The average mortgage payment in the large and mid-sized cities in Canada ranged between 1,300 Canadian dollars and 2,600 Canadian dollars. In the fourth quarter of the year, Vancouver topped the ranking, with homebuyers paying, on average, ***** Canadian dollars monthly. In Toronto, the average monthly scheduled mortgage payment was ***** Canadian dollars. Canada’s housing market House prices in Canada vary widely across the country. In 2023, the average sales price of detached single-family homes in Vancouver was nearly three times as expensive as the national average. Vancouver is undoubtedly considered the least affordable housing market: In 2023, the cost of buying a home with a **-year mortgage in Canada was approximately ** percent of the median household income, whereas in Vancouver, it was nearly *** percent. Development of house prices The development of house prices depends on multiple factors, such as availability on the market and demand. Since 2005, house prices in Canada have been continuously growing. According to the MSL composite house price index, 2021 measured the highest house price increase.

Survey of Household Spending (SHS), average household spending, Canada, regions and provinces.

Home affordability has worsened substantially in Canada since 2021. In January 2023, the monthly single-family mortgage payment amounted to approximately 66 percent of a household's income, on average. In 2021, when affordability had improved slightly, the average mortgage payment constituted 47 percent of a household's income.

Prospective homebuyers in Vancouver, British Columbia, and Toronto, Ontario, needed an annual income of over 200,000 Canadian dollars in 2023 to qualify for the average priced home. In Vancouver, this figure was approximately 237,000 Canadian dollars. British Columbia and Ontario, are Canada's most expensive provinces for housing. According to a January 2023 forecast by the Canadian Real Estate Association (CREA), the housing market is expected to cool down in the next two years, which is likely to improve home affordability.

In 2024, there were more new home construction starts in Canada than in the previous year. Construction starts peaked in 2021, when there were ******* 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 2023, the number of housing units that were under construction in Canada was approximately ******** units. After a period of stagnation until 2016, the housing industry witnessed a significant surge in construction activity. 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 2024, the average cost of a house in Canada was around ******* Canadian dollars. The average house price had increased that year by ****** Canadian dollars compared in 2024 compared to the previous year. The house price-to-income ratio in Canada increased slightly in the third quarter of 2024.