Canadian Real Estate Market in 2024: A Tale of Two Markets
More affordable provinces saw price growth, while Ontario and BC remained mostly stagnant.
Average Home Prices in Provinces
| Province | Current Month ↓ | Annual Change |
|---|---|---|
| BC | $1,013,556 | 5% |
| Ontario | $834,123 | -2.3% |
| Canada | $676,640 | 3% |
| Quebec | $510,884 | 9.2% |
| Alberta | $493,828 | 7.7% |
| Nova Scotia | $440,020 | 6.4% |
| PEI | $404,741 | 13.4% |
| Manitoba | $360,233 | 2.3% |
| Newfoundland | $329,346 | 7.8% |
| New Brunswick | $319,390 | 0% |
| Saskatchewan | $313,428 | 9.1% |
Benchmark Home Prices in Provinces
| Province | Current Month ↓ | Annual Change |
|---|---|---|
| Canada | $705,600 | -0.2% |
| BC | $955,500 | 0.1% |
| Alberta | $505,200 | 5.2% |
| Saskatchewan | $337,800 | 6.8% |
| Ontario | $849,600 | 0% |
| Quebec | $494,300 | 7.5% |
| Nova Scotia | $405,300 | 4% |
| New Brunswick | $328,900 | 15.5% |
| PEI | $370,300 | 4.7% |
| Newfoundland | $306,100 | 7.6% |
📌 Key Takeaways:
- 1️⃣ Canada: The average sold home price rose 3% in 2024, but the benchmark index, a better market indicator, declined slightly (-0.2%).
- 2️⃣ Ontario: The worst-performing province, driven by a weak GTA market. The benchmark price remained flat, while the average price fell -2.3%.
- 3️⃣ BC: Slightly better than Ontario, but still little to no annual change in its benchmark price.
- 4️⃣ Other Provinces: Every province outside Ontario & BC saw price gains, with Quebec standing out where Quebec City posted double-digit price growth.
🔍 In Short:
Affordable markets are behaving very differently from unaffordable ones.
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