).

The average monthly rent is down for all bedroom types shown above, with one-bedroom suites falling 6.3% annually to just under $1,600. Two-bedroom units fell by 5.4% year over year to about $1,890 per month.

Three-bedroom units in the third quarter declined from $2,258 per month to $2,155 per month, a 4.6% decline. Four-bedroom homes saw the smallest drop (-3.6%) to $2,725 per month, as many tenants working from home seek out larger units to accommodate one, two or even more people working from home.

Change in Rent by Rounded Unit Size and Property Type

With many tenants seeking more space due to working from home, it is worth looking at whether that is impacting rental rates by unit size. To better isolate the impact of a unit's square footage, concentrating on one property type is ideal. The chart below looks at the annual change in average rent for apartments by rounded unit size (rounded to the nearest hundred) for the pandemic period of April to September 2020 versus the same six months last year (units from 350 square feet (sf) to 1,149 sf only).

The data confirms our theory conclusively. Rental apartments around 400 sf have seen average rents decline by 4% annually in Canada, while 1,100-square-foot rental apartments have seen average rents increase by 17%, with a visible stepping up for the unit sizes in between.

When looking at the change in listings on Rentals.ca by rounded unit size (not shown in the chart), the "stepping" is completely reversed, with the biggest growth in listings occurring for 400-square-foot listings, and the smallest growth in listings for 1,100-square-foot units.

Provincial Rental Rates

On a provincial level, British Columbia had an average rent of $2,065 per month, edging out Ontario ($2,040) for the highest average rents in September (for all property types).

British Columbia was one of just two provinces to post positive year-over-year rent growth, joining Quebec. Newfoundland ($950) had the lowest average rent in the country. Northwest Territories was the third highest at $1,804 per month, but the sample size of listings is relatively small.

British Columbia and Quebec posted year-over-year increases in average rent of 8% and 14% respectively, while the Northwest Territories was flat. The other provinces in Canada experienced rent deflation, from -1% in Newfoundland and -3% in Alberta, to -13% for Manitoba and Ontario, to -16% for New Brunswick.

The average rent levels should not be taken as an apples to apples comparison, as some provinces have higher shares of much larger single-family and townhouse units, while others are dominated by older rental apartments. In Ontario, there is an outsized share of high-rise condominium apartments with new interior finishes, premium views and a wide array of shared amenities.

Provincial Pricing by Property Type

With British Columbia and Quebec seeing rents increase year over year in September, it is important to understand what is driving that growth.

The chart below looks at the average rent for single-family properties, condominium apartments, and rental apartments in Alberta, British Columbia, Ontario, and Quebec during the pandemic period (April to September 2020) compared to the same six month period in 2019.

Average rental rates for single-family homes are down in each of the four provinces, with Alberta seeing the biggest drop at 14%. In terms of condominium apartment rental rates, Alberta is only down 2% annually, but British Columbia, Ontario and Quebec are down by 10% to 13% year over year.

The weakness in the Quebec and British Columbia condo rental markets is in stark contrast to their purpose-built rental markets, which are still experiencing double-digit annual rent growth. The sample sizes in each province are fairly substantial, and it is unlikely that the composition of the listings have a significant impact on average rent levels.

Municipal Rental Rates

The chart below presents data on the average rental apartment and condominium apartment rental rates by municipality and area in Canada for September 2020, with the annual percent change in average rent shown on the right (includes former municipalities prior to amalgamation in Toronto).

Montreal led all the major municipalities for highest rent appreciation at 17.2% for rental and condo apartments, along with Kitchener at 11.5%. Montreal and Kitchener were the only two major municipalities in all of the country to see positive growth (Hamilton and London were removed from this chart because of a high number of listings from new purpose-built rental apartment projects pulling the average rent up).

Two large Ontario municipalities, North York and Toronto, along with Winnipeg, all saw drops in rental rates of about 14%. Toronto's -14.1% annual rent drop is the worst in the country among major markets.

