Toronto : Ottawa : Ontario : Vancouver : Calgary : Edmonton : Ottawa : Montreal : Halifax : Nova Scotia
Average House Prices In Canada
Traditionally, one of the major attractions of a move to Canada for many people has been the cost of housing compared with their current location.
A House in Rural Ontario
This particular attraction has faded in recent years, because the strength of the Canadian dollar means new arrivals have less purchasing power than they had in previous years.
House prices in Canada have continued to rise, while prices in many other countries have either changed little or fallen.
Prices are higher in Canada’s big cities than they are in the surrounding towns and rural areas.
Canada’s highest house prices are found on the west coast in Vancouver/British Columbia, where the country’s mildest weather is found.
Severe winter weather or remoteness from major markets usually results in low house prices – for example property prices are low in Manitoba and Prince Edward Island.
Canada House Price History
In 2007 prices in booming Alberta rose above prices in Ontario for the first time and, in the same vein, prices in Calgary rose above those in Toronto.
By 2011 the situation had reversed, and once again Toronto and Ontario homes cost more than in Calgary and Alberta.
House price rises were modest in Canada in 2011 and 2012, partly due to new, stricter mortgage rules that were introduced. In 2013 and 2014 house prices rose steadily in Vancouver and Toronto.
In 2015 and 2016 house prices in British Columbia and Ontario continued to rise above the national average. In Alberta house prices are relatively stable in 2016 after falling in 2015.
In 2017 house sales have fallen in Canada and prices have stabilized in most provinces.
A 20% down payment rule came into effect in 2018 a stress test on mortgage applications is now in place.
From April 2019 to April 2020 house prices have increased by more than 10 percent in Toronto and Ottawa. Vancouver has the most expensive city average property price in 2020.
Canadian Cities Average House Prices April 2020
| City | Average House Price | 12 Month Change |
|---|---|---|
| Vancouver, BC | $1,036,000 | + 2.63 % |
| Toronto, Ont | $870,000 | +10.2 % |
| Ottawa, Ont | $479,000 | + 15.4 % |
| Calgary, Alb | $410,000 | – 1.5 % |
| Montreal, Que | $435,000 | + 9.3 % |
| Halifax, NS | $331,000 | + 3.6 % |
| Regina, Sask | $254,000 | – 3.9 % |
| Fredericton, NB | $198,000 | – 4.3 % |
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Canadian Provinces Average House Prices April 2020
| Province | Average House Price | 12 Month Change |
|---|---|---|
| British Columbia | $736,000 | + 7.6 % |
| Ontario | $594,000 | – 3.2 % |
| Alberta | $353,000 | – 7.5 % |
| Quebec | $340,000 | + 7.6 % |
| Manitoba | $295,000 | – 1.4 % |
| Saskatchewan | $271,000 | – 3.8 % |
| Nova Scotia | $266,000 | + 3.5 % |
| Prince Edward Island | $243,000 | + 3.0 % |
| Newfoundland / Labrador | $236,000 | – 1.6 % |
| New Brunswick | $183,000 | – 2.2 % |
| Canadian Average | $488,000 | – 1.3 % |
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Prices from The Canadian Real Estate Association