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Price Per Square Foot Survey 2024
Canadian home prices largely stable, with some smaller communities, ‘burbs, and AB seeing increases
Annual Price per Square Foot survey looks at prices back to 2018 for almost 50 communities
Vancouver (July 22, 2024) – Canadian housing prices per square foot generally held steady in the first half of this year, with some notable exceptions indicating families continue to migrate to more affordable communities both nearby and across provincial borders.
CENTURY 21 Canada’s eighth annual Price per Square Foot survey compares the price per square foot of properties sold in almost 50 communities between January 1 and June 30 this year to the same period of previous years. In many cases it has data going back to 2018 for both metro centers and smaller communities.
The report reveals that prices in Ontario, BC, and Atlantic Canada remained largely steady this year, with gains in some smaller markets and suburbs while downtown condo prices declined indicating continued migration away from metro cores. Alberta bucked the trend with significant price increases in a number of markets including Calgary and Edmonton – but to prices per square foot still well below those in BC, Quebec, and Ontario. The Prairies also saw price increases, but at a more modest pace.
Major city condo markets outside of Alberta all saw modest dips in price per square foot, while those in Alberta rose – by more than 17 per cent in Calgary and almost 10 per cent in Edmonton. Condo prices in High River topped the increases at more than 22 per cent, but to a relatively affordable $285 a square foot. That compares to $421 in Calgary (up 17.6 per cent), $1,113 in downtown Vancouver (down 1.7 per cent), $706 in downtown Toronto (down 4.5 per cent), and $672 in downtown Montreal (down 11.9 per cent). Vancouver continues to have the highest prices in Canada, while the Prairies and Atlantic Canada have the most affordable.
Looking back over the history of the survey, even with some declines over the last couple of years pricing has not fallen below 2021 levels in any included market. During COVID, 2021 saw significant price surges and set a new benchmark in markets coast-to-coast. For the most part, prices remain well above pre-COVID average.
Sales volumes across Canada have declined from the brisk market of 2021 and 2022, especially in larger cities.
“A number of our brokers are experiencing a slower market when compared to the conditions of just two years ago,” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “While across the Prairies and Atlantic provinces the market is quite active and balanced, increasing inventory and hesitant buyers in the GTA and the lower mainland (Vancouver and area) are resulting in a ‘wait and see’ market. With the next possible rate cut coming on July 24th buyers may be extending their ‘wait and see’ approach until the fall.”
Shyiak says that inventory and interest rates will likely be major factors in prices going forward, as sellers may hold off on putting their homes on the market in response to a hesitant buyer base waiting for interest rates to fall.
“Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever-evolving trends. That’s why this survey becomes more valuable year-over-year, because it allows us to see the big picture of Canadian housing.”
Regional highlights:
Atlantic Canada
Prices in Atlantic Canada have continued to see growth, but generally at a far more moderate pace compared to recent years. The sharp rise of Halifax condo prices seen in recent years stopped this year, with no change in price since last year. St. John’s, NL was an exception, with double-digit price growth continuing a steady upward trend that started in 2021. Moncton, NB also bucked this trend with a sharp 20 per cent rise in detached home prices, but to prices per square foot still among the lowest in Canada. Both are smaller markets feeling the boost of immigration both from abroad and within Canada. Along with the Prairies, Atlantic Canada continues to be the most affordable region in Canada, per square foot.
“We’re definitely feeling the change in the market, some areas of the region listing inventory is down while in others it is up. Prices are still trending up at various degrees and there are still families looking to make their home here,” says Joel Ives, Broker at CENTURY 21 Colonial Realty in Charlottetown. “I think we’re going to be able to weather these market conditions because we still have the advantage of affordability compared to the bigger markets.”
British Columbia
Though BC prices were stable overall for the first two-quarters of 2024 several Metro Vancouver suburbs saw price increases while Vancouver condo prices fell modestly, anecdotally due to families continuing to migrate from the city core to more affordable markets that offer more space. Vancouver east side houses went up almost 18 per cent in price to $977 per square foot, a rebound from a price decrease last year and well below the price per square foot of west side and downtown properties. West Vancouver, North Vancouver, Burnaby, Richmond, Delta, White Rock/South Surrey all saw increases this year as well – most of them modest, and a rebound from last year’s declines. Fraser Valley prices were stable.
In BC’s interior Kelowna’s market looks to have finally cooled after years of steady growth going back to 2019. Vernon is new to the report this year, with rates somewhat below those in Kelowna.
“A lot stayed the same this year, and it’s preferable to the alternative,” says CENTURY 21 Creekside owner Cameron Van Klei in Chilliwack. “We’re not seeing any signs of a huge turn, but it has been sluggish and we’re seeing the inevitable slowdown from the boom market of 2021.”
Quebec
After several years of sharp increases Montreal condo prices have declined by approximately 11 per cent. Conversely, detached homes have risen by a similar amount, which could tell a story of younger folks looking to upgrade to more space without moving out of the major metro area.
Ontario
Ontario was largely stable across the board, with the exception of a double-digit drop in Windsor detached house prices. That decrease follows a surge last year, returning the community to prices more in line with 2020 – 2022. The GTA saw little change, with the Toronto downtown condo market dipping by roughly 4.5 per cent. This drop builds on a sharp decline last year.
Sault Ste. Marie is new to the survey this year, and has the lowest PPSF for both condos and detached homes in the province. “We’re excited to see where the results of his survey take us,” says CENTURY 21 Choice Realty owner James Caicco in Sault Ste. Marie. “Our community is growing quickly and we’re sure that year-over-year trends will show just how many people have chosen to make Sault Ste. Marie their home.
Prairies
Overall, prices in the prairies were up in the single digits. Condo prices rose as the larger cities in the region continue to grow, with Regina condos seeing the largest gain at 16 per cent with smaller gains throughout the rest of the province. Only Brandon condos trended downwards, but at a very modest 0.85 per cent. Prairie prices remain among the most affordable in Canada.