Vancouver posted the highest average annual rent at $2,249, followed by Toronto at $2,158; Etobicoke next at $2,095; Mississauga at $2,066; and Vaughan at $2,044. North York is the only other municipality showing average annual rents of above $2,000 per month at $2,025.

Municipal Rent Levels by Property Type

Breaking out the data further by property type and municipality (former municipal boundaries for Toronto) and concentrating on the markets of Vancouver, Calgary, Toronto and Montreal, the chart below shows the average rent on the horizontal axis and the average number of bedrooms on the vertical axis in the third quarter of this year.

In Vancouver, Toronto and Montreal, single-family properties for rent are pretty small at 2.7 bedrooms, 2.5 bedrooms and 2.8 bedrooms, respectively. In Calgary, single-family homes for rent are larger at 3.6 bedrooms on average.

Despite the earlier rental apartment chart showing higher priced growth for larger properties, the same upward pressure is not being applied to single-detached and semi-detached homes. In Vancouver, the average rent for single-family homes in Q3-2020 was $2,553 per month, lower than condo apartments, and down 29% annually. Condo rents in Vancouver are down 17% in Q3-2020 versus Q3-2019.

In Toronto, single-family rental rates are down 20% year over year in the third quarter, while condo rents are down 16% annually. The average rent for purpose-built apartments is $2,122 per month, down 3% from Q3-2019.

The most bizarre results are occurring in Montreal, with average condo rents down 17% annually, and the average rental apartment rents up 20% annually. It is likely that there are compositional issues here. Changes in the location, unit size, balcony size, level of finish, or unit views can vary significantly from quarter to quarter and impact the rental rates charged by landlords. Secondly, owners of rental apartments are more likely to offer rental incentives like a month or two free rent, that isn't net out of the Rentals.ca listing data.

Ottawa / Rental Rates in Proximity to Canadian Universities

There has been much discussion surrounding the fact that many Canadian universities are conducting classes virtually this fall, and what impact that has on the rental markets in proximity to those areas.

The following charts look at the annual change in rental rates for all property types in London, Edmonton, North York and Toronto close to Western University, The University of Alberta, Ryerson University and University of Toronto, as well as York University.

Edmonton

The University of Alberta in Edmonton is in postal code T6G, where the average rent in 2020 (January to September) for all property types was $1,429 per month, a decline of 1.3% from the same period in 2019. The postal codes to the east and south have been hit harder, with annual rent declines of 9.4% in T6E and 10.1% in T6H.

Interestingly, T5G, which is the Edmonton City Centre area downtown has seen average rents increase by 5.2% annually to $1,451 in 2020.

London

London has a strange pattern of rent changes annually, with N6A, where Western University is located, virtually unchanged in 2020 versus 2019 at $1,389 per month.

However, the postal codes to the north of the university have all experienced outsized growth rates with N6G (one of the most active postal codes in terms of listings on Rentals.ca) rising by 24% year over year. Postal code N5Y, just to the east of Western, has increased by nearly 15% annually, but still has a relatively low monthly rent of $1,196 per month.

North York / Vaughan

York University is in postal code M3J, where the average rent in 2020 is $1,935 per month for all property types. This rate is actually up year over year by 0.6%.

M3N to the west is up by nearly 10% annually to $1,719 per month, but most of the postal codes surrounding the York University are flat or down significantly.

The most impacted is L4K, which includes the Vaughan Corporate Centre, where the market experienced a decline in average rents of nearly 13% annually to $2,116 per month. The drop might look bad on the surface, as there is a significant number of units under construction in that market and scheduled for completion over the next 18 months. But there were two major completions in 2020 -- Met Condos and Nord Condos -- and these two buildings contain a high number of small suites, so the average rent per square foot actually increased by 28% annually, despite the drop in the monthly rent.

