The data came from the Century 21 Canada’s annual “Price per Square Foot survey,” which compares the price per square foot of properties sold between January 1 and June 30 of the current year to the same period in previous years.
The report also found that prices hit their lowest points in January but showed a steady increase over the spring months. However, despite the upward trend, many markets were unable to recover to their 2022 peak prices reached before the interest rate hikes started. Breaking down the data regionally, British Columbia experienced the most significant price decline among the provinces. However, the prices have generally remained at or above the levels seen in 2021. Interestingly, the Victoria region in British Columbia was an exception and witnessed growth in real estate prices.
Alberta has experienced the most growth in real estate prices over the past year, with consistent increases in price per square foot in most markets. The growth was steady and moderate throughout the first half of 2023. Even in regions that saw declines, prices did not drop below 2020 levels. Calgary witnessed a 5.81 percent increase in single-family home prices and a 9.82 percent increase in condo prices while nearby Okotoks saw a substantial 14 percent increase in condo prices.