North Vancouver was the most expensive Canadian city for one-bedroom apartment rentals, with a median rent of about ***** Canadian dollars in June 2025. Coquitlam followed behind with a median rent of ***** Canadian dollars.

Vancouver, Burnaby, and Toronto were the most expensive cities to rent a two-bedroom apartment in Canada in June 2025. In all three cities, the average two-bedroom rent exceeded ***** Canadian dollars.

The Canadian housing market, particularly in major urban centers, has experienced a prolonged period of rapid price appreciation, driven by factors such as low interest rates, strong population growth, and limited supply. According to the Canada Mortgage and Housing Corporation (CMHC), the national average house price rose by more than 50% between 2020 and 2022, with prices in some major cities, such as Toronto and Vancouver, increasing by even more. This rapid price growth has made it increasingly difficult for many Canadians to afford a home, especially in the country's most desirable markets. However, the Canadian housing market is starting to show signs of cooling in 2023, as rising interest rates and stricter mortgage lending rules from the government begin to take effect. The CMHC predicts that the national average house price will decline by 7.6% in 2023, with prices in some markets, such as Toronto and Vancouver, expected to fall by even more. This cooling is expected to continue in 2024, with the CMHC predicting a further decline in the national average house price of 3.2%. The long-term outlook for the Canadian housing market is more uncertain, but the CMHC expects that prices will continue to rise, albeit at a more moderate pace. The Canadian housing market is one of the most expensive in the world, with prices in major cities like Toronto and Vancouver soaring to record highs in recent years. This has led to a growing concern about affordability, as many Canadians are being priced out of the market. Key drivers for this market are: Increasing Adoption of Remote and Hybrid Work Model. Potential restraints include: Lack of Privacy. Notable trends are: Pandemic Accelerated Luxury Home Sales in Major Canadian Markets.

The Municipality of West Vancouver is the most expensive area to rent a two-bedroom apartment in Metro Vancouver in October 2024, with a median rent of ***** Canadian dollars. In comparison, the average for the metro stood at ***** Canadian dollars. Maple Ridge/Pitt Meadows, Surrey, and White Rock, on the other hand, were some of the most affordable areas. In Canada, Vancouver is the most expensive city for rental properties.The data is based on the results of an annual survey among owners, managers, and building superintendents and includes only apartments in privately initiated buildings with three or more rental units on the market for more than three months.

The average resale house price in Canada was forecast to reach nearly ******* 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 *** 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 *** million Canadian dollars in 2024.

In 2025, Vancouver was the most expensive city in Canada to construct buildings with an average cost of ***** U.S. dollars per square meter built. Montreal and Toronto followed with an average cost of ***** and ***** U.S. dollar per square meter, respectively.

In June 2025, a single-family house in Oak Bay cost **** million Canadian dollars. Oak Bay was the most expensive suburb in Victoria, British Columbia, followed by Highlands and North Saanich. Victoria: an overview Victoria is the capital city of the province of British Columbia. The city is located south of Vancouver, and across the U.S. border from Seattle. In 2020, the average home price in Victoria was ****million Canadian dollars, which placed the city as the sixth most expensive Canadian city for residential real estate. Home affordability in Canada Housing affordability is, undoubtedly, one of the biggest barriers to homeownership in Canada. In 2025, the ratio of homeownership costs to income was **** percent. Nevertheless, more expensive locations in the country had a higher ratio, with Vancouver exceeding ** percent, suggesting that on average, mortgage payments were slightly lower than the average income.

Prospective homebuyers in Vancouver, British Columbia, and Toronto, Ontario, needed an annual income of over ******* Canadian dollars in June 2025 to qualify for the average priced home. In Vancouver, this figure was approximately ******* Canadian dollars. British Columbia and Ontario, are Canada's most expensive provinces for housing. According to a January 2025 forecast by the Canadian Real Estate Association (CREA), the housing market is expected to grow in the next two years, which is likely to worsen home affordability.

This statistic shows the price per square foot in selected prime residential markets worldwide in 2018. Hong Kong was the most expensive residential market globally with average prime residential values of ***** U.S. dollars per square foot.

In the first half of 2020, Vancouver and Toronto were the leading markets for luxury homes in Canada. In Vancouver, the number of luxury real estate sales was *****, with the majority of properties falling within the *** to **** million Canadian dollars price range. Vancouver was also the most expensive market for luxury homes in Canada.

The average price for a house in Quebec stood at approximately ******* Canadian dollars in 2024 and was set to increase slightly in the next two years. In 2025, the average price is forecast to reach ******* 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 **** million people in 2023. It is the second most populated province in Canada, and the second-largest by land size, as it is ***** 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.

Of the selected cities shown, many of the highest tap water prices in 2021 are in European cities, with the most expensive in Moscow, Russia at ***** U.S. dollars per 100 cubic meters. This was followed by Vancouver, Canada where 100 cubic meters of water costed ***** U.S. dollars.

In 2021 in Edmonton, Alberta, the gasoline prices at self service gas stations were the lowest in Canada, at ***** Canadian cents per liter. In contrast, the most expensive place to buy gas was in Vancouver, British Columbia, at ***** Canadian cents per liter.

In 2024, the net asking rent for office space in Downtown Toronto amounted to **** Canadian dollars per square foot. The most expensive submarket in the city was the Financial Core - a location concentrating a major share of the office inventory, with a rapidly developing new stock.Toronto’s office market Toronto is the capital of Ontario and a global financial center. Ontario generates a large portion of Canada’s GDP, which means that office real estate is vital for the region. Downtown Toronto had significantly more office space inventory than Midtown Toronto, and also a lower vacancy rate. Comparison with other leading cities Offices in Toronto have a higher vacancy rate than the national average. Overall, vacancy rates were the lowest in Vancouver and Montreal.

The cost per square foot of an office fit-out rose across all four Canadian cities under observation in 2023. Fitting out an office space was most expensive in Toronto, where it cost about *** Canadian dollars per square foot. The fit-out costs in Montreal and Vancouver was *** and *** Canadian dollars per square foot, respectively. In contrast, Calgary had significantly lower costs, at just under *** Canadian dollars per square foot. A complete office fit-out includes the transformation of an empty space into a suitable office environment, including the necessary structures, electrical furnishings, mechanical equipment, and furniture.

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.