Alberta
Alberta bucked the national trend, with prices increasing briskly in numerous markets. Even with the increases Alberta prices remain well below those in neighboring BC, as well as Ontario and Quebec. The price increases tell a story of migration – Canadians moving to Alberta, in particular smaller communities where property prices remain moderate. Calgary prices continue to grow, with young professionals pushing condo prices up 17 per cent from last year.
CENTURY 21 Canada’s annual survey of data on the price per square foot (PPSF) of properties gathers and compares sales data from its franchises across Canada from January 1 to June 30 of each year. By looking at the price per square foot at the same time each year the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey compares 2023 prices with this year’s results.
Price Per Square Foot Survey Results 2024
| ALBERTA | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Calgary | House | $341 | $325 | $320 | $355 | $396 | $419 | $470 | 12.17% |
| Calgary | Condo | $329 | $317 | $296 | $303 | $326 | $358 | $421 | 17.60% |
| Edmonton | Detached House | $288 | $272 | $268 | $284 | $297 | $309 | $317 | 2.59% |
| Edmonton | Duplex | $275 | $256 | $250 | $270 | $287 | $292 | $303 | 3.77% |
| Edmonton | Condo | $231 | $220 | $206 | $217 | $222 | $204 | $224 | 9.80% |
| High River | Detached House | $193 | $215 | $237 | $271 | $307 | $334 | $382 | 14.37% |
| High River | Condo | N/A | $241 | $173 | $176 | $223 | $233 | $285 | 22.32% |
| Okotoks | Detached House | N/A | $238 | $254 | $283 | $338 | $362 | $394 | 8.84% |
| Okotoks | Condo | N/A | $254 | $211 | $219 | $251 | $288 | $323 | 12.15% |
| Red Deer | Detached House | $276 | $262 | $252 | $289 | $293 | $294 | $325 | 10.54% |
| Red Deer | Townhouse | N/A | N/A | N/A | $207 | $214 | $226 | $222 | -1.77% |
| St. Albert | Detached House | $287 | $271 | $269 | $289 | $322 | $317 | $322 | 1.58% |
| St. Albert | Condo | $239 | $223 | $211 | $251 | $238 | $259 | $255 | -1.54% |
| St. Albert | Duplex | $262 | $272 | $278 | $280 | $325 | $347 | $301 | -13.26% |
| BRITISH COLUMBIA | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Chilliwack | Detached House | $297 | $294 | $288 | $406 | $515 | $419 | $427 | 1.91% |
| Chilliwack | Townhouse | $267 | $249 | $250 | $318 | $425 | $359 | $379 | 5.57% |
| Chilliwack | Condo/ Apartment | $283 | $290 | $270 | $351 | $473 | $443 | $437 | -1.35% |
| Kelowna | Detached House | $283 | $274 | $280 | $368 | $463 | $413 | $417 | 0.97% |
| Kelowna | Half Duplex | $247 | $260 | $263 | $320 | $402 | $362 | $393 | 8.56% |
| Kelowna | Townhouse | $292 | $287 | $302 | $365 | $452 | $422 | $422 | 0.00% |
| Kelowna | Apartment | $345 | $348 | $334 | $411 | $526 | $491 | $482 | -1.83% |
| Vancouver | Detached House | $856 | $769 | $816 | $975 | $1,177 | $978 | $890 | -9.00% |
| Vancouver, Downtown | Condo | $856 | $769 | $1,060 | $1,053 | $1,133 | $1,132 | $1,113 | -1.68% |
| Vancouver, East side | Detached House | $721 | $647 | $672 | $877 | $957 | $829 | $977 | 17.85% |
| Vancouver, West Side | Detached House | $1,147 | $990 | $1,004 | $1,208 | $1,421 | $1,149 | $1,161 | 1.04% |
| Burnaby | Detached House | $599 | $551 | $579 | $688 | $795 | $879 | $900 | 2.39% |
| West Van | Detached House | $899 | $738 | $734 | $971 | $1,038 | $930 | $1,037 | 11.51% |
| Richmond | Detached House | $677 | $598 | $608 | $722 | $831 | $773 | $831 | 7.50% |
| Delta North | Detached House | $423 | $400 | $413 | $570 | $716 | $594 | $618 | 4.04% |
| North Vancouver | Detached House | $681 | $613 | $690 | $794 | $910 | $817 | $937 | 14.69% |
| White Rock/South Surrey | Detached House | $506 | $472 | $435 | $625 | $795 | $627 | $724 | 15.47% |
| Victoria | Detached House | N/A | N/A | N/A | $558 | $592 | $602 | $567 | -5.81% |
| Victoria | Townhouse | N/A | N/A | N/A | $457 | $583 | $553 | $452 | -18.26% |
| Victoria | Condo | N/A | N/A | N/A | $659 | $676 | $723 | $694 | -4.01% |
| ATLANTIC | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Charlottetown | Detached House | $147 | $165 | $178 | $211 | $245 | $235 | $252 | 7.23% |
| Fredericton | Detached House | N/A | $99 | $123 | $147 | $170 | $196 | $196 | 0.00% |
| Halifax | Detached House | $155 | $162 | $170 | $281 | $408 | $398 | $414 | 4.02% |
| Halifax | Condo | $228 | $239 | $270 | $291 | $450 | $467 | $467 | 0.00% |
| Moncton | Detached House | $101 | $106 | $124 | $142 | $173 | $197 | $237 | 20.30% |
| Saint John | Detached House | N/A | $111 | $123 | $134 | $163 | $192 | $186 | -3.13% |
| St. John’s | Detached House | N/A | $132 | $135 | $149 | $167 | $167 | $272 | 62.87% |
| St. John’s | Condo | N/A | $174 | $116 | $182 | $212 | $205 | $234 | 14.15% |
| PRAIRIES | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Regina | Detached House | $254 | $246 | $237 | $250 | $284 | $275 | $290 | 5.17% |
| Regina | Condo | $236 | $213 | $205 | $205 | $194 | $189 | $227 | 16.74% |
| Saskatoon | Detached House | $270 | $263 | $263 | $314 | $336 | $344 | $370 | 7.03% |
