Average House Prices in Canada – Stats, Trends and Forecasts

Interested in buying a home in the Great White North? 

Whether you are a first-time home buyer, looking for real estate investments or purchasing a second property, here is more information on the average house prices in Canada, past trends and future projections. 

House Prices in Canada: Most Important Points to Remember

  • The average price of a house in Canada is $612,204. 
  • Nine out of ten provinces saw a decline in house prices in January 2023. 
  • There were 20,931 transactions in January 2023, a 14-year low. 
  • The sales-to-new listings ratio dropped to 50.7%.
  • House prices are set to drop by nearly 6% in 2023. 
  • BC has the most expensive properties, while Vancouver and Toronto have the highest house prices. 

Average House Prices in Canada

House prices in Canada have started to decline after an increase of almost two decades. In December 2022, the national average home price stood at $626,318, a 12% drop compared to the previous year, while home prices further declined at the start of the year. 

1. The national average selling price of a home in January 2023 was $612,204. 

(Global News, Yahoo, CREA)

This marks an 18% decline year-over-year and a 2% drop from December 2022. House prices in Canada have been going down since the end of 2022, reaching a 14-year low in January 2023. 

It should be noted that the national average price is greatly influenced by home sales in Greater Vancouver and the Greater Toronto Area. These are the two most active and desirable areas, as well as the most expensive. Actually, excluding these areas would make the national average house price $113,000 lower. 

2. The MLS Home Price Index dropped by 12.6%.


The MLS Home Price Index (HPI), which measures the price of houses in a specific geographical area, was $713,700 in January 2023. This is a decline of 12.6% year-on-year and a 1.9% month-over-month drop. 

3. The prices of new homes increased by 2.7% year-over-year. 

(Global News)

This slight increase recorded in January 2023 is considerably lower than the 11.8% growth in new home prices reported in January 2020. There was little growth in new house prices in terms of cities as well. Actually, Calgary (0.1% m/m growth) and St. John’s, N.L. (0.6%) were the only two cities to report a month-on-month increase in the price of new homes. 

4. Prices of single-family homes dropped by 2.3% from December 2022. 

(TD Economics) 

Single-family home prices fell by 14.6% compared to January 2022 and by 2.3% month-on-month. Apartment prices noted a lower decline of 1.1% month-on-month and 3.8% year-on-year. 

5. Canadian average home prices declined in nine out of ten provinces.

(TD Economics, Global News)

House prices fell most notably in the following provinces:

  • Prince Edward Island (-10.2% m/m)
  • Ontario (-3.0%)
  • Alberta (-2.9%)
  • British Columbia (-2.6%). 

In terms of cities, Winnipeg (-1.3%) saw the biggest month-on-month decline in 2023, followed by Victoria and Kitchener-Cambridge-Waterloo, Ontario, where prices of new homes went down by 1.1% and 0.9%, respectively. 

Canadian Housing Market 

According to the latest report by the Canadian Real Estate Association, the number of homes sold in January 2023 reached a 14-year low. House sales declined across most provinces as well, mainly due to increasing interest rates which make it difficult for new homebuyers, and first-time buyers in particular, to get approved for a mortgage. 

6. Existing home sales fell 3% month-on-month.


Sales in January 2023 dropped to 20,931 transactions—the lowest recorded since 2009. In fact, this figure marks a 37.1% decline from January 2022 and a 4% decline from December 2022.  

7. The number of new listings increased by 3.3% at the start of the year.


In January 2023, there was a 3.3% rise in the number of newly listed homes, primarily thanks to an increase in new listings in BC. Despite the slight uptick, the number of new homes for sale across the country was the lowest on record since 2000

Combined with the decline in house sales, the sales-to-new listings ratio dropped to 50.7%. At the same time, the national sales to new listings ratio for resale homes fell to 57.8 from 77.9 in January 2022. 

8. House sales declined in seven provinces. 

(TD Economics)

The biggest drop in home sale volume was reported in Nova Scotia (-9.2% m/m). Home sales also fell in B.C. (-7.5%), Quebec (-4.3%) and Alberta (-4.1%).

9. House price growth in 2022 outpaced income growth by nearly 50%.

(Statista, OECD)

The house price ratio is determined by dividing the nominal house price by the nominal disposable income per capita (2015 is the base year). 

In Q3 2022, Canada’s index stood at 143.5, meaning that the price of homes was nearly 50% higher than the disposable income per capita. The house price ratio further increased to 172 in Q4 2022. 

