25 Largest Metro Areas in Canada & USA
20-Year Home Price Growth vs. Population Growth
When looking at this table — where Canadian cities dominate the top of the list — two key questions emerge:
- Does population growth drive home prices?
- Is it the main factor?
👥 Population growth clearly matters: 7 of the 10 fastest-rising markets also rank high in population gains. More people = more demand, especially in prime areas.
❌ But it’s not the whole story.
🏡 Charlotte, Orlando, and Houston lead in population growth yet don’t rank among the top 4 for price appreciation. Meanwhile, Montréal is 2nd in price growth despite modest population growth.
💡 The difference comes down largely to speculative demand 💸 and supply constraints 🚧.
In Canada, two decades of speculation have fueled prices, while zoning rules have constrained supply, and overregulation along with high development fees have pushed costs even higher.
🌍 Other factors — such as low property taxes 💰 and foreign capital 💵 — have also played a role in driving home prices up.
Check out our CEO's recent article in The Globe and Mail on this topic: Why these three Canadian cities top the U.S. in housing inflation
| Metro Area | Price Change (2005–2025) ▼ | Home Price (July 2005) | Home Price (July 2025) | Pop. Change (2005–2025) | Pop. (July 2005) | Pop. (July 2024) |
|---|---|---|---|---|---|---|
| Vancouver | 175% | $306,000 | $842,000 | 43.8% | 2,200,000 | 3,100,000 |
| Montreal | 167% | $156,000 | $417,000 | 22.7% | 3,800,000 | 4,600,000 |
| Toronto | 164% | $268,000 | $709,000 | 35.4% | 5,200,000 | 7,100,000 |
| Dallas | 139% | $154,000 | $369,000 | 43.5% | 5,800,000 | 8,300,000 |
| Charlotte | 134% | $166,000 | $389,000 | 89.8% | 1,500,000 | 2,900,000 |
| Denver | 125% | $258,000 | $581,000 | 29.7% | 2,400,000 | 3,100,000 |
| Seattle | 119% | $343,000 | $751,000 | 29.5% | 3,200,000 | 4,100,000 |
| Houston | 107% | $150,000 | $311,000 | 49.1% | 5,200,000 | 7,800,000 |
| Atlanta | 102% | $191,000 | $385,000 | 29.6% | 4,900,000 | 6,400,000 |
| Miami | 84% | $256,000 | $473,000 | 18.6% | 5,400,000 | 6,500,000 |
| Tampa | 83% | $198,000 | $361,000 | 29.8% | 2,600,000 | 3,400,000 |
| San Francisco | 79% | $629,000 | $1,130,000 | 12% | 4,100,000 | 4,600,000 |
| Boston | 77% | $412,000 | $731,000 | 12.7% | 4,500,000 | 5,000,000 |
| Orlando | 76% | $222,000 | $389,000 | 51.6% | 1,900,000 | 2,900,000 |
| Phoenix | 75% | $256,000 | $449,000 | 33.5% | 3,900,000 | 5,200,000 |
| Philadelphia | 74% | $222,000 | $387,000 | 8.2% | 5,900,000 | 6,300,000 |
| Los Angeles | 73% | $555,000 | $959,000 | 1.3% | 12,800,000 | 12,900,000 |
| San Diego | 71% | $542,000 | $926,000 | 12.1% | 2,900,000 | 3,300,000 |
| Detroit | 66% | $162,000 | $269,000 | -2.1% | 4,500,000 | 4,400,000 |
| Inland Empire* | 66% | $353,000 | $585,000 | 22.9% | 3,900,000 | 4,700,000 |
| New York | 59% | $447,000 | $713,000 | 6.1% | 18,800,000 | 19,900,000 |
| Minneapolis | 53% | $255,000 | $391,000 | 20% | 3,100,000 | 3,800,000 |
| Baltimore | 45% | $278,000 | $404,000 | 7.9% | 2,600,000 | 2,900,000 |
| Washington | 41% | $414,000 | $585,000 | 23.1% | 5,200,000 | 6,400,000 |
| Chicago | 41% | $246,000 | $346,000 | 0.5% | 9,400,000 | 9,400,000 |
Source: Home Price — US Zillow Housing Data (All Home, US & Metro), CA CREA MLS® HPI (Composite Benchmark); Population — US Census, CA StatCan, St. Louis Fed Data; FX Rates — Bank of Canada (CAD/USD). *Riverside–San Bernardino–Ontario, CA Metro Area. | ||||||
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