| Saskatoon | Condo | $208 | $213 | $217 | $216 | $219 | $226 | $247 | 8.50% |
| Winnipeg | Detached House | $282 | $243 | $244 | $293 | $315 | $291 | $302 | 3.64% |
| Winnipeg | Condo | $261 | $220 | $223 | $234 | $254 | $249 | $271 | 8.12% |
| Winnipeg | Attached | N/A | $202 | $210 | $241 | $269 | $258 | $272 | 5.15% |
| Brandon | Detached House | $248 | $246 | $248 | $271 | $276 | $276 | $291 | 5.15% |
| Brandon | Condo | $196 | $204 | $204 | $203 | $243 | $236 | $234 | -0.85% |
| ONTARIO | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Barrie | Detached House | $283 | $350 | $350 | $378 | $503 | $576 | $579 | 0.52% |
| Bradford | Detached House | $286 | $345 | $358 | $410 | $580 | $535 | $530 | -0.93% |
| Cambridge | Detached House | $332 | $355 | $388 | $450 | $625 | $568 | $568 | 0.00% |
| Cambridge | Condo | $344 | $347 | $367 | $435 | $716 | $514 | $530 | 3.11% |
| Cambridge | Townhouse | $282 | $317 | $341 | $474 | $616 | $490 | $500 | 2.04% |
| Grey Bruce | Detached House | $175 | $182 | $195 | $357 | $455 | $406 | $415 | 2.22% |
| Guelph | Detached House | $397 | $409 | $443 | $483 | $690 | $627 | $618 | -1.44% |
| Guelph | Condo | $374 | $402 | $423 | $511 | $777 | $482 | $480 | -0.41% |
| Guelph | Duplex | $348 | $362 | $400 | $451 | $648 | $523 | $525 | 0.38% |
| Guelph | Townhouse | $311 | $335 | $364 | $433 | $641 | $580 | $573 | -1.21% |
| Hamilton | Detached House | $362 | $378 | $406 | $532 | $553 | $523 | $509 | -2.68% |
| Hamilton | Townhouse | $257 | $350 | $343 | $453 | $538 | $508 | $507 | -0.20% |
| Kitchener | Detached House | $339 | $359 | $400 | $430 | $618 | $610 | $605 | -0.82% |
| Kitchener | Townhouse | N/A | $323 | $342 | $435 | $576 | $487 | $490 | 0.62% |
| Kitchener | Condo | $328 | $362 | $399 | $483 | $800 | $516 | $491 | -4.84% |
| London | Detached House | $191 | $237 | $250 | $362 | $466 | $466 | $463 | -0.64% |
| Markham | Detached House | N/A | N/A | $485 | $557 | $685 | $841 | $822 | -2.26% |
| Niagara Falls | Detached House | N/A | $275 | $300 | $390 | $531 | $514 | $505 | -1.75% |
| Newmarket | Detached House | N/A | $372 | $510 | $505 | $516 | $704 | $693 | -1.56% |
| Ottawa | Detached House | $225 | $258 | $313 | $429 | $465 | $587 | $607 | 3.41% |
| Ottawa | Townhouse | N/A | N/A | N/A | $392 | $451 | $566 | $534 | -5.65% |
| Ottawa | Condo | $442 | $485 | $577 | $479 | $583 | $538 | $550 | 2.23% |
| Owen Sound | Detached House | $145 | $158 | $167 | $312 | $380 | $361 | $362 | 0.28% |
| Richmond Hill | Detached House | $445 | $465 | $522 | $520 | $665 | $813 | $806 | -0.86% |
| Sault Ste. Marie | Detached House | $298 | |||||||
| Sault Ste. Marie | Condo | $328 | |||||||
| St. Catharines | Detached House | $310 | $290 | $330 | $400 | $612 | $528 | $523 | -0.95% |
| Toronto, Downtown | Condo | $903 | $994 | $1,083 | $956 | $1,217 | $739 | $706 | -4.47% |
| Vaughn | Detached House | $434 | $503 | $548 | $612 | $695 | $772 | $776 | 0.52% |
| Waterloo | Detached House | N/A | $372 | $407 | $421 | $613 | $603 | $601 | -0.33% |
| Waterloo | Townhouse | N/A | $324 | $344 | $408 | $641 | $486 | $489 | 0.62% |
| Waterloo | Condo | N/A | $402 | $411 | $503 | $777 | $525 | $498 | -5.14% |
| Windsor | Detached House | N/A | $372 | $407 | $295 | $306 | $469 | $364 | -22.39% |
| QUEBEC | HOUSE TYPE | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | % Change from 2023 |
| Montreal, Downtown and SW | Condo | $567 | $709 | $805 | $935 | $935 | $763 | $672 | -11.93% |
| Montreal, Downtown and SW | Detached House | $603 | $674 | $958 | $1,350 | $1,357 | $880 | $972 | 10.45% |
Règlement NAR illustre l’importance de la pleine transparence dans le processus d’achat d’une maison
Les consommateurs du marché immobilier canadien sont souvent jetés dans le grand bain de la décision financière la plus compliquée de leur vie, et il est crucial qu’ils exigent une transparence totale de l’agent qui est là pour les guider. Le récent règlement de 418 millions de dollars de la National Association of Realtors (NAR) aux États-Unis a entraîné une plus grande complexité dans le processus d’achat de maison aux États-Unis et, bien que les effets ne se soient pas encore fait ressentir au nord, il agit comme un rappel brutal qu’il y a des points clés que les consommateurs devraient discuter avec leurs agents immobiliers dès le départ.
Aux États-Unis, les acheteurs doivent désormais conclure un accord avant de voir une annonce et préciser la rémunération de leur agent. La rémunération de l’agent pourrait maintenant s’ajouter au budget d’achat, il est donc important de comprendre d’où provient la commission de l’agent acheteur – que ce soit du vendeur, de l’agence immobilière mandataire ou de l’acheteur lui-même. Il existe également un potentiel pour plus de transactions “à double extrémité” par des agents mandataires, ce qui soulève des questions sur les avantages pour les consommateurs, surtout lorsqu’il y a eu une poussée précédente dans l’industrie pour limiter ou interdire l’agence double, ce qui n’est actuellement pas autorisé en Colombie-Britannique.
