Canada’s national average home price of $653,000 tells only part of the story. The figure is dragged upward by two outlier markets — Toronto at $1,009,000 and Vancouver at $1,206,000 — while most of the country sits considerably below the average. In Regina, you can buy an average home for $332,000. In Edmonton, for $415,000. The country is not one housing market; it is dozens of them, moving in different directions at once.
In early 2026, that divergence is sharper than usual. Toronto and Vancouver prices are falling year-over-year as elevated inventory and softened demand weigh on the market. Meanwhile Calgary, Edmonton, Saskatoon, and Montreal are rising — supported by interprovincial migration, relative affordability, and comparatively tight supply. Understanding which direction your target market is moving is as important as knowing the headline number.
This page covers average prices by city and province, how prices break down by property type, what income is required at current rates, and how today’s values compare to the historical trend. For deeper analysis of why prices are where they are, see housing affordability in Canada and the housing crisis explained.
Average House Price by City
Average home prices for major Canadian cities, ranked from highest to lowest. Data is from local real estate boards as of early 2026. The national average includes all residential property types and is skewed upward by high-price markets.
| Rank | City | Average Home Price | Year-over-Year Change | Market Conditions |
|---|---|---|---|---|
| 1 | Victoria | $1,307,400 | -1.8% | Balanced |
| 2 | Vancouver | $1,206,180 | -1.5% | Buyer’s market |
| 3 | Toronto (GTA) | $1,008,968 | -7.0% | Buyer’s market |
| 4 | Waterloo Region | $753,316 | -0.3% | Seller’s market |
| 5 | Hamilton | $734,639 | -3.0% | Balanced |
| 6 | Montreal | $656,708 | +6.1% | Seller’s market |
| 7 | Ottawa | $641,436 | -4.3% | Balanced |
| 8 | Calgary | $627,776 | +2.4% | Balanced |
| 9 | London, ON | $624,550 | -2.3% | Buyer’s market |
| 10 | Winnipeg | $379,500 | +3.1% | Balanced |
| 11 | Edmonton | $415,136 | +5.8% | Balanced |
| 12 | Saskatoon | $389,900 | +4.6% | Seller’s market |
| 13 | Regina | $331,800 | +3.2% | Balanced |
| — | National Average | $653,000 | -1.2% | Mixed |
Sources: TRREB, REBGV, CREA, local real estate boards. All figures represent average residential sale prices.
The gap between Toronto ($1,009,000) and Regina ($332,000) is a 3× difference in the cost of a home. For buyers with flexibility on location, this spread has driven significant interprovincial migration — particularly from Ontario and BC toward Alberta and Atlantic Canada. For a full breakdown of what it actually costs to live in each city beyond housing, see cost of living in Toronto, cost of living in Vancouver, and cost of living in Calgary. If affordability is your primary criterion, see most affordable cities in Canada.
Average Home Price by Property Type
Property type dramatically affects price within the same city. The condo market and the detached-home market in Toronto effectively behave as separate markets — with detached homes down 8.3% year-over-year while the broader average falls 7.0%. Calgary shows the opposite dynamic, with condos rising faster (+5.1%) than detached homes (+1.9%) as more buyers enter the market at the affordable end.
Toronto
| Property Type | Average Price | Y/Y Change |
|---|---|---|
| Detached | $1,325,654 | -8.3% |
| Semi-Detached | $1,027,376 | -4.9% |
| Townhouse | $930,779 | -6.1% |
| Condo Apartment | $626,650 | -8.9% |
| All Types | $1,008,968 | -7.0% |
Vancouver
| Property Type | Average Price | Y/Y Change |
|---|---|---|
| Detached | $1,964,000 | -2.1% |
| Townhouse | $1,103,500 | -0.8% |
| Condo Apartment | $745,500 | -1.2% |
| All Types | $1,206,180 | -1.5% |
Calgary
| Property Type | Average Price | Y/Y Change |
|---|---|---|
| Detached | $762,400 | +1.9% |
| Semi-Detached | $590,200 | +3.8% |
| Townhouse | $428,300 | +4.2% |
| Condo Apartment | $315,600 | +5.1% |
| All Types | $627,776 | +2.4% |
Average Home Price by Province
Provincial averages smooth over city-level variation, but they reveal the fundamental east-west split in Canadian housing costs. BC and Ontario are more than double the price of the Prairie provinces. Atlantic Canada sits in the middle — still far cheaper than Ontario or BC, but rising faster as Canadians relocate east. For a full comparison of what each province costs to live in, see cost of living by province.
| Province | Average Home Price | Y/Y Change |
|---|---|---|
| British Columbia | $942,000 | -1.3% |
| Ontario | $843,000 | -4.8% |
| Quebec | $534,000 | +5.9% |
| Alberta | $498,000 | +4.2% |
| Nova Scotia | $415,000 | +1.2% |
| Prince Edward Island | $370,000 | +0.8% |
| Manitoba | $361,000 | +2.8% |
| Saskatchewan | $349,000 | +3.5% |
| New Brunswick | $331,000 | +6.7% |
| Newfoundland & Labrador | $298,000 | +2.4% |
| Canada | $653,000 | -1.2% |
Source: CREA, provincial real estate associations. Figures include all residential property types.
