Where Have House Prices Increased the Most in Canada?
- sasha540
- Nov 29
- 6 min read
Updated: 6 days ago
The Canadian housing market in 2025 remains complex and variable — shaped by shifting demand, evolving supply dynamics, and regional differences. For buyers and investors, the big question is:
Where in Canada are home prices holding up, rising or falling — and why?
Key Takeaways
National average sale price: CAD $679,866 in April 2025 (–3.9% vs April 2024), but has increased to CAD $690,195 in October 2025. However, this is still a year-over-year decline of 1.1% since October 2024.
The national composite home‑price index (HPI) is also down: +0.2% month‑over‑month, but down -3% year‑over‑year.
Inventory is rising: about 189,000 properties were listed nationwide by the end of October 2025 — up 7.2% from last year, but still slightly below historical seasonal norms.
Months‑of‑inventory declined slightly since April to 4.4 months in October 2025, slightly below the long-term average — indicating a more balanced market nationally.
Regional variation is stark: while historically expensive cities in BC and Ontario saw price drops, many more affordable or mid‑priced provinces and cities posted stable or rising prices.
Canadian Housing Market Overview (2024–2025)
In April 2025, the national average sale price for homes across Canada was $679,866 — a drop of 3.9% compared with April 2024. Simultaneously, the national composite MLS® HPI declined 1.2% month to month and 3.6% on a year-over-year basis. This has increased to CAD $690,195 in October 2025, but a year-over-year decline of 1.1% still remains.
The supply side has been gradually loosening. By the end of April 2025, there were roughly 183,000 active listings on all Canadian MLS Systems — a 14.3% increase compared with April 2024. With 5.1 months of inventory, the overall national market appears “balanced” — neither a strong sellers’ market nor buyer’s oversupply. While overall supply has continued to increase, months-of-inventory (a measure of how many months it would take for current demand to delete existing supply) has tapered off. Inventory has risen to about 189,000 properties listed nationwide by the end of October 2025 — up 7.2% from last year, but still slightly below historical seasonal norms. Yet, months‑of‑inventory declined slightly since April to 4.4 months in October 2025. This is slightly below the long-term average — indicating a more balanced market nationally.
Taken together, these signs suggest that at the national level, the Canadian housing market in 2025 is not booming — but is also not collapsing. Instead, it's trending toward equilibrium, with moderation in prices and a slowly rising supply.
Regional Price Trends — Varied Outcomes Across Provinces
Here’s how different provinces fared in October 2025 (average price of homes sold + annual change). Data from CREA’s aggregated results as compiled by market trackers.
Province | Avg Home Price (Oct 2025) | YoY Change (vs Oct 2024) |
British Columbia | CAD $978,658 | +0.6% |
Ontario | CAD $833,376 | –5.2% |
Quebec | CAD $557,883 | +8.5% |
Alberta | CAD $515,300 | +0.6% |
Saskatchewan | CAD $337,706 | +4.1% |
Manitoba | CAD $402,004 | -1.1% |
New Brunswick | CAD $341,101 | +5.8% |
Nova Scotia | CAD $464,573 | +4.2% |
Prince Edward Island | CAD $375,500 | +0.9% |
Newfoundland & Labrador | CAD $348,194 | +9.4% |
Cities where home prices have risen the fastest
Rank | City | Average Home Price (Oct 2025) | Year-over-Year Price Increase (%) |
1 | $477,686 | +11.0% | |
2 | $435,599 | +10.9% | |
3 | $379,317 | +10.8% | |
4 | $375,639 | +10.0% | |
5 | $687,134 | +9.1% | |
6 | $709,002 | +6.0% | |
7 | $331,025 | +5.0% | |
8 | $602,837 | +4.2% | |
9 | $642,840 | +3.5% | |
10 | $454,777 | +3.3% |
As you can see, there are a lot of mid-price range cities where home prices have risen moderately to substantially year-over-year. Alternatively, we're also see price declines in some cities in BC and Ontario, the two most expensive Provinces.
Some Ontario and BC cities where home prices have fallen
City | Year-over-Year Price Decrease (%) |
-11.00% | |
-8.40% | |
-8.20% | |
-6.10% | |
-4.30% | |
Victoria, BC | -1.80% |
What stands out:
Ontario — one of the most expensive provinces historically — as well as Manitoba, one of the more affordable provinces, recorded declines in average sale prices in 2025.
BC, the other most expensive province, had a mild year-over-year rise in prices, although some of the more expensive cities are seeing price declines.
In contrast, provinces such as all other provinces showed mild and moderate, to even substantial year over year gains (i.e. Quebec +8.5%)
This indicates a possible shift in market dynamics: more “affordable/mid‑priced” provinces and cities are holding up better than high‑cost provinces and cities.
The above examples suggest two big opportunities. First is the opportunity for growth in mid-priced cities. Locals and those who are willing to move can take advantage of steady growth as cheaper home prices are likely attracting buyers from more expensive provinces like BC and Ontario.
The second opportunity is declining prices in more expensive provinces and cities. Locals and those who are planning to move to a more expensive city or region can take advantage of the fact that these pricey locations are facing reduced demand and weaker home prices.
For investors or buyers looking beyond major Canadian metros — these regions could offer better value or more stable growth compared with more expensive large‑market areas. Yet, for investors or buyers who are focused on the major Canadian metros, weak demand and prices create opportunity for them too.
What the Data Reveals — and What It Doesn’t
The national average sale price (e.g., $679,866) aggregates all housing types (detached houses, condos, townhouses, etc.) and all regions (from expensive urban centres to rural or small‑town markets). That means this average does not accurately represent local or regional realities. CREA itself cautions against over‑interpreting it.
Because of that heterogeneity, regional breakdowns (like the table above) are much more useful for assessing market conditions, affordability, and investment value.
As of now, publicly released national data do not provide a comprehensive breakdown by property type (e.g. detached vs condo vs townhouse) for all provinces — so broad statements about which “property types” are winning or losing are speculative without more detailed data.
Finally, forecasting the future — whether a rebound, further correction, or stabilization — requires caution. External factors (interest rates, economic conditions, migration, supply additions) could shift trajectories unpredictably.
Market Outlook (Beyond 2025)
Based on the 2025 data and current market conditions:
The overall Canadian housing market seems to be gravitating toward a balanced state: moderate supply, steady but no boom-level demand, and more equilibrium between buyers and sellers.
Provinces with moderate-to-low home prices — particularly those outside the traditional big‑city markets — look relatively more stable or even promising for buyers or investors willing to look beyond hot metros.
High‑cost markets (e.g. BC, Ontario) may remain under pressure, possibly moderating further as affordability constraints persist and supply rebuilds.
Because of the wide regional divergence, success in real estate—either as a buyer or investor—is likely to depend more on local market fundamentals than on any national average. A localized, region-by-region (or city-by-city) approach will likely outperform a “one‑size‑fits‑all” national mindset.
Conclusion
Canada’s housing market in 2025 cannot be described as uniformly rising or falling — rather, it's fragmented. While national averages suggest cooling compared with recent peaks, many less-expensive or mid‑priced provinces are holding value or even posting gains.
For prospective buyers or investors, the smart move is to avoid national blanket judgments. Instead, dig into regional data, local conditions, and demographic trends.
In short: Canada’s real estate market is better thought of not as a monolith — but as many different markets. What happens in one province or city may not reflect what’s happening just a few hours away.
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I am a Victoria-based local realtor with eXp Realty. My commitment to honesty, integrity, loyalty, and hard work have been essential pillars for me because they drive a high standard of excellent service for my clients. Helping you realize your dream is my goal!
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