The average Canadian house price declined slightly in 2023, after four years of consecutive growth. The average house price stood at ******* Canadian dollars in 2023 and was forecast to reach ******* 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 ******* units sold, the annual number of home sales in the country is expected to rise to ******* 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.

Housing Index in Canada decreased to 123.40 points in June from 123.70 points in May of 2025. This dataset provides - Canada New Housing Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Housing Starts in Canada increased to 283.73 Thousand units in June from 282.71 Thousand units in May of 2025. This dataset provides the latest reported value for - Canada Housing Starts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The house price to rent ratio in Canada decreased 2023 onwards, after peaking in 2022. In the third quarter of 2024, the index amounted to 134.8 index points, down from 144.1 index points in the third quarter of 2023, when the highest value was recorded. The index tracks the development of house prices relative to rents, with 2015 chosen as a base year with an index value of 2015. This ratio was calculated by dividing median house prices by median annual rents. A ratio of 140 percent means that the gap between median house prices and median annual rents widened by 40 percent since 2015.

The value of new residential buildings put in place in Canada decreased significantly in 2023, and it is expected to also fall slightly in 2024. By 2024, residential construction spending in Canada would amount to approximately 151.1 billion Canadian dollars. In 2016, residential construction spending was valued at just over 105 billion Canadian dollars.

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.

When it comes to consumer confidence in the performance of the real estate market in the next six months, Canadian consumers were mostly expecting that it increases. About 44 percent of respondents believed that the value of real estate in their neighborhood would increase in the next six months, according to a survey conducted between January 5 and January 19, 2024.

In the U.S. and Canada, which are also world leaders on the particle board market, a recovering housing market is anticipated to propel the particle board industry forward. Beyond the housing sector, particle board of wood is also consumed by enterprises engaged in panel furniture production or home improvement projects.

The house price ratio in Canada peaked in the second quarter of 2022, followed by three quarters of decline and a slight rebound in 2023. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Canada's index score in the third quarter of 2024 amounted to 136.8, which means that house price growth has outpaced income growth by almost 37 percent since 2015. Canadian home prices are fallingAfter several years of steady increase, Canadian house prices were forecast to fall slightly in 2023. This was also the case in British Columbia, which has consistently been the most expensive province for housing. This is likely because Vancouver, Canada's most expensive city, is located there. Canadian incomes on the riseIncomes in Canada have steadily risen since 2000 and show no signs of slowing down in the near future. This should improve housing affordability, as long as home price growth slows down.

Rates have been trending downward in Canada for the last five years. The ebbs and flows are caused by changes in Canada’s bond yields (driven by Canadians economic developments and international rate movements, particularly U.S. rate fluctuations) and the overnight rate (which is set by the Bank of Canada). As of August 2022, there has been a 225 bps increase in the prime rate, since beginning of year 2022, from 2.45% to 4.70% as of Aug 24th 2022. The following are the historical conventional mortgage rates offered by the 6 major chartered banks in Canada in the past 20 years.

Evaluate Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms. Rates are based on an average mortgage of $300,000

The average sales price decreased for all property types in Greater Vancouver, Canada in 2023. Buying a condo as of January 2023 would cost a home buyer about 760,000 Canadian dollars. Greater Vancouver is one of Canada's most important economic centers. It consists of 21 municipalities, including Vancouver City, Surrey, Burnaby, Richmond, Coquitlam, and other.

The average sale price of residential real estate in Oakville, which is part of the Greater Toronto Area, amounted to almost 1.7 million Canadian dollars in 2023. In Vancouver, a single family home cost about 1.5 million Canadian dollars. According to the forecast, many of the major markets are expected to see home prices increase slightly in 2024 in most markets.

Toronto C12 was the area with the most expensive condos in Toronto, Canada, in the fourth quarter of 2023. The median sales price in this area, which includes the neighborhoods York Mills, St.Andrew - Windfields, Bridle Path, Sunnybrook, and York Mills West was close to 2.7 million Canadian dollars. C09, where Moore Park and Rosedale are situated, is another of Toronto's upscale areas, with condo prices at around 990,000 Canadian dollars.

The average sales price in Greater Toronto, Canada, increased for all property types except condos in 2023. Buying a condo in December 2023 would cost a home buyer about 680,000 Canadian dollars. Toronto is Canada's most populous city and the country's most important economic center. It consists of 25 municipalities, including Toronto City, Mississauga, Brampton, and others.

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.

The share of mortgages in arrears in Canada decreased for the third year in a row in 2022, reaching tan all-time low. As of December 2022, the rate of mortgage arrears was 0.15 percent, down from 0.42 percent in 2009, when the highest rate was observed. Among the different provinces, the arrears rate was the highest in Saskatchewan at 0.63 percent in December 2023.

Vancouver, Toronto, and Mississauga were the most expensive cities to rent a two-bedroom apartment in Canada in January 2024. In all three cities, the average two-bedroom rent exceeded 2,700 Canadian dollars and in Vancouver, it was as high as 3,831 Canadian dollars per month.

Multifamily housing starts in 2023 fell slightly in comparison to the previous year. That year, construction starts in apartments, semi-detached homes, and rows reached 185,651 units. Ontario was the province with most of those construction starts. The volume of new home construction in Canada has fluctuated significantly in the past years.

Vancouver was the most expensive Canadian city for one-bedroom apartment rentals, with a median rent of about 2,348 Canadian dollars in January 2024. Toronto followed behind with a median rent of 2,048 Canadian dollars.