10. Interest rates in Canada rose by 25 basis points at the start of 2023.

(Bank of Canada)

High-interest rates prevent potential homeowners from applying for and getting approved for mortgages. In Canada, the average interest rate grew by 25 basis points in January 2023, raising it to 4.5%a significant increase from the 0.25% rate in January 2021. What’s more, interest rates are expected to go up by another 25 basis points, reaching 4.75% in 2023

Home Price Trends in Canada in 2023

House prices have been increasing steadily across Canada (and in Toronto and Vancouver especially). However, with prices of building materials increasing, the shortage of labour and increasing interest rates, the housing market is expected to cool in 2023—a great opportunity for those looking to invest in real estate

11. Home prices have increased by 375% over the last 20 years.


Canadian house prices have been rising significantly over the last few years. In 2021 alone, the average house price went up by 25% to $678,091, while home prices in Canada have gone up by 375% over the last two decades. This increase is primarily driven by the rise of property prices in Vancouver and Toronto (marking a 490% and 450% increase, respectively).

12. The average house price may drop by nearly 6% in 2023. 

(Financial Post)

The Canadian Real Estate Association estimates that the average price of homes in the country will decrease to $662,103 in 2023. However, CREA expects housing prices to bounce back in 2024—prices are forecast to reach $685,056, or a 3.5% increase as market conditions improve.

13. The average number of homes sold could fall by 0.5% in 2023. 

(Yahoo, Financial Post)

CREA estimates that the number of home sales across Canada will decline to 495,858 transactions in 2023, although the association expects home sales to pick up in 2024 and rise by 10.2%. Despite market trends pointing toward a recovery, the projected sales volume is still lower than the sales figures in 2021 and 2020. 

Average House Prices in Canada By Province

Prices of new and existing homes vary greatly from one province to the next. BC and Ontario boast some of the costliest properties, whereas Newfoundland/Labrador and Saskatchewan are among the more affordable regions. 

14. BC has the highest house prices in the country.

(CREA, WOWA, Statista)

British Columbia is one of the most expensive provinces to live in, with the average price of homes sold reaching as high as $872,934. Saskatchewan is on the other end of the spectrum where the average price of homes sold was $279,800 in 2022. 

Province Average Sold Price
British Columbia $872,934
Ontario $798,835
Alberta $420,152
Manitoba $319,469
Quebec $417,700
Saskatchewan $279,800
Nova Scotia $412,000
Prince Edward Island $366,948
Newfoundland / Labrador $280,401
New Brunswick $290,000

15. House prices in provinces are expected to go down in 2023.

(TD Economics)

Future price projections show a downward trend, with house prices in BC declining by 9.7% in 2023 and house sales going down by 22.8%. The most notable decline will be noted in Nova Scotia where housing prices are forecast to decrease by 12.2%, while house sales are set to go down by 20.1%.

Below you will find TD Economics’ forecast for 2023 by province.

Province House Sales  House Prices 
British Columbia -22.8% -9.7%
Ontario -15.5% -11.4%
Alberta -20.9% -5.6%
Manitoba -8.3% -7.8%
Quebec -15.6% -7.4%
Saskatchewan -14.0% -6.9%
Nova Scotia -20.1% -12.2%
Prince Edward Island -21.8% -10.7%
Newfoundland / Labrador -17.4% -1.0%
New Brunswick -16.1% -11.3%

Canadian Cities Average House Prices

As mentioned above, the Greater Vancouver Area is the most expensive region to buy property in, with GTA coming in second. In fact, the price of housing in Vancouver is nearly $650 more expensive than in Montreal, while house prices in Toronto are almost twice as high as in Quebec’s second-biggest city

Edmonton and Winnipeg, on the other hand, are among the most affordable cities where housing prices are nearly 50% lower than the national average. 

Here is a breakdown of average house prices by major cities. 

Average home sold Detached house Townhouse Condo/ Apartment 
Greater Toronto Area  $1,038,668 $1,341,848 $976,500 $687,696
Montreal Metropolitan Area  $529,020 $500,000 $675,000 (plexes) $370,000
Greater Vancouver Area $1,167,134 $1,911,052 $1,229,445 $758,540
City of Calgary $511,944 $670,897 $372,820 $283,993
Hamilton $750,529 $809,019 $684,294 $531,397
Edmonton $370,068 $451,659 $247,761 $189,631
Ottawa $612,661 $676,272 / $412,244
Winnipeg $341,703 $367,977 $330,998 $231,549


Are houses in Canada cheaper than in the US?

Yes. The average house price of a home in the US was USD$535,800 in December 2022 which is lower than the average house price in Canada (CAD$626,318, or USD$459,261) in the same period. 

However, the cost of housing depends greatly on where you live. For instance, house prices in Canada can be as high as $1.1 million in Vancouver or as low as $370,068 in Edmonton. Similarly in the US, homes can go up to $1.1 million (for instance in San Jose, California), but you can also find lower-priced homes—such as in Hickory, North Carolina where people only spend 19.3% of the median household income on housing.

Is buying a house in Canada worth it?

Yes, real estate is one of the safest investments and the best ways to earn passive income, in particular when prices are low as they are now. 

Which is the costliest area for renting?

With a median rent of $2,600 for a one-bedroom and around $3,600 for a two-bedroom apartment, Vancouver is the costliest city for renters. It is followed by Toronto (median rent of $2,500 for a one-bedroom and around $3,000 for a two-bedroom apartment).