[Barometer] Historic drop of 0.9% in real estate prices in Quebec in 2022

Is the year 2022 already a turning point for the real estate market in Quebec? With a general drop of 0.9% in the value of real estate transactions between December 2021 and December 2022 in La Belle Province, we can already say yes. This barometer analyses the dynamics of Quebec and Canada's real estate market province by province, city by city.

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Real estate prices down in 2022 in Montreal, up in Trois-Rivières, Sherbrooke and Quebec

The real estate market seems to be entering a period of uncertainty in Canada and Quebec. For the first time in many years, the average value of real estate transactions fell in the Belle Province: -0.9% in December 2022 compared to December 2021. However, we observe different dynamics depending on the city:

Real estate prices drop by 12% in Ontario and British Columbia, Atlantic provinces still on the rise

While real estate prices peaked in 2021 in Canada, 2022 seems to be the beginning of a trend reversal. Even though prices continued to increase in 7 of the 10 Canadian provinces between December 2021 and December 2022, they are beginning to drop sharply in the 3 most populated provinces. On the graph below, we can distinguish several dynamics:

Montreal is the 5th big city where buying real estate is the most expensive as of the end of 2022 in Canada

The dynamics of the real estate market in large cities sometimes differ from those of the provinces taken as a whole. Thus, we observe on the graph below that:

Sherbrooke and Trois-Rivières among the 15 Canadian cities where real estate grew the most in 2022

Despite real estate prices falling by 12% across the national territory between December 2021 and December 2022, some cities and districts are still doing well. We find in the table below the 15 cities or districts in which the real estate transactions increased the most:

RankCity / DistrictProvinceAverage transaction
(Dec. 2021)
Average transaction
(Dec. 2022)
Change
1
South Central AlbertaAlberta$189,423$240,719+27.1%
2
Timmins & CochraneOntario$216,652$273,782+26.4%
3
Portage la PrairieManitoba$262,552$321,627+22.5%
4
Medicine HatAlberta$273,998$322,990+17.9%
5
BrandonManitoba$216,150$254468+17.7%
6
YarmouthNova Scotia$180,600$207,400+14.8%
7
Northern Nova ScotiaNova Scotia$183,700$207,900+13.2%
8
South ShoreNova Scotia$242,000$273,200+12.9%
9
LethbridgeAlberta$316,279$347,914+10%
10
Trois-RivièresQuebec$274,205$301,719+10%
11
HighlandNova Scotia$190,300$208,800+9.7%
12
CalgaryAlberta$468,300$506,400+8.1%
13
Annapolis ValleyNova Scotia$266,500$288,200+8.1%
14
SherbrookeQuebec$396,974$427,278+7.6%
15
Great MonctonNew-Brunswick$282,400$303,600+7.5%
Top 15 cities where the average transaction increased the most in Canada between December 2021 and December 2022

Our methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

This study is based on data from the Canadian Real Estate Association (CREA), supplemented by data provided by some of our business partners. The comparisons made were made month to month, between December 2021 and December 2022.

About HelloSafe Canada

HelloSafe is Canada's leading platform for comparing insurance and personal financial products. HelloSafe provides Canadians with hundreds of free, anonymous and quick comparison tools and calculators built on powerful proprietary technology. Up-to-date content from experts accompanies all our comparison tools. Our platform empowers you to make the best decisions with your money and find the right products at the right price. To access all Hellosafe.ca news and publications, click here.

About HelloSafe Canada

HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.

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