Downtown Toronto

There has been much discussion surrounding the drop in rents downtown due to the shutdown of many of the office towers, and a reduction in demand for short-term rentals from tourist and out-of-town contract workers. With Ryerson and U of T downtown, as well as several other colleges, many students decided to stay with their parents, or move back with their parents to save money and learn virtually.

The average rent in M5B where Ryerson University is has declined by about 9% annually to $2,212 per month, while M5S, where the University of Toronto is, has seen average rents decline by 5.7% annually to $2,564 per month. The only area of downtown Toronto to not experience a decline in rent was M5T, which was flat year over year at $2,464 per month. However, on a rent per-square-foot basis, M5T has declined by 2% annually.

Downtown Toronto Investor Condos

The decline in average rent downtown can be attributed to the high number of condos for rent. Demand has dropped off due to COVID-19, and there is a significant influx of new supply hitting the market via completed projects.

In downtown Toronto, condominium apartments often take two to four years to build given their size and complexity, so there is about a four-year lag between the sales and occupancy of these projects. In 2016 and 2017, the Toronto new condominium apartment market set record highs for sales, and those buildings are coming to completion now. A high share of those units were purchased by investors with the intent of renting them out to young professionals.

The chart below looks at a selection of condominium apartments completed between 2015 and 2019 in Toronto with at least 20 listings in April to September 2019 AND 20 or more listings in the pandemic-impacted period of April 2020 to September 2020. The average rent per square foot, annual change in listings, and annual change in average rent per square foot are shown.

Of the 23 projects on the list, 15 experienced a decline in their average rent per square foot, with the largest decline at One Bloor, the 76-storey tower at the corner of Yonge and Bloor, with a 24% decline year over year to $3.98 per square foot. Listings on Rentals.ca for this project increased by 81% annually.

Ten York, in Toronto's south core area, has experienced an increase in listings of 265% on Rentals.ca in 2020, and rents on a per-foot basis have declined by 11%.

The data suggests there might not be an urban exodus in Toronto's Village neighbourhood, as 365 Church has experienced a 9% increase in rent per square foot in April to September 2020 compared to the same period last year. The $4.09 per square foot is the second highest among the 23 projects on the chart.

However, it should be kept in mind these are asking rents, and can be skewed by a few landlords that refuse to accept the new reality that rents have declined in most parts of the city. Secondly, there are always compositional issues with listing samples, as there could be large penthouses with upgraded features in one period and less desirable lower-level units with no balconies in the next period.

Conclusion

The rental market on a national basis continues to tread water, with the average rent staying flat at about $1,770 per month over the last four months.

The data on a national basis suggests that tenants are looking for larger units, either by square footage or by number of bedrooms, but appear to be avoiding the most expensive single-family properties and condominium apartments in prime neighbourhoods.

The work-from-home phenomenon and pandemic continue to shift demand patterns as tenants look at different locations farther from their place of employment, cheaper properties, and units with more space.

The latest employment data suggests Canada added nearly 380,000 jobs in September, and analysts have estimated that 75% of employees who lost their jobs during the early months of the pandemic have been rehired or found new work.

With schools open and day cares re-opening, and the paring back of government assistance programs, more Canadians have the ability and motivation to return to work, and/or look for work. More employed Canadians and more hiring results in more demand for housing, and could send the rental trendline climbing upward again this winter.

Rentals.ca Data

The data used in this analysis is based on monthly listings from Rentals.ca. The data is much different than the more familiar numbers collected and published by Canada Mortgage Housing Corporation (CMHC). Rentals.ca data includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses and single-detached houses, where CMHC's primary rental data only includes rental apartments and rental townhouses. CMHC collects some data on the secondary market, but it is reported separately. The CMHC rental rates are based on the entire universe of purpose-built rental units in Canada (the stock), while Rentals.ca data is primarily based on the asking rents of vacated units only (the flow) -- this is a smaller sample size, but more representative of the actual market rent a prospective tenant encounters. The Rentals.ca data set typically produces much higher rental rates in comparison to CMHC, as vacated units are not subject to rent control. The average and median rental rates via Rentals.ca can also skew higher than CMHC's data for several reasons: The inclusion of larger and more expensive unit types like singles, row units and condos; the survivorship bias (overpriced units remain in the sample longer); and the multiple listings of the same property at different rent levels every month. It should also be noted that properties listed for above $5,000 a month and below $500 a month are eliminated from the sample of units analyzed. Also, short-term leases, single-room rentals, and furnished rental units are eliminated from the sample where identifiable.

