Hottest markets see home prices cool

August 23, 2022


Even “hot pocket” markets in Greater Toronto Area (GTA) and Metro Vancouver saw home prices ease in the second quarter of 2022, according to a new report from Re/Max Canada.
The 2022 RE/MAX Hot Pocket Communities Report compared market activity in the first and second quarter of 2022 in terms of unit sales and prices by analyzing 60 Toronto Regional Real Estate Board districts, 16 regions within the Real Estate Board of Greater Vancouver and six areas in the Fraser Valley Real Estate Board.
In the GTA, the Central and West End of the 416-area code held up relatively well in terms of average price while Durham, Peel, York, Halton and Dufferin surrendered some gains realized in recent years.
Preliminary estimates of Q2 median prices in Greater Vancouver's Squamish area and the Sunshine Coast were comparable to first quarter figures, while West Vancouver and Vancouver West/Howe Sound reported moderate increases.
The report found Q2 values in the GTA were 10 to 15 per cent below Q1 levels in Durham (-14.6 per cent), York (-12.9 per cent), Halton (-12.7 per cent), Dufferin (-12 per cent) and Peel (-11.2 per cent).
Just 15 per cent of GTA markets noted an uptick in average price in Q2 compared to Q1.
Seventy-five per cent of markets in Greater Vancouver, however, experienced a downturn in Q2 median values, coming off peak levels reported in the first quarter of the year. Most of the declines reported were below 10 per cent.
In the Fraser Valley, declines in average price ranged from a low of just over 3 per cent in Langley to a high of 13 per cent in North Delta between Q1 and Q2.
“While we have seen some easing in prices, the sky is nowhere near falling,” said RE/MAX Canada executive vice-president Elton Ash. "In fact, there is relative stability in terms of market conditions, so buyers shouldn't expect big bargains.”