Income Required to Buy a Home by City
These estimates assume a 20% down payment, 25-year amortization, and a 4.5% mortgage rate. The “income required” figure reflects the household gross income needed to pass lender stress-test rules and carry the mortgage comfortably. In practice, your qualifying income will depend on your existing debts — a car loan or student debt reduces what you can borrow.
| City | Average Price | Down Payment (20%) | Mortgage | Income Required | Equivalent Hourly Wage |
|---|---|---|---|---|---|
| Victoria | $1,307,400 | $261,480 | $1,045,920 | $213,000 | $102 |
| Vancouver | $1,206,180 | $241,236 | $964,944 | $197,000 | $95 |
| Toronto | $1,008,968 | $201,794 | $807,174 | $165,000 | $79 |
| Hamilton | $734,639 | $146,928 | $587,711 | $120,000 | $58 |
| Montreal | $656,708 | $131,342 | $525,366 | $107,000 | $51 |
| Ottawa | $641,436 | $128,287 | $513,149 | $105,000 | $50 |
| Calgary | $627,776 | $125,555 | $502,221 | $103,000 | $49 |
| Edmonton | $415,136 | $83,027 | $332,109 | $68,000 | $33 |
| Saskatoon | $389,900 | $77,980 | $311,920 | $64,000 | $31 |
| Winnipeg | $379,500 | $75,900 | $303,600 | $62,000 | $30 |
| Regina | $331,800 | $66,360 | $265,440 | $54,000 | $26 |
The median Canadian household income is approximately $92,000. That figure barely qualifies for an average-priced home nationally at today’s rates, and falls well short of what’s needed in Toronto or Vancouver. For a personalized calculation based on your income and debts, use the mortgage affordability calculator or the income needed to buy a home calculator.
Historical Average Home Prices in Canada
The pandemic-era surge is one of the most striking episodes in Canadian real estate history. From 2020 to the peak in early 2022, the national average rose 54% in roughly 24 months — driven by record-low interest rates, a flight from urban cores to larger suburban homes, and pent-up demand. When the Bank of Canada began raising rates in 2022, prices corrected sharply. By 2023, the national average had given back nearly all of those gains on a percentage basis.
| Year | National Average | Annual Change |
|---|---|---|
| 2015 | $443,000 | +9.6% |
| 2016 | $490,000 | +10.6% |
| 2017 | $510,000 | +4.1% |
| 2018 | $489,000 | -4.1% |
| 2019 | $500,000 | +2.2% |
| 2020 | $531,000 | +6.2% |
| 2021 | $713,000 | +34.3% |
| 2022 | $704,000 | -1.3% |
| 2023 | $659,000 | -6.4% |
| 2024 | $656,000 | -0.5% |
| 2025 | $660,000 | +0.6% |
| 2026 (YTD) | $653,000 | -1.2% |
Source: Canadian Real Estate Association (CREA). Annual figures are full-year averages except 2026 (year-to-date).
As of early 2026, prices are approximately 23% above their pre-pandemic level of $531,000 but 20% below the 2022 peak. Rate cuts in 2024-2025 have provided some support, but inventory remains elevated in Ontario and BC, capping any meaningful recovery in those markets. For a deeper look at the structural forces behind these price levels, see is Canada in a housing bubble?
Price-to-Income Ratio by City
The price-to-income ratio measures how many years of average household income it takes to purchase an average home. Most international housing analysts consider anything above 5× to be unaffordable; above 9× is classified as severely unaffordable. By this measure, Vancouver, Victoria, and Toronto are among the most unaffordable major cities in the world.
| City | Average Home Price | Median Household Income | Price-to-Income Ratio |
|---|---|---|---|
| Victoria | $1,307,400 | $94,000 | 13.9× |
| Vancouver | $1,206,180 | $95,000 | 12.7× |
| Toronto | $1,008,968 | $98,000 | 10.3× |
| Hamilton | $734,639 | $88,000 | 8.3× |
| Montreal | $656,708 | $78,000 | 8.4× |
| Ottawa | $641,436 | $102,000 | 6.3× |
| Calgary | $627,776 | $110,000 | 5.7× |
| Winnipeg | $379,500 | $82,000 | 4.6× |
| Saskatoon | $389,900 | $90,000 | 4.3× |
| Edmonton | $415,136 | $102,000 | 4.1× |
| Regina | $331,800 | $92,000 | 3.6× |
Edmonton, Winnipeg, Saskatoon, and Regina are the only major Canadian cities currently within the range most economists consider affordable. Calgary sits at 5.7×, which is above the international threshold but well below the coast. Note that Calgary’s high median household income ($110,000 — the highest of any city shown) is part of why its ratio is lower despite a home price of $627,000.