Ben Myers

Ben is the President of Bullpen Research and Consulting Inc., a boutique residential real estate advisory firm.

With over 15 years of real estate research experience in both the United States and Canada, Ben has acquired extensive knowledge on land values, new home prices and rental rates, and macro-level housing trends. Ben has held several positions in Toronto, including urban economist at Altus Clayton, and Executive Vice President at condominium apartment data tracking firm Urbanation Inc. Ben has previously been the keynote speaker at ULI and PWC's flagship Emerging Trends Conference.

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The average rent for all Canadian properties listed on Rentals.ca in September was $1,769 per month, down 9.5% annually. The average rent has been nearly identical over the last four months between $1,769 and $1,771.

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Video 4: Covid-19 Impact on Buying/Selling/Renting

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Video 4: Covid-19 Impact on Buying/Selling/Renting

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This video explains how Covid 19 has had an impact on the housing market. It goes over how the market was increasing over 30% in sales until the pandemic started. The many people who rent homes have been very grateful for Covid-19 in a certain way because they were given some sort of a grace period when it comes to paying their rent. This is mostly because some people were layed off and couldn’t afford the rent they had to pay.

I thought this video was interesting because nobody knows exactly how much of an impact Covid 19 is making. Especially when it comes to housing, jobs and bills.

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MONTREAL ― It took a pandemic and an epic economic crisis to make it happen, but after years of rapid price growth, Canadians may finally get a bit of a break on the cost of housing.

With an estimated three in 10 working Canadians either losing their job or having their pay cut in the past several months, advertised rental rates are on a downward slide in many cities.

The average asking price for apartments nationwide fell 3.2 per cent in a month, to $1,842 per month for all housing types in April, according to data from rental portal Rentals.ca.

Condos rental rates fell by a larger 4.6 per cent, to $2,268.

Unfortunately, this comes at a time when most Canadians are in no hurry to go apartment hunting ― and when many others can't make rent at all.

"With most of the country on lockdown, the majority of tenants are staying put for both financial and health reasons," Rentals.ca said in a report issued this week.

"Many large landlords are staying firm on their asking rents, willing to wait out the pandemic, offering incentives like $500 off or a free month of rent. Smaller landlords appear to be more willing to lower their asking rent to attract the prospective tenants that are looking for apartments."

According to data cited by CIBC economists, between 75 per cent and 90 per cent of Canadians paid their rent at the beginning of May, roughly in line with the percentage in April.

Things likely would have been worse had it not been for the federal Canada Emergency Response Benefit (CERB), which is providing $2,000 a month for up four months for those who have lost work in the pandemic, CIBC economist Benjamin Tal said.

"Despite the fact that most of the recent decline in employment is concentrated in low-wage occupations, the April collection rate was higher among low-income renters. ... That can be explained by the availability of CERB money (which probably played a more important role in rent payments for May)," Tal wrote in a client note earlier this month.

Some of the priciest cities saw some of the steepest drops. One-bedroom units in Toronto fell 4 per cent in April from March, while two-bedroom units fell 7.7 per cent.

In Vancouver, one-bedroom units fell 5.6 per cent while two-bedrooms dropped a steep 15.8 per cent.

There is likely more downward pressure to come. With vacation travel at a standstill, owners of Airbnb units are putting their properties on the apartment rental market, causing a spike in new listings, Rentals.ca said.

