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.

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.

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.

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.

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.

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.

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 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).

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 house price in Alberta, Canada in 2024 was approximately 494,097 Canadian dollars. By 2025, this figure is forecast to reach 534,861 Canadian dollars. The number of home sales in the province surged in 2021, and in 2025, the annual number of housing transactions is expected to exceed 85,000. Compared to other provinces, Alberta ranked below the national average, but housing was still more expensive than in New Brunswick and Newfoundland.

The average house price in the Canadian province of Manitoba in 2024 stood at 369,297 Canadian dollars. In the next two years, the house prices in the province are forecast to rise slightly, reaching 382,908 in 2025. Compared to other provinces, Manitoba was below the average for the country. Manitoba: key factsManitoba is a mid-sized Canadian province in terms of population and located between Saskatchewan, Nunavut and Ontario. However, its population had been trending upward since 2000 and shows no signs of slowing down. This suggests that demand for housing is also on the rise, which may explain the forecasted prices increases in the region. Affordability in ManitobaWeekly earnings of both salaried and hourly employees have also been on the rise in the province since 2001. Although the increase for salaried employees has been larger than for hourly employees. Nonetheless, this means that Manitobans have more money to save for and spend on buying a home. The number of housing starts in the province have varied over the past years.

The average house price in Saskatchewan was about 320,912 Canadian dollars in 2024, and according to the forecast, is set to increase in the next two years. However, house price growth in the province is expected to be slower than the national average. In terms of home prices, Saskatchewan is one of the most affordable provinces for housing. Saskatchewan: key factsSaskatchewan is a province located between Alberta and Manitoba north of the Canada-United States border. In 2023, the population of Saskatchewan was over one million, which placed it as the sixth most populous Canada province. However, the population has been on the rise since 2006, so this may change in the future. Future of the housing marketThe number of housing starts in the province has been falling since 2012, which suggests that either supply is outstripping demand or that it’s simply not profitable enough for property developers. Some real estate experts in the region believe that the falling price of oil is causing the housing market slowdown because there are fewer jobs in the region as a result. However, they expect that the market will pick up again in the near future.

The average house price in British Columbia in 2024 stood at about 982,100 Canadian dollars and, according to the forecast, is set to increase by two percent, reaching 1,001,871 Canadian dollars in the following year. The average house price in Canada is forecast to grow in the next two years.

The average house price in New Brunswick, Canada, stood at 326,100 Canadian dollars in 2024. According to the forecast, house prices are expected to continue to increase in the next two years. Meanwhile, the national average house price is forecast to pick up in 2025. Compared to other provinces in Canada, New Brunswick has some of the most affordable housing. In fact, it was the province with the third-lowest average house price in 2024.

The average price for a house in Newfoundland stood at approximately 293,573 Canadian dollars in 2023. According to the forecast, house prices in the province are set to continue rising in the next two years, reaching 315,402 Canadian dollars in 2025. Newfoundland is the second-most affordable province for housing in Canada, after New Brunswick. Newfoundland Newfoundland and Labrador is the most easterly province in Canada. It’s an English-speaking province which borders French-speaking Quebec. The population of Newfoundland and Labrador has decreased since 2016, and stood most recently at 525,355 people. Its provincial capital and largest city is St. John’s. The economy of this province is heavily contingent on natural resources. The expansion of oil exportation has helped the economy grow, after it suffered during recent decades. Unfortunately, the population of Newfoundland and Labrador suffers one of the highest unemployment rates in Canada. Even though the low-income rate in Newfoundland and Labrador has decreased since 2000, 15 percent of its population is still considered low income. Housing in Newfoundland Two-person households were the most common household size in Newfoundland and Labrador. Additionally, the number of single-detached housing starts per year in Newfoundland and Labrador has significantly decreased since 2012.