Et avant que nous ne devenions trop complaisants en pensant que le Canada n’a pas à suivre l’exemple de nos voisins du Sud, sachez qu’il existe au moins deux poursuites similaires au Canada concernant des violations de la loi sur la concurrence et des allégations de fixation des prix. La bonne nouvelle est que le Canada a une longue tradition de transparence en ce qui concerne les taux de commission, et bien que les directives en matière de représentation des consommateurs varient d’une province à l’autre, les accords écrits avec les acheteurs sont courants depuis de nombreuses années. Ces accords expliquent souvent les services fournis ainsi que les détails du paiement, et les consommateurs au Canada sont habitués à ce que les services et les coûts leur soient expliqués par leur AGENT IMMOBILIER. Donc, n’ayez pas peur d’avoir une conversation avec votre agent immobilier pour savoir comment les réglementations peuvent impacter et protéger votre processus d’achat de maison.
Pour l’instant cependant, il est crucial de se rappeler que les marchés immobiliers aux États-Unis et au Canada fonctionnent selon leurs règlements distincts et leurs normes industrielles. Bien que le règlement de la NAR puisse ne pas avoir d’impact direct sur les consommateurs canadiens, c’est une occasion pour les acheteurs de maisons préoccupés de planifier des conversations avec leurs agents immobiliers et de savoir exactement comment ils assurent la transparence et priorisent vos intérêts dans les négociations.
Bien que le règlement de la NAR puisse ne pas finir par affecter les pratiques immobilières canadiennes, c’est une chance pour les consommateurs d’être mieux informés. Lorsque vous travaillez avec un agent immobilier, il est essentiel de connaître les bonnes questions à poser dès le départ. Comment fonctionne la rémunération et de qui est la responsabilité? Quels services allez-vous fournir pour le taux de commission que vous recevrez? Comment m’aiderez-vous dans le processus d’achat et/ou de vente? Obtenez une explication sur les règlements immobiliers canadiens et comment votre agent prévoit de prioriser la transparence.
En restant informés et en posant ces questions, les acheteurs de maisons canadiens, en particulier ceux qui se lancent dans une recherche de maison pour la première fois, peuvent naviguer dans ces changements potentiels et s’assurer de prendre des décisions éclairées dans le marché immobilier en constante évolution.
Todd Shyiak, Vice-président exécutif, CENTURY 21 Canada
CENTURY 21 Quantum Realty aims to become a big part of Edmonton real estate
February 26, 2024, Edmonton – One of Edmonton’s top real estate agents has struck out on his own to helm the wheel at his own brokerage. Tushar Bhutani, formerly a RE/MAX agent, has opened the doors of CENTURY 21 Quantum Realty and has big plans for his new path as a brokerage owner.
“I have been in real estate since 2015 and also ranked as one of the top agents in Edmonton for the RE/MAX brand throughout my tenure with them since 2016 to 2023 until I decided to open up my own brokerage and transition myself into C21 brand,” says Tushar. When the time came for him to take his career in a new direction, CENTURY 21 Canada was top of mind and the support he received from the beginning played a large part in his decision to choose the legacy brand as his new home.
“They have such a strong brand presence throughout the province, and I was really impressed by the technology offered to agents to use in their business. The CENTURY 21 Canada team had such a quick response time when I first inquired about opening a C21 franchise, and the support from their management has remained strong to this day.”
Looking to the future, Tushar has big plans to grow his brokerage into a fixture in the Edmonton region. “I want to have the most agents, and the most deals,” he says. “In my past offices and when I was looking for brokerages to work with, I kept finding gaps, especially in supporting agents’ success. Now that I have my own office, I want to implement these systems that will help agents succeed, and I’ve had a great response so far. Now I want to continue this momentum.”
“Tushar has come in with so much enthusiasm and we want to help him every step of the way as he implements his big plans,” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “We pride ourselves on standing out amongst Canadian real estate brands because of the level of support we provide our brokers, and they know that our entire head office team is ready to help them succeed.”
A big part of the agent success plan that Tushar envisions is a team atmosphere where every one of his agents can find support and prosper. “I want to hire a mix of new and experienced agents, so that those of different skill levels can find mentorship and support. By thinking of human support first and foremost for my agents, I am sure I will be able to make this office one of the most successful ones with the CENTURY 21 brand.”
CENTURY 21 Quantum Realty opened in December 2023 and already has 13 agents as part of their franchise. Additionally, Tushar Bhutani earned a CENTURION Producer award from the brand for the 2023 fiscal year.
CENTURY 21 Green Realty renews long-term contract with CENTURY 21 Canada
March 2024, Mississauga – CENTURY 21 Green Realty in Mississauga has chosen to renew their contract with CENTURY 21 Canada long-term, continuing a relationship with the legacy brand that has produced numerous accolades and fifteen years of continued success.
Franchise owner Lakhvir Randhawa joined CENTURY 21 Canada in 2009 as the owner of CENTURY 21 Green Realty, and in its first year, the company achieved Gold Medallion® status. The climb over the next decade would see them epitomize excellence and reach Grand CENTURION® status, the highest honour given to offices within the CENTURY 21 Canada system. CENTURY 21 Green Realty has consistently ranked among the top offices in the Global Century 21 network, most recently as the #21 Office by Production in the world for the 2023 fiscal year.
Randhawa has grown his franchise to 265 strong, including agents and support staff. “Our mission is dedicated to being the premier full-service brokerage,” he explains. “We are committed to supporting, empowering, and guiding real estate agents, buyers and sellers alike. Our unwavering focus on providing unparalleled service, expertise, and personalized attention ensures that our agents achieve their business goals with confidence and success.”
