Average House Prices in Canada decreased to 712400 CAD in February from 718500 CAD in January of 2025. This dataset includes a chart with historical data for Canada Average House Prices.

The average Canadian house price declined slightly in 2023, after four years of consecutive growth. The average house price stood at 678,282 Canadian dollars in 2023 and was forecast to reach 746,379 Canadian dollars by 2026. Home sales on the rise The number of housing units sold is also set to increase over the two-year period. From 443,511 units sold, the annual number of home sales in the country is expected to rise to 453,704 in 2025. British Columbia and Ontario have traditionally been housing markets with prices above the Canadian average, and both are set to witness an increase in sales in 2025. How did Canadians feel about the future development of house prices? When it comes to consumer confidence in the performance of the real estate market in the next six months, Canadian consumers in 2024 mostly expected that the market would go up. A slightly lower share of the respondents believed real estate prices would remain the same.

House prices in British Columbia and Ontario were notably higher than any other province in Canada in 2024. The average house price in any other province was less than 530,000 Canadian dollars, whereas in British Columbia and Ontario, it exceeded 800,000 Canadian dollars. The most affordable province to buy a home was Newfoundland, where the average home cost about 319,634 Canadian dollars.

The average resale house price in Canada was forecast to reach nearly 836,000 Canadian dollars in 2026, according to a January forecast. In 2024, house prices increased after falling for the first time since 2019. One of the reasons for the price correction was the notable drop in transaction activity. Housing transactions picked up in 2024 and are expected to continue to grow until 2026. British Columbia, which is the most expensive province for housing, is projected to see the average house price reach 1.2 million Canadian dollars in 2026. Affordability in Vancouver Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2023, the city topped the ranking for least affordable housing market in Canada, with the average homeownership cost outweighing the average household income. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices. Victoria housing market The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.9 million Canadian dollars in 2024.

Graph and download economic data for Real Residential Property Prices for Canada (QCAR628BIS) from Q1 1970 to Q3 2024 about Canada, residential, HPI, housing, real, price index, indexes, and price.

New housing price index (NHPI). Monthly data are available from January 1981. The table presents data for the most recent reference period and the last four periods. The base period for the index is (201612=100).

This statistic presents the average home prices in selected Canadian cities in 2015. In that year, the average home price in Montreal amounted to approximately 329 thousand Canadian dollars.

The house price for Ontario is forecast to increase slightly in 2024, after declining by six percent in 2023. From roughly 872,312 Canadian dollars, the average house price in Canada's second most expensive province for housing is expected to rise to 876,410 Canadian dollars in 2024. After British Columbia, Ontario is Canada's most expensive province for housing. Ontario Ontario is the most populated province in Canada, located on the eastern-central side of the country. It is an English speaking province. To the south, it borders American states Minnesota, Michigan, Ohio, Pennsylvania, and New York. Its provincial capital and largest city is Toronto. It is also home to Canada’s national capital, Ottawa. Furthermore, a large part of Ontario’s economy comes from manufacturing, as it is the leading manufacturing province in Canada. The population of Ontario has been steadily increasing since 2000. The population in 2018 was an estimated 14.3 million people. The median total family income in 2021 came to 100,000 Canadian dollars. Ontario housing market The number of housing units sold in Ontario is projected to rise until 2024. Additionally, the average home prices in Ontario have significantly increased since 2007.

This table contains 204 series, with data for years 1981 - 2010 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (34 items: Canada; Newfoundland and Labrador; St. John's; Newfoundland and Labrador; Atlantic Region ...), New housing price indexes (3 items: Total (house and land);House only; Land only ...), Index base period (2 items: 1992=100;1997=100 ...).

The average house price in Nova Scotia in 2024 stood at approximately 447,800 Canadian dollars. In the next year, house prices are forecast to further increase by about five percent. Compared to other provinces, Nova Scotia ranked below the national average in terms of house prices. However, the average price of a house in Nova Scotia was twice lower than in Ontario or British Columbia. Exploding population growth in recent yearsNova Scotia is the second-smallest province after Prince Edward Island, and had a population of just under one million in 2018. The population of this province was relatively steady between 2000 and 2015, but has taken off since then. This sudden growth may be a factor in the increasing house prices, as demand also increases due to the greater number of residents looking for homes. The future of housing affordability in Nova ScotiaHalifax, the provincial capital, had an affordable housing market as of 2018, with mortgage payments only constituting about 30 percent of average household incomes. The number of housing starts in the region has increased in the past few years, which also suggests an increase in demand. Only time will tell whether this will ensure a sufficient supply of homes for the region in response to its growing population.

Graph and download economic data for Real Residential Property Prices for United States (QUSR628BIS) from Q1 1970 to Q3 2024 about residential, HPI, housing, real, price index, indexes, price, and USA.

