top of page
Search

Where Have House Prices Increased the Most in Canada?

  • sasha540
  • 13 minutes ago
  • 3 min read

The Canadian housing market continues to shift sharply across regions, with affordability challenges, population growth, and interest rate movements shaping demand. A central question for buyers and investors remains:


Where have house prices risen the most in Canada—and why?


According to the Canadian Real Estate Association (CREA), the national average home price reached approximately $746,000 in April 2025, rising roughly $30,000 year-to-date. These gains follow several years of volatility: prices peaked at over $816,000 in early 2022, then dropped to around $630,000 by mid-2022 before rebounding.


While Toronto and Vancouver continue to influence national averages, many smaller and mid-sized markets now show the strongest growth.


ree

Key Takeaways

  • Average selling price: $746,000 in April 2025 (+$30,000 YTD)

  • Prices remain below the 2022 peak, but well above mid-2022 lows

  • Removing Toronto and Vancouver shows more moderate pricing in most regions

  • Sales down 9.3% year-over-year, showing affordability limitations

  • Low supply continues to push prices upward across many provinces


Canadian Housing Market Overview (2024–2025)


The market in 2024 showed a combination of softening prices and resilient demand, with a stronger rebound in early 2025.


National Price Trends

  • Benchmark price (Oct 2024): ~$707,700

    • -0.8% month-over-month

    • -3.2% year-over-year

    • +77% compared with 2014

  • Average price (Oct 2024): ~$696,100

    • +4% month-over-month

    • +6% year-over-year, strongest since mid-2022


Sales and Listings Activity

  • 43,294 sales in Oct 2024, the most since April 2022

  • New listings down 3.5%, but active listings up 11.4% year-over-year

  • Sales-to-new-listings ratio (SNLR): 58% → balanced market


Impact of Bank of Canada Rate Cuts

  • Rate cut to 4.75% in late 2024 boosted sales

  • Lower mortgage costs improved buyer confidence

  • More cuts expected in 2025, easing renewal pressure on households


Where Prices Hit Record Highs in 2024


Several provinces—particularly those more affordable than Ontario and BC—reached record-high prices due to population inflow and relative affordability.

Province

Average Price (2024)

Trend

New Brunswick

~$309,200

Record high

Newfoundland & Labrador

~$342,700

Record high

Quebec

~$494,000

Record high

Alberta

~$544,700

Record high

These increases reflect the shift away from traditionally expensive markets toward more affordable provinces.


ree

Regional Price Breakdown


British Columbia

  • Average Price (Oct 2024): ~$965,400

  • Still the highest in Canada

  • Slight -0.2% yearly decrease

  • Vancouver remains a major driver


Ontario

  • Average Price: ~$878,600

  • +2.6% year-over-year

  • Affordability challenges still limit growth in GTA


Quebec

  • Average Price: ~$514,000

  • +10.2% annual growth → one of Canada’s strongest increases


Top 5 Fastest-Growing Markets (2024–2025)


These regions recorded the largest annual benchmark price increases:

City/Region

Benchmark Price

Annual Increase

Mauricie, QC

~$264,400

+17.3%

Sudbury, ON

~$437,900

+15.1%

Greater Moncton, NB

~$350,700

+12.6%

Bancroft, ON

~$551,900

+12.5%

Calgary, AB

~$568,000

+10.5%

These markets benefitted from affordability, economic growth, and migration.


ree


Atlantic Canada’s Ongoing Boom


Atlantic Canada remains one of the fastest-growing regions:

  • New Brunswick: ~$318,500 (+9.5% YoY)

  • Nova Scotia: ~$443,800 (+9.7% YoY)

    • Halifax benchmark: ~$578,700 (+8.9%)

  • Newfoundland & Labrador: ~$299,000 (+9% YoY)


Strong immigration and interprovincial migration continue to drive demand.

ree

Urban vs. Rural Price Gaps


A more realistic breakdown of major urban prices:

  • Toronto benchmark (2024–2025): ~$1.10M to $1.25M

  • Vancouver benchmark: ~$1.20M to $1.30M

  • Smaller BC/ON towns: $350,000–$550,000 range


Urban-to-suburban migration remains strong as buyers look for affordability and space, benefiting suburbs in Ontario, BC, Alberta, and Atlantic Canada.


Property Type Trends

Property Type

Benchmark Price (2024)

Change YoY

Single-family homes

~$783,100

-2.1%

Townhouses/Multiplex

~$650,800

-3.9%

Condominiums

~$512,300

-4.4%

Condos saw the biggest declines—especially in Toronto and Vancouver—as many buyers shifted back to detached housing where possible.


ree

Market Outlook (2025 and Beyond)


What will shape Canadian real estate?

  • Strong population growth will support long-term demand

  • Affordability pressures remain severe in Toronto and Vancouver

  • Mid-sized cities and suburbs will continue outperforming major metros

  • Atlantic Canada & Quebec expected to maintain above-average growth

  • Supply shortages persist across the country

  • CMHC estimates 3.5 million new homes needed by 2030 to restore affordability


Conclusion


Canada’s housing market is increasingly divided:

  • Expensive metros (Toronto, Vancouver) still struggle with affordability

  • Mid-sized cities, suburbs, Quebec, Atlantic Canada, and Alberta show the strongest growth

  • Interest rate cuts, population growth, and limited supply continue to drive pricing trends


Buyers and investors who focus on regional dynamics—not just national averages—will be best positioned to understand and navigate Canada’s real estate market through 2025 and beyond..


Recommended For You:


Find more great tips, strategies, and real estate information on our blog.


View new listings here.


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!


I service Vancouver Island, but my focus is on Victoria, Sooke, Saanich, Malahat, Shawnigan Lake, Cobble Hill, Duncan, and the rest of the Cowichan Valley.



 
 
 

Comments

bottom of page