CENTURY 21 Green Realty is also the host of an annual golf tournament in support of Easter Seals Canada, the brand’s national charitable partner, which is now looking forward to its seventh outing later this summer.
“A franchise is only as strong as its people, and under Lakhvir’s leadership, the team at CENTURY 21 Green is stronger than ever!” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “We are honoured to have supported their growth and watched them come this far, and our entire head office team is looking forward to being there for their journey for many years to come.”
CENTURY 21 Green Realty’s main office serves Mississauga and the broader GTA. They also operate branch and satellite offices in Mississauga and Milton.
How homebuyers can tune out the noise and navigate a difficult housing market
The Mortgage Pre-Qualification Tool by CENTUM Financial Group for CENTURY 21 Canada helps buyers take the first step
It’s no secret that the housing market is currently going through its fair share of ups and downs, and prospective homebuyers are feeling the emotional rollercoaster. Buying a home is one of the biggest financial decisions of your life and many potential homebuyers are quickly overwhelmed.
“There’s no end to the alarmist headlines, from interest rate hikes to inventory stats to endless market analyses,” says Todd Shyiak, executive vice-president of the CENTURY 21 Canada real estate brand. “Naturally, anyone who’s thinking of entering the market is hesitant to make any big moves and we see the ripple effect of that throughout the industry.”
But there are ways for buyers to regain confidence, and a big part of that comes from knowing what they need and what they can afford. Reaching out to a mortgage broker is a good step, but one that a gun-shy buyer may not be ready to take. Still, even if they’re unsure how serious they are about committing to a search, they’ll only benefit from having a hard number to work with. That was the driving factor behind a collaboration between CENTURY 21 Canada and Centum Financial Group, which resulted in their cutting-edge Mortgage Pre-Qualification Tool.
“We realized there wasn’t anything for a consumer to do once they found a listing they liked, but didn’t know if they could afford it,” explains Chris Turcotte, president and CEO of Centum Financial Group. “We wanted them to have a strong idea of what payments they could expect to make and whether or not that fit their lifestyle. That way, when they were ready to reach out to an agent or a mortgage broker, they could have productive conversations and, if necessary, make quick decisions with a high degree of confidence.”
Mortgage pre-qualification isn’t a binding agreement, so if it turns out buyers aren’t ready to take that step, then they’ll have the advantage of a number in the back of their mind whenever they decide to return to that search. And as interest rates fluctuate or more inventory comes into the housing market, having concrete information will stave off the stress that comes from doomsday headlines or the next analyst trying to predict the future.
“At the end of the day, we can only make informed predictions about what the housing market will do, but we can’t make any guarantees,” says Turcotte. “If you’re in the market for a new home, take the time to know your numbers and take control where you can — more preparation means less stress in the long run.”
To search for listings and try out the Mortgage Pre-Qualification Tool, visit c21.ca.
CENTURY 21 Canada Opens 18 New Offices in 2023
January 19, 2023, Vancouver- CENTURY 21 Canada ended 2023 on a high-note with a total of 18 new offices opening across the country.
“We didn’t know how the year was going to go, but we stood by our value proposition and once again, brokers responded,” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “As the real estate market in Canada comes down from the high of the past few years, more and more brokers are seeing the value in the training, tech and personal support that we aim to provide each and every one of them. Our team is the best in the business and there’s nothing we haven’t experienced, so if one of our brokers needs a word of advice, we’re here for them.”
New Franchises and Offices
| CENTURY 21 Smart Realty | Edmonton, AB |
| CENTURY 21 Twin Realty | Hinton, AB |
| CENTURY 21 River’s Edge Ltd. | Winchester, ON |
| CENTURY 21 Shield Realty Ltd. | Lancaster, ON |
| CENTURY 21 Property Zone Realty Inc. | Brampton, ON |
| CENTURY 21 Percy Fulton Ltd. | Brighton, ON |
| CENTURY 21 Green Realty Inc. | Mississauga, ON |
| CENTURY 21 Creekside Realty Ltd. | Chilliwack, BC
Chilliwack, BC |
| CENTURY 21 Creekside Realty Ltd. | Agassiz, BC |
| CENTURY 21 Creekside Realty Ltd. | Abbotsford, BC |
| CENTURY 21 Gillany Realty | Whitecourt, AB |
| CENTURY 21 Northern Realty | Vaughan, ON |
| CENTURY 21 Quantum Realty | Edmonton, AB |
| CENTURY 21 Trident Realty Ltd. | North Sydney, NS |
| CENTURY 21 ACE | Calgary, AB |
| CENTURY 21 Profusion | Montreal, QC |
| CENTURY 21 Power Realty Ltd. | Calgary, AB |
Owner of CENTURY 21 Gillany Realty, Rizwan Sayed, has seen the advances in real estate technology and created an innovative space for agents under the CENTURY 21 Canada brand. “I had heard great reviews of the brand, and I liked that they innovate,” says Sayed. “They are constantly looking for ways to improve and evolve, they provide a full suite of technology tools to help us push forward and the physical human support I get from the head office has no equal in the industry.”
Vikaas K. Kwatra opened the first office of 2023 in Edmonton, CENTURY 21 Smart Realty. “My main motivation is to help new agents because if they don’t have the right teacher, they leave within six months of joining the industry,” he explains. “I was with the brand for a long time and when I wanted to open my own brokerage, my experiences with their tools, culture and support system made them better than anyone.”
CENTURY 21 Canada now boasts approximately 400 offices across Canada and, in addition to its new franchises, renewed contracts with 26 brokerages in 2023.
Price Per Square Foot Survey 2023
Interest rate hikes prompt modest decline in Canadian home prices, but no freefall in sight, impact uneven
Vancouver (Aug 2, 2022) – Canadian housing prices have fallen with rising interest rates, but when looking back over even just two years remain on a long-term upward trend. Even then, the situation is uneven. The hot housing markets of the biggest city centres are seeing lower condo prices but smaller markets are seeing price per square foot growth, especially in single-family homes. Alberta bucked the trend and experienced price increases in many markets this year, while other Prairie provinces held steady. BC saw the most significant price declines.
