The Canadian housing market continues to be a significant topic of discussion in 2024, as factors like fluctuating interest rates, increasing population, and natural migration patterns have influenced home prices nationwide. As of July 2024, homebuyers and real estate professionals are keeping a close eye on costs across Canada’s major metropolitan areas.
This report provides an overview of home prices across Canada’s largest cities, including key data for single-family homes, townhouses, and apartments in each province. The information has been compiled from the Canadian Real Estate Association (CREA) using the Home Price Index (HPI), reflecting typical sales prices in these regions. While the benchmark prices offer a general understanding, actual property prices may vary based on specific neighborhoods, timing, and property types.
Alberta
- Calgary
- One-story single-family homes: $595,700 CAD
- Two-story single-family homes: $747,600 CAD
- Townhouses: $496,800 CAD
- Apartments: $351,500 CAD
- Composite benchmark price: $588,600 CAD
- Edmonton
- One-story single-family homes: $400,000 CAD
- Two-story single-family homes: $510,100 CAD
- Townhouses: $266,100 CAD
- Apartments: $196,900 CAD
- Composite benchmark price: $399,700 CAD
The average home price in Alberta saw an 8.2% increase, reaching $486,828 CAD in July 2024.
British Columbia
- Vancouver
- One-story single-family homes: $1,549,300 CAD
- Two-story single-family homes: $2,195,400 CAD
- Townhouses: $1,124,700 CAD
- Apartments: $760,200 CAD
- Composite benchmark price: $1,197,700 CAD
British Columbia’s average home price dipped slightly, with a 0.5% decrease from 2023, settling at $962,537 CAD.
Manitoba
- Winnipeg
- One-story single-family homes: $422,900 CAD
- Two-story single-family homes: $355,300 CAD
- Townhouses: $319,400 CAD
- Apartments: $226,000 CAD
- Composite benchmark price: $361,600 CAD
Manitoba’s housing market recorded a 6.9% increase, bringing the average price to $376,770 CAD in July 2024.
New Brunswick
- Provincial Data
- One-story single-family homes: $299,400 CAD
- Two-story single-family homes: $323,100 CAD
- Townhouses: $292,900 CAD
- Apartments: $285,100 CAD
- Composite benchmark price: $308,800 CAD
The average home price in New Brunswick rose by 6.4%, reaching $308,800 CAD.
Newfoundland and Labrador
- St. John’s
- One-story single-family homes: $349,500 CAD
- Two-story single-family homes: $379,800 CAD
- Townhouses: $297,800 CAD
- Apartments: $237,300 CAD
- Composite benchmark price: $349,700 CAD
Home prices in Newfoundland and Labrador saw a 4.2% increase, averaging $297,000 CAD.
Nova Scotia
- Halifax-Dartmouth
- One-story single-family homes: $497,000 CAD
- Two-story single-family homes: $621,700 CAD
- Townhouses: $549,500 CAD
- Apartments: $476,600 CAD
- Composite benchmark price: $551,600 CAD
The average home price in Nova Scotia increased by 4.4%, reaching $418,200 CAD in July 2024.
Ontario
- Toronto
- One-story single-family homes: $1,106,100 CAD
- Two-story single-family homes: $1,396,100 CAD
- Townhouses: $817,200 CAD
- Apartments: $679,200 CAD
- Composite benchmark price: $1,097,300 CAD
Ontario continues to have some of the highest home prices, especially in Toronto, where the average cost of all housing reached $1,097,300 CAD as of July 2024.
This data serves as a useful guide for anyone looking to navigate Canada’s dynamic housing market, providing insights into regional trends and pricing variations across the country.