Canada’s housing market features a wide variety of housing options and significant price ranges. Although the overall average selling price hovers around $700,000, that figure hides stark differences between regions. Recent interest rate cuts have helped ease borrowing costs, but affordability remains a significant challenge in many major urban centers. As a result, many Canadians are curious about where the price tags are highest – or lowest – across the country.
Provincial/Territorial Averages
Source: WOWA, Canadian Housing Market Report, January 20th, 2025
Most Expensive
The most expensive regions to buy homes, based on average prices, are British Columbia, Ontario, and Yukon.
In British Columbia, the average condo price is about $650,000 and a typical three‐bedroom house sells for around $1,250,000. Over the past year, condos in BC have dropped slightly by approximately -0.2%, while three‐bedroom houses have increased modestly by roughly 0.2%.
Ontario follows closely, with average condo prices near $600,000 and three‐bedroom houses around $1,100,000. Here, condo prices have declined by roughly –1.0% year-over-year, yet three‐bedroom homes have seen a slight rise of about 1.1%.
Yukon takes this third position. The average condo price in the territory is around $620,000, reflecting a modest annual gain of roughly 4.0% over the past year. Meanwhile, the average three‑bedroom home is valued at about $700,000, with prices increasing by approximately 1.5% over the past year.
Most Affordable
On the other end, the bottom three provinces are Newfoundland and Labrador, New Brunswick, and Saskatchewan.
In Newfoundland and Labrador, average condo prices are around $300,000 and three‐bedroom houses are about $350,000, with annual growth near +7.4%.
New Brunswick’s condos average roughly $330,000 and three‐bedroom houses about $340,000; although recent months have seen a -3.0% monthly decline, the annual trend can reach around 12.4%.
Saskatchewan’s market is similarly affordable, despite having seen a period of growth, with average condo prices near $350,000 and three‐bedroom houses at approximately $400,000; these figures have increased by about +1.4% monthly and +6.8% annually.
Focus on Cities
Source: WOWA, Canadian Housing Market Report, January 20th, 2025
Most Expensive
Vancouver
Vancouver continues to command some of the highest housing costs in the country. The average condo sells for around $1,000,000, a figure that has slipped by about -1.7% over the past year. Meanwhile, three‐bedroom houses average roughly $1,550,000, showing a modest annual uptick of about 1.0%. Demand for detached homes remains strong, helping to offset any broader market softening in the condo segment.
Toronto
Toronto remains close behind Vancouver in terms of elevated prices. Condos in this city average about $900,000, reflecting a slight year‐over‐year decline of roughly -0.8%. Three‐bedroom houses, on the other hand, sell for around $1,300,000 and have inched up by approximately 0.5% over the same period. Sustained population growth and constrained supply in prime neighbourhoods continue to bolster the detached market.
Hamilton
Although Hamilton is somewhat more affordable than Toronto or Vancouver, it still ranks among the country’s pricier options. Condos here average around $550,000, while three‐bedroom houses go for roughly $850,000. Both categories have dipped by about -2.4% year‐over‐year, suggesting a gradual market adjustment following Hamilton’s rapid price gains in previous years.
Ottawa
Ottawa benefits from a stable employment base and consistent in‐migration, factors that help maintain its home values. Condos in the nation’s capital average around $500,000, marking a modest year‐over‐year rise of about 0.5%. Three‐bedroom houses, at roughly $750,000, have similarly gained about 0.5% in the past year. The market here shows resilience despite broader economic uncertainties.
Montreal
Rounding out the top five is Montreal, where condos average around $520,000, reflecting a year‐over‐year decline of about -1.2%. Three‐bedroom houses sit near $720,000, having edged up by approximately 0.4%. This divergence points to solid demand for detached homes, while the condo segment appears to be adjusting to more cautious buyer sentiment.
Most Affordable
Winnipeg
Winnipeg offers some of the most affordable housing among major Canadian centers. Condos in this city average nearly $270,000, and three‐bedroom houses go for about $310,000. Both categories have risen by roughly 3.6% over the past year, indicating a gradual but steady climb from a relatively low price baseline.
Edmonton
Edmonton also remains accessible for buyers seeking lower entry costs. Condos here average around $240,000, while three‐bedroom houses hover near $320,000. Both have increased by about 2.8% year‐over‐year, suggesting a stable market buoyed by diverse local industries and a modest level of new supply.
Calgary
Although Calgary’s average prices surpass those of Edmonton, it still falls into the more affordable tier compared to Canada’s largest metropolitan areas. Condos in Calgary cost around $380,000, and three‐bedroom houses average about $650,000. Both segments have grown by approximately 4.1% over the past year, reflecting the city’s ongoing economic recovery and steady in‐migration.
Halifax
Halifax has seen significant interest from out‐of‐province buyers, yet it remains relatively affordable. Condos are priced at around $450,000, and three‐bedroom houses are around $650,000. Both have recorded annual increases of about 3.2%, highlighting the city’s rising popularity and constrained inventory.
London
London is still cheaper than Toronto or Hamilton but shows consistent growth. Condos in London average roughly $490,000, with three‐bedroom houses around $720,000. Both categories have posted a year‐over‐year increase of about 2.1%. The city’s comparatively moderate pricing, along with its proximity to larger job markets, continues to draw buyers seeking alternatives to Toronto’s high cost of entry.