"Because of COVID-19, Canada will have less immigration (and) fewer international students and, with the border closed, not nearly as many seasonal and part-time workers. All typically are renters," the site said in a recent forecast.

"Reduced demand, and higher supply due to the conversion of short-term rental units to long-term rental units, will more than offset the reduced supply resulting from a lower completion rate (of new housing) ... and weaker investment activity," CIBC economists Benjamin Tal and Katherine Judge wrote in a report May 1.

Affordable housing in demand

But with so many households seeing shrinking incomes, "there will be more demand than ever for affordable housing," Matt Danison, CEO of Rentals.ca, said in a report.

The owner-occupied housing market is also seeing falling prices amid the COVID-19 pandemic. Data released this week by the Canadian Real Estate Association (CREA) showed the average selling price of a home in Canada fell nearly 11 per cent from March to April.

Not all of that was the result of sellers lowering their prices. The slowdown appears to have hit the high end of the housing market harder than the rest. With fewer high-end sales in the mix, the average price has been dropping.

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Canadian Rental Rates Are Falling Fast Amid The COVID-19 Shutdown

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MONTREAL ― It took a pandemic and an epic economic crisis to make it happen, but after years of rapid price growth, Canadians may finally get a bit of a break on the cost of housing.

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Website 4: Average House Prices in Canada

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Website 4: Average House Prices in Canada

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Houses in Canada keep increasing in price. This website provides information on when the market is either low or high. Typically, the housing market is low when it comes to winter time because nobody wants to move during the cold. Also, a new rule also came into place which is that you must have a 20% down payment before you buy a house, which was introduced in 2018. To look at this website as a whole, the most expensive city to live in as of April 2020, is Vancouver. The average house price is just over 1 million dollars,

This website is a good source to use when you are educating yourself when it comes to the housing market. I would recommend this website to the people who are planning on buying a home within the next few years.

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Toronto : Ottawa : Ontario : Vancouver : Calgary : Edmonton : Ottawa : Montreal : Halifax : Nova Scotia

Average House Prices In Canada

Traditionally, one of the major attractions of a move to Canada for many people has been the cost of housing compared with their current location.

This particular attraction has faded in recent years, because the strength of the Canadian dollar means new arrivals have less purchasing power than they had in previous years.

House prices in Canada have continued to rise, while prices in many other countries have either changed little or fallen.

Prices are higher in Canada's big cities than they are in the surrounding towns and rural areas.

Canada's highest house prices are found on the west coast in Vancouver/British Columbia, where the country's mildest weather is found.

Severe winter weather or remoteness from major markets usually results in low house prices - for example property prices are low in Manitoba and Prince Edward Island.

Canada House Price History

In 2007 prices in booming Alberta rose above prices in Ontario for the first time and, in the same vein, prices in Calgary rose above those in Toronto.

By 2011 the situation had reversed, and once again Toronto and Ontario homes cost more than in Calgary and Alberta.

House price rises were modest in Canada in 2011 and 2012, partly due to new, stricter mortgage rules that were introduced. In 2013 and 2014 house prices rose steadily in Vancouver and Toronto.

In 2015 and 2016 house prices in British Columbia and Ontario continued to rise above the national average. In Alberta house prices are relatively stable in 2016 after falling in 2015.

In 2017 house sales have fallen in Canada and prices have stabilized in most provinces.

A 20% down payment rule came into effect in 2018 a stress test on mortgage applications is now in place.

From April 2019 to April 2020 house prices have increased by more than 10 percent in Toronto and Ottawa. Vancouver has the most expensive city average property price in 2020.

Canadian Cities Average House Prices April 2020

Canadian Provinces Average House Prices April 2020

Prices from The Canadian Real Estate Association

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Traditionally, one of the major attractions of a move to Canada for many people has been the cost of housing compared with their current location. This particular attraction has faded in recent years, because the strength of the Canadian dollar means new arrivals have less purchasing power than they had in previous years.