The income-to-price gap has widened dramatically since the 1970s and 1980s, when a median Canadian household could buy an average home in roughly 3-4 years of income. For a historical perspective on how that gap opened, see home prices vs household income in Canada. The impact on younger generations specifically — millennials and Gen Z who entered the housing market into record prices — is covered in the generational homeownership gap.
Average Home Price vs Average Rent
For those deciding between buying and renting, the table below shows how monthly ownership costs compare to average rents in each city. The “buy vs rent gap” is the additional monthly cost of owning over renting — every dollar in that column is what homeownership premium you pay for the equity-building potential.
| City | Home Price | Monthly Mortgage* | Avg 1-BR Rent | Buy vs Rent Gap |
|---|---|---|---|---|
| Vancouver | $1,206,180 | $5,340 | $2,600 | +$2,740 |
| Toronto | $1,008,968 | $4,470 | $2,350 | +$2,120 |
| Calgary | $627,776 | $2,780 | $1,750 | +$1,030 |
| Ottawa | $641,436 | $2,840 | $1,900 | +$940 |
| Montreal | $656,708 | $2,910 | $1,750 | +$1,160 |
| Edmonton | $415,136 | $1,840 | $1,400 | +$440 |
| Winnipeg | $379,500 | $1,680 | $1,350 | +$330 |
Mortgage payment based on 20% down, 25-year amortization, 4.5% rate. Does not include property tax, condo fees, insurance, or maintenance.
In Vancouver and Toronto, the monthly cost of owning is roughly double the cost of renting an equivalent space. Whether that premium is justified depends on your assumptions about future price growth, how long you plan to stay, and the opportunity cost of your down payment. In Prairie cities, the gap narrows considerably — at $330/month in Winnipeg, the financial case for owning is much easier to make. For complete rental market data, see average rent by province and average rent in Canada by city. If you are weighing the Toronto vs Vancouver choice, see the Toronto vs Vancouver cost of living comparison. For a personalized buy-vs-rent analysis, use the rent vs buy calculator.
Housing Market Conditions Explained
Whether you are buying in a buyer’s market or a seller’s market changes your negotiating position, offer strategy, and the conditions you can reasonably include. The table below explains what each market type means in practice.
| Metric | Buyer’s Market | Balanced Market | Seller’s Market |
|---|---|---|---|
| Months of inventory | 6+ months | 4–6 months | Under 4 months |
| Prices | Declining or flat | Stable | Rising |
| Competing offers | Few | Variable | Multiple offers common |
| Conditions | Buyers can include financing, inspection | Negotiable | Often condition-free |
| Negotiation | More room to negotiate below list | Even | Limited leverage |
As of early 2026: Toronto, Vancouver, Ottawa, and London (ON) are in buyer’s market territory with elevated inventory. Calgary, Saskatoon, Montreal, and Waterloo Region are balanced-to-seller, with less room to negotiate. For a detailed breakdown of current conditions in any specific city, see the housing market reports.
Why Are Toronto and Vancouver So Expensive?
The short answer is that supply has not kept pace with demand for decades. Vancouver is hemmed in by mountains to the north and the US border to the south, with agricultural land protection limiting outward expansion. Toronto has the provincially-protected Greenbelt constraining growth around the urban core. Both cities have historically restrictive zoning that made it difficult to build the density needed to house a rapidly growing population.
On the demand side, both cities are the primary destinations for immigrants and interprovincial migrants. Canada added over a million new permanent residents between 2022 and 2025, the majority settling in the Greater Toronto Area, Metro Vancouver, and — increasingly — Montreal and Calgary. When supply cannot expand quickly and demand keeps rising, prices rise instead.
Investor activity has amplified these fundamentals rather than caused them — but it has made the situation worse. Speculators treating housing as a financial asset rather than a place to live contributed to the 2021–2022 run-up. The housing crisis in Canada explained covers these dynamics in depth, including government policy responses such as the foreign buyer ban, anti-flipping tax, and new housing targets.
Related Pages
- Housing Market Reports — City-by-city housing data and analysis
- Housing Affordability in Canada — Prices, income, and solutions
- Home Prices vs Household Income — How the gap has grown since 1980
- Is Canada in a Housing Bubble? — Data-based analysis
- Most Affordable Cities in Canada — Where homes are still within reach
- Average Rent in Canada by City — Rental market data
- Best Cities in Canada for Families — Affordability + livability comparison
- Mortgage Affordability Calculator — How much home can you afford?
- Rent vs Buy Calculator — Personalized buy vs rent analysis
- Land Transfer Tax Calculator — Closing costs by province