The average Canadian house price declined slightly in 2023, after four years of consecutive growth. The average house price stood at 678,282 Canadian dollars in 2023 and was forecast to reach 722,063 Canadian dollars by 2025. Home sales on the rise The number of housing units sold is also set to increase over the two-year period. From 443,511 units sold, the annual number of home sales in the country is expected to fall to 489,661 in 2024. British Columbia and Ontario have traditionally been housing markets with prices above the Canadian average, and both are set to witness an increase in sales in 2024. How did Canadians feel about the future development of house prices? When it comes to consumer confidence in the performance of the real estate market in the next six months, Canadian consumers in 2024 mostly expected that the market would go up. A slightly lower share of the respondents believed real estate prices would remain the same.

In the first quarter of 2023, the average sales price of detached single-family homes in Canada was approximately 656,000 Canadian dollars. Nevertheless, house prices varied greatly across different markets. For example, in Vancouver, housing was more than twice as expensive as the national average. The market with the most affordable housing was Saint John, where the average single-family detached home sold for approximately 337,000 Canadian dollars. In comparison to house prices, the average sales price of condominium apartments in all Canadian markets was lower.

Canada House Price Index: New Housing: British Columbia: Kelowna data was reported at 122.500 Dec2016=100 in Jan 2025. This stayed constant from the previous number of 122.500 Dec2016=100 for Dec 2024. Canada House Price Index: New Housing: British Columbia: Kelowna data is updated monthly, averaging 107.200 Dec2016=100 from Dec 2016 (Median) to Jan 2025, with 98 observations. The data reached an all-time high of 124.600 Dec2016=100 in Sep 2022 and a record low of 100.000 Dec2016=100 in Jan 2017. Canada House Price Index: New Housing: British Columbia: Kelowna data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.EB003: House Price Index: Dec2016=100.

Residential Property Price Index annual weights are presented in terms of the relative importance of the sales values of each Census Metropolitan Area (CMA), building type and construction type. The relative importance is calculated by dividing the weight of each of the six CMAs by the sum of the weights of those six CMAs. The weights correspond to a three-year average of the value of sales of residential properties. Annual weights are available from 2017.

The average price for a house in Quebec stood at approximately 522,828 Canadian dollars in 2024 and was set to increase slightly in the next two years. In 2025, the average price is forecast to reach 566,620 Canadian dollars. Meanwhile, the national average house price was forecast to pick up in 2025. Compared to other provinces, Quebec was the third-most expensive province to buy housing in Canada, after British Columbia and Ontario. Quebec Located on the eastern side of Canada, Quebec had an estimated population of almost nine million people in 2023. It is the second most populated province in Canada, and the second-largest by land size, as it is three times the size of Texas. The largest city in Quebec is Montreal, which is close to the Vermont border in the United States. The median total family income in Quebec has been steadily rising since 2000. Housing Prices in Canada Housing prices in Canada vary province to province. The most expensive average house price was in British Columbia in 2024. Vancouver, the most populated city in British Columbia, is known for its high-priced real estate market. However, housing prices all over Canada have increased in the past couple of years.

New residential construction in Canada 1948-2023 Published by Fernando de Querol Cumbrera, Jun 7, 2024 In 2023, there were fewer new home construction starts in Canada than in the previous year. Construction starts peaked in 2021, when there were 271,200 housing units whose construction started that year. Despite the restrictions imposed in Canada during the COVID-19 pandemic, the industry managed to continue operating, with increases in the number of housing starts in 2020 and 2021. How many homes are under development? In 2022, the number of housing units that were under construction in Canada was approximately 334,000 units. After a period of stagnation until 2016, the housing industry witnessed a significant surge in construction activity, with an annual growth rate of nearly 9.5 percent. Numerous factors are attributed to this rise, including the heightened demand for housing, an expanding economy that encouraged investment, and the response to the shortage of housing. How expensive are homes in Canada? In 2023, the average cost of a house in Canada was around 678,282 Canadian dollars. The average house price had fallen that year by 25,593 Canadian dollars compared in 2023 compared to the previous year. Another way to measure the trends in housing prices is the house price-to-income ratio. It measures the development of housing affordability and is calculated by dividing the nominal house price by the nominal disposable income per head. The house price-to-income ratio in Canada fell by 15.8 percentage points between the second quarter of 2022 and that same quarter in 2023, indicating that house values decreased in relation to earnings. This makes homeownership in Canada more challenging due to the decreasing affordability of dwellings.

This table contains data described by the following dimensions (Not all combinations are available): Geography (247 items: Carbonear; Newfoundland and Labrador; Corner Brook; Newfoundland and Labrador; Grand Falls-Windsor; Newfoundland and Labrador; Gander; Newfoundland and Labrador ...), Type of structure (4 items: Apartment structures of three units and over; Apartment structures of six units and over; Row and apartment structures of three units and over; Row structures of three units and over ...), Type of unit (4 items: Two bedroom units; Three bedroom units; One bedroom units; Bachelor units ...).

Data on resident buyers who are persons that purchased a residential property in a market sale and filed their T1 tax return form: number of and incomes of residential property buyers, sale price, price-to-income ratio by the number of buyers as part of a sale, age groups, first-time home buyer status, buyer characteristics (sex, family type, immigration status, period of immigration, admission category).

This table contains data described by the following dimensions (Not all combinations are available): Geography (167 items: Census agglomerations 10;000 to 49;999;Alma; Quebec; Amos; Quebec; Baie-Comeau; Quebec ...).