The seventh annual Price per Square Foot survey is being released by CENTURY 21 Canada, comparing the price per square foot of properties sold between January 1 and June 30 this year to the same period of previous years.
Notably, most markets that did experience price declines from last year remained roughly equivalent to their 2021 benchmarks and well above earlier years. This year’s survey offers data going back to 2018 for numerous communities coast-to-coast.
“We knew that the market had to come down from the highs of the last few years, and we’re now fully seeing the effects of the interest rate growth that started last year,” says Todd Shyiak, Executive Vice President of CENTURY 21 Canada. “But we have to look at these numbers within the larger context. The fact that we haven’t dipped to pre-pandemic levels shows that homes are still in demand, and we continue to see growth in smaller markets as more families seek a lower cost of living.”
Prices had reached low points in January but steadily climbed over the spring, though many markets didn’t manage to regain their 2022 levels. Condos in Vancouver, Toronto and Montreal all saw declines, while detached homes across small Ontario cities rose, as did those in Atlantic Canada, indicating families seeking space. New Brunswick is emerging as a leader in Atlantic Canadian growth. Results from the 2021 census showed that Moncton, Fredericton and St. John are seen as popular locations for immigrants, and the results from this year’s PPSF survey indicate that trend has continued.
Shyiak says that inventory will play a major factor in prices going forward, as sellers may hold off on putting their homes on the market in response to a hesitant buyer base. “Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever evolving trends. That’s why this survey becomes more valuable year-over-year, because it allows us to see the big picture of Canadian housing.”
Regional highlights:
Atlantic Canada
Prices in Atlantic Canada have continued to rise as Canadians from expensive urban markets seek a lower cost of living. For the first year since this survey started Halifax has lost its crown as the market with the steepest rise as condos in that city saw the smallest increase in the region after a sharp double-digit increase last year. Detached homes in Fredericton, Moncton and St. John’s all saw double-digit increases.
“Families are finding this to be a great place to settle down. We’ve been seeing these trends for years but post-2020 is when it really took off,” says Paul Burns, Manager at CENTURY 21 A&T Countryside Realty. “Interest rates may have slowed the market down slightly, but I’m confident New Brunswick especially will continue to grow.”
British Columbia
The steep prices throughout BC seem to have finally reached their cooling point, with the province seeing the steepest price declines but generally to levels still at or above those from 2021. Even then, Vancouver boasts some of the most expensive price per square foot dwellings in Canada, and prices of both detached houses and condos in the surrounding suburbs remain comparatively high.
Cities farther from the metropolitan core such as Chilliwack and Kelowna have also seen dips, though prices climbed throughout the spring to remain above 2021 levels. The only BC region to see growth was Victoria, possibly indicating more Lower Mainlanders searching across the water for cheaper real estate.
Quebec
Like the other Canadian metropolises, Montreal saw a dip in the price of condos and detached homes, but unlike Vancouver and Toronto the decline was modest and in the single digits. “A lot of young buyers like Montreal, and that’s helped keep the markets here relatively stable,” says Mohamad Al-Hajj, owner of CENTURY 21 Immo-Plus. “We’ll keep an eye on how the rest of the year goes, but it does look like things will remain steady.”
Ontario
Canada’s most populous province saw a wide range of change throughout, from declines to rises all over the map. Toronto condos remain expensive at a PPSF of $1,013, though this is a 16 per cent drop from 2022 to a level roughly in line with 2021 and 2020 prices. However, cities like Niagara Falls and Cambridge saw their family home types gain in the double-digits, and they lead an overall trend of cities farther away from the GTA seeing growth in the price of single-family homes.
“The trend of families looking for space away from the downtown core continues,” says Eryn Richardson, owner of CENTURY 21 Heritage Group. “The changing interest rates definitely had an impact on the prices as buyers are more hesitant, but no single market has fallen dramatically and we’re still seeing a lot of growth.”
Prairies
The Prairies have remained relatively steady with minor gains and losses across the board. Saskatoon detached homes lead the pack at a PPSF of $344, a testament to families who come to the region for space and lower costs. Winnipeg, Brandon and Regina continue the trend, seeing their detached single family homes at $291, $276 and $275 respectively. The most significant decline was in Winnipeg, but even there detached homes fell just 7.62 per cent in price per square foot – the moderate change reflecting the stability of the region.
Alberta
Overall, Alberta has seen the most growth over the past year, with consistent price per square foot gains in most markets. Growth was modest but steady over the first half of 2023, and regions that saw declines dipped no further than 2020 levels. Edmonton condos were among those to decline, a potential sign of younger and newer buyers being affected by rising interest rates.
However, condos in Okotoks rose 14 per cent in price, a good indication that smaller towns still have the potential to grow fast as buyers explore new options. Just north, Calgary saw a rise of 5.81 per cent in single-family homes and 9.82 per cent in condos, while Red Deer was largely unchanged.
“Alberta has really emerged as a viable option for a lot of buyers who are leaving the more expensive areas of BC. Buyers both young and established are finding homes that fit their needs,” says George Bamber, owner of CENTURY 21 Bamber Realty. “Not only are they getting cheaper housing, but they’re also finding vibrant and fast-growing communities that they can make their own.”
CENTURY 21 Canada’s annual survey of data on the price per square foot (PPSF) of properties gathers and compares sales data from its franchises across Canada from January 1 to June 30 of each year. By looking at the price per square foot at the same time each year the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey compares 2022 prices with this year’s results.
See the full PPSF study results below.
| ALBERTA | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Calgary | House | $341 | $325 | $320 | $355 | $396 | $419 | 5.81% |
| Calgary | Condo | $329 | $317 | $296 | $303 | $326 | $358 | 9.82% |
| Edmonton | Detached House | $288 | $272 | $268 | $284 | $297 | $309 | 4.04% |
| Edmonton | Duplex | $275 | $256 | $250 | $270 | $287 | $292 | 1.74% |
| Edmonton | Condo | $231 | $220 | $206 | $217 | $222 | $204 | -8.11% |
| High River | Detached House | $193 | $215 | $237 | $271 | $307 | $334 | 8.79% |
| High River | Condo | N/A | $241 | $173 | $176 | $223 | $233 | 4.48% |
| Okotoks | Detached House | N/A | $238 | $254 | $283 | $338 | $362 | 7.10% |
| Okotoks | Condo | N/A | $254 | $211 | $219 | $251 | $288 | 14.74% |
| Red Deer | Detached House | $276 | $262 | $252 | $289 | $293 | $294 | 0.34% |
| Red Deer | Townhouse | N/A | N/A | N/A | $207 | $214 | $226 | 5.61% |
| Red Deer | Condo | N/A | N/A | N/A | $186 | $194 | $196 | 1.03% |
| Red Deer | Duplex | N/A | N/A | N/A | N/A | $269 | $264 | -1.86% |
| St. Albert | Detached House | $287 | $271 | $269 | $289 | $322 | $317 | -1.55% |
| St. Albert | Condo | $239 | $223 | $211 | $251 | $238 | $259 | 8.82% |
| St. Albert | Duplex | $262 | $272 | $278 | $280 | $325 | $347 | 6.77% |
| BRITISH COLUMBIA | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Chilliwack | Detached House | $297 | $294 | $288 | $406 | $515 | $419 | -18.64% |
| Chilliwack | Townhouse | $267 | $249 | $250 | $318 | $425 | $359 | -15.53% |
| Chilliwack | Condo/ Apartment | $283 | $290 | $270 | $351 | $473 | $443 | -6.34% |
| Kelowna | Detached House | $283 | $274 | $280 | $368 | $463 | $413 | -10.80% |
| Kelowna | Half Duplex | $247 | $260 | $263 | $320 | $402 | $362 | -9.95% |
| Kelowna | Townhouse | $292 | $287 | $302 | $365 | $452 | $422 | -6.64% |
| Kelowna | Apartment | $345 | $348 | $334 | $411 | $526 | $491 | -6.65% |
| Vancouver | Detached House | $856 | $769 | $816 | $975 | $1,177 | $978 | -16.91% |
| Vancouver, Downtown | Condo | $856 | $769 | $1,060 | $1,053 | $1,133 | $1,132 | -0.09% |
| Vancouver, East side | Detached House | $721 | $647 | $672 | $877 | $957 | $829 | -13.38% |
| Vancouver, West Side | Detached House | $1,147 | $990 | $1,004 | $1,208 | $1,421 | $1,149 | -19.14% |
| Burnaby | Detached House | $599 | $551 | $579 | $688 | $795 | $725 | -8.81% |
| West Van | Detached House | $899 | $738 | $734 | $971 | $1,038 | $930 | -10.40% |
| Vancouver, Richmond | Detached House | $677 | $598 | $608 | $722 | $831 | $773 | -6.98% |
| Delta North | Detached House | $423 | $400 | $413 | $570 | $716 | $594 | -17.04% |
| North Vancouver | Detached House | $681 | $613 | $690 | $794 | $910 | $817 | -10.22% |
| White Rock/South Surrey | Detached House | $506 | $472 | $435 | $625 | $795 | $627 | -21.13% |
| Victoria | Detached House | N/A | N/A | N/A | $558 | $592 | $602 | 1.69% |
| Victoria | Townhouse | N/A | N/A | N/A | $457 | $583 | $553 | -5.15% |
| Victoria | Condo | N/A | N/A | N/A | $659 | $676 | $723 | 6.95% |
| ATLANTIC | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Charlottetown | Detached House | $147 | $165 | $178 | $211 | $245 | $235 | -4.08% |
| Fredericton | Detached House | N/A | $99 | $123 | $147 | $170 | $196 | 15.29% |
| Halifax | Detached House | $155 | $162 | $170 | $281 | $408 | $398 | -2.45% |
| Halifax | Condo | $228 | $239 | $270 | $291 | $450 | $467 | 3.78% |
| Moncton | Detached House | $101 | $106 | $124 | $142 | $173 | $197 | 13.87% |
| Saint John | Detached House | N/A | $111 | $123 | $134 | $163 | $192 | 17.79% |
| St. John’s | Detached House | N/A | $132 | $135 | $149 | $167 | $167 | 0.00% |
| St. John’s | Condo | N/A | $174 | $116 | $182 | $212 | $205 | -3.30% |
| PRAIRIES | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Regina | Detached House | $254 | $246 | $237 | $250 | $284 | $275 | -3.17% |
| Regina | Condo | $236 | $213 | $205 | $205 | $194 | $189 | -2.58% |
| Saskatoon | Detached House | $270 | $263 | $263 | $314 | $336 | $344 | 2.38% |
| Saskatoon | Condo | $208 | $213 | $217 | $216 | $219 | $226 | 3.20% |
| Winnipeg | Detached House | $282 | $243 | $244 | $293 | $315 | $291 | -7.62% |
| Winnipeg | Condo | $261 | $220 | $223 | $234 | $254 | $249 | -1.97% |
| Winnipeg | Attached | N/A | $202 | $210 | $241 | $269 | $258 | -4.09% |
| Brandon | Detached House | $248 | $246 | $248 | $271 | $276 | $276 | 0.00% |
| Brandon | Condo | $196 | $204 | $204 | $203 | $243 | $236 | -2.88% |
| ONTARIO | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Barrie | Detached House | $283 | $350 | $350 | $378 | $503 | $524 | 4.17% |
| Bradford | Detached House | $286 | $345 | $358 | $410 | $580 | $617 | 6.38% |
| Cambridge | Detached House | $332 | $355 | $388 | $450 | $625 | $670 | 7.20% |
| Cambridge | Duplex | $311 | $331 | $377 | $527 | $656 | $757 | 15.40% |
| Cambridge | Condo | $344 | $347 | $367 | $435 | $716 | $787 | 9.92% |
| Cambridge | Townhouse | $282 | $317 | $341 | $474 | $616 | $575 | -6.66% |
| Grey Bruce | Detached House | $175 | $182 | $195 | $357 | $455 | $434 | -4.62% |
| Guelph | Detached House | $397 | $409 | $443 | $483 | $690 | $527 | -23.62% |
| Guelph | Condo | $374 | $402 | $423 | $511 | $777 | $740 | -4.76% |
| Guelph | Duplex | $348 | $362 | $400 | $451 | $648 | $691 | 6.64% |
| Guelph | Townhouse | $311 | $335 | $364 | $433 | $641 | $605 | -5.62% |
| Hamilton | Detached House | $362 | $378 | $406 | $532 | $553 | $530 | -4.16% |
| Hamilton | Townhouse | $257 | $350 | $343 | $453 | $538 | $482 | -10.41% |
| Kitchener | Detached House | $339 | $359 | $400 | $430 | $618 | $610 | -1.29% |
| Kitchener | Semi-Detached | N/A | $341 | $399 | $460 | $623 | $632 | 1.44% |
| Kitchener | Townhouse | N/A | $323 | $342 | $435 | $576 | $583 | 1.22% |
| Kitchener | Condo | $328 | $362 | $399 | $483 | $800 | $838 | 4.75% |
| London | Detached House | $191 | $237 | $250 | $362 | $466 | $384 | -17.60% |
| Markham | Detached House | N/A | N/A | $485 | $557 | $685 | $753 | 9.93% |
| Niagara Falls | Bungalow | N/A | $336 | $395 | $475 | $630 | $746 | 18.41% |
| Niagara Falls | Detached House | N/A | $275 | $300 | $390 | $531 | $606 | 14.12% |
| Newmarket | Detached House | N/A | $372 | $510 | $505 | $516 | $536 | 3.88% |
| Ottawa | Detached House | $225 | $258 | $313 | $429 | $465 | $502 | 7.96% |
| Ottawa | Townhouse | N/A | N/A | N/A | $392 | $451 | $419 | -7.10% |
| Ottawa | Condo | $442 | $485 | $577 | $479 | $583 | $552 | -5.32% |
| Owen Sound | Detached House | $145 | $158 | $167 | $312 | $380 | $393 | 3.42% |
| Richmond Hill | Detached House | $445 | $465 | $522 | $520 | $665 | $717 | 7.82% |
| St. Catharines | Bungalow | $385 | $367 | $425 | $520 | $589 | $639 | 8.49% |
| St. Catharines | Detached House | $310 | $290 | $330 | $400 | $612 | $636 | 3.92% |
| Toronto, Downtown | Condo | $903 | $994 | $1,083 | $956 | $1,217 | $1,013 | -16.76% |
| Vaughn | Detached House | $434 | $503 | $548 | $612 | $695 | $687 | -1.15% |
| Waterloo | Detached House | N/A | $372 | $407 | $421 | $613 | $520 | -15.17% |
| Waterloo | Semi-detached | N/A | $357 | $399 | $439 | $648 | $663 | 2.31% |
| Waterloo | Townhouse | N/A | $324 | $344 | $408 | $641 | $651 | 1.56% |
| Waterloo | Condo | N/A | $402 | $411 | $503 | $777 | $831 | 6.95% |
| Windsor | Detached House | N/A | $372 | $407 | $295 | $306 | $469 | 53.27% |
| QUEBEC | House Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | % Change from 2022 |
| Montreal, Downtown and SW | Condo | $567 | $709 | $805 | $935 | $935 | $879 | -5.99% |
| Montreal, Downtown and SW | Detached House | $603 | $674 | $958 | $1,350 | $1,357 | $1,235 | -8.99% |
Spacelist and CENTURY 21 Canada Commercial Launch Partnership
Participating brokers now powered by a centralized commercial listings management system.
Vancouver, BC, March 14, 2022 – Spacelist, a leading commercial real estate listing platform, is announcing its partnership with CENTURY 21 Canada Commercial. A combination of Spacelist’s listing syndication service and listing management solutions ensures CENTURY 21’s listings at participating offices are accurate and updated across their corporate and individual office websites.
Since 2012, Spacelist has been the leading commercial real estate marketing platform in Canada and has recently expanded to the US. “Working with market leaders like CENTURY 21 Canada Commercial is helping pave the way for new levels of efficiency in marketing commercial properties,” says Steven Jaffe, CEO of Spacelist.
The integration leverages listing APIs built by Spacelist, which allow CENTURY 21’s listings to automatically update on Spacelist and CENTURY 21’s participating websites, saving time and eliminating duplicate data entry and human error in the markets where Spacelist has a relationship with the MLS. Advanced lead generation features also enable listing agents to gather more information from potential clients than ever before.
“The ability for the commercial listings to be syndicated to a number of economic development organizations is key for us,” said Todd Shyiak, Vice President, National Network Development at CENTURY 21 Canada. “We want to ensure that our sales reps listings are seen in as many places as possible and Spacelist makes it easy to do that. The feedback we’ve received from our participating offices has been very positive.”
This collaboration reinforces commitments to streamline the marketing and administration of C21 Commercial listings in Canada. Spacelist has been investing in new technologies to further improve the efficiency of the commercial real estate industry, including its latest venture Propdocs, which streamlines commercial real estate transactions end-to-end.
“With a network as large as CENTURY 21 Commercials in Canada, we’re excited to be able to help their offices and listing agents benefit from simplified listing management and streamline their back-office work,” said Jaffe. “Spending less time on admin work and listing management offers even more time to provide excellent service to their clients.”
ABOUT SPACELIST
Founded in 2012, Spacelist’s mission is to make commercial real estate more accessible and efficient. Spacelist brings all the commercial real estate listings in Canada and the US together in one place, making it easier than ever to find great space for your business. In addition to serving thousands of prospective tenants daily, Spacelist offers a wide range of listing and lead management solutions for commercial real estate firms. For more information, or to find commercial space, visit: spacelist.co
