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Canadian Housing Market Data for September 2025
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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:
1️⃣ Does population growth drive home prices?
2️⃣ 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
Home Price Growth in 25 Largest Metropolitans in USA & Canada (2005 - 2025)
Prices in USD$, unless specified
| Metro Area | Price Change (2005 to 2025) | Home Price (July 2005) | Home Price (July 2025) | Pop. Change (2005 to 2025) | Pop. (July 2005) | Pop. (July 2024) |
|---|---|---|---|---|---|---|
| Vancouver | 175% | $306K | $842K | 43.8% | 2.2M | 3.1M |
| Montreal | 167% | $156K | $417K | 22.7% | 3.8M | 4.6M |
| Toronto | 164% | $268K | $709K | 35.4% | 5.2M | 7.1M |
| Dallas | 139% | $154K | $369K | 43.5% | 5.8M | 8.3M |
| Charlotte | 134% | $166K | $389K | 89.8% | 1.5M | 2.9M |
| Denver | 125% | $258K | $581K | 29.7% | 2.4M | 3.1M |
| Seattle | 119% | $343K | $751K | 29.5% | 3.2M | 4.1M |
| Houston | 107% | $150K | $311K | 49.1% | 5.2M | 7.8M |
| Atlanta | 102% | $191K | $385K | 29.6% | 4.9M | 6.4M |
| Miami | 84% | $256K | $473K | 18.6% | 5.4M | 6.5M |
| Tampa | 83% | $198K | $361K | 29.8% | 2.6M | 3.4M |
| San Francisco | 79% | $629K | $1.13M | 12.0% | 4.1M | 4.6M |
| Boston | 77% | $412K | $731K | 12.7% | 4.5M | 5M |
| Orlando | 76% | $222K | $389K | 51.6% | 1.9M | 2.9M |
| Phoenix | 75% | $256K | $449K | 33.5% | 3.9M | 5.2M |
| Philadelphia | 74% | $222K | $387K | 8.2% | 5.9M | 6.3M |
| Los Angeles | 73% | $555K | $959K | 1.3% | 12.8M | 12.9M |
| San Diego | 71% | $542K | $926K | 12.1% | 2.9M | 3.3M |
| Detroit | 66% | $162K | $269K | -2.1% | 4.5M | 4.4M |
| Inland Empire* | 66% | $353K | $585K | 22.9% | 3.9M | 4.7M |
| New York | 59% | $447K | $713K | 6.1% | 18.8M | 19.9M |
| Minneapolis | 53% | $255K | $391K | 20.0% | 3.1M | 3.8M |
| Baltimore | 45% | $278K | $404K | 7.9% | 2.6M | 2.9M |
| Washington | 41% | $414K | $585K | 23.1% | 5.2M | 6.4M |
| Chicago | 41% | $246K | $346K | 0.5% | 9.4M | 9.4M |
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 rates)
*Riverside-San Bernardino-Ontario, CA Metro Area
🍁 Canada Home Prices – August 2025
The trend remains consistent with recent months, as Ontario and B.C. home prices continue to decline, dragging down the national prices. A notable shift is that Alberta’s housing market is also beginning to cool.
🔹 Benchmark Price: $686,800 ⬇️ -3.4% Yearly | ⬇️ -0.9% Monthly
🔹 Average Price: $664,078 ⬆️ +1.8% Yearly | ⬇️ -1.3% Monthly
🔹 Sales: 40,714* ⬆️ +5.7% Yearly | ⬆️ +1.1% Monthly *Seasonally Adjusted
🔹 Sales-to-New-Listings Ratio (SNLR): 51% → A balanced market.
📘 Read the full August 2025 Housing Market Report
Average Home Prices by Province (August 2025)
= All Time High
| Province | Average Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $926,335 | -1.7% | -1.4% |
| Ontario | $804,985 | -2.1% | -1.6% |
| Quebec | $549,424 | 1.6% | 10.9% |
| Alberta | $502,684 | -0.1% | 2.0% |
| Nova Scotia | $467,148 | 2.0% | 7.1% |
| Prince Edward Island | $400,594 | 5.9% | -0.3% |
| Manitoba | $395,913 | 1.4% | 8.9% |
| Saskatchewan | $359,379 | 2.1% | 14.0% |
| New Brunswick | $352,965 | 2.8% | 7.2% |
| Newfoundland and Labrador | $352,687 | -0.8% | 2.8% |
| Canada | $664,078 | -1.3% | 1.8% |
Sources: CREA and Provincial Real Estate Boards
Benchmark Home Prices by Province (August 2025)
= All Time High
| Province | Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $942,800 | -1.0% | -3.1% |
| Ontario | $787,500 | -1.0% | -6.7% |
| Quebec | $526,100 | -0.9% | 7.9% |
| Alberta | $515,300 | -0.8% | -0.1% |
| Nova Scotia | $428,800 | -0.1% | 3.5% |
| Prince Edward Island | $377,400 | -0.5% | 1.3% |
| Saskatchewan | $372,200 | -0.1% | 8.0% |
| Newfoundland | $337,600 | 2.1% | 12.3% |
| New Brunswick | $328,400 | 0.3% | 6.2% |
| Canada | $686,800 | -0.9% | -3.4% |
Sources: CREA and Provincial Real Estate Boards
Sales-to-New-Listings Ratio (SNLR) by Province (August 2025)
| Province | August 2025 SNLR | Market Type |
|---|---|---|
| Canada | 51.2% | Balanced Market |
| Alberta | 63% | Seller's Market |
| Saskatchewan | 71.4% | Seller's Market |
| Manitoba | 73% | Seller's Market |
| Ontario | 43% | Balanced Market |
| Quebec | 63% | Seller's Market |
| Nova Scotia | 69% | Seller's Market |
| New Brunswick | 69% | Seller's Market |
| Prince Edward Island | 59% | Balanced Market |
| Newfoundland | 77% | Seller's Market |
Sources: CREA and Provincial Real Estate Boards
🏆 Record-Breakers in August 2025
Newfoundland & Labrador: 8th straight monthly record benchmark ($337,600).
⚖️ Market Balance
Nationally, Canada remains balanced at 51% SNLR. But under the surface:
- Balanced: Ontario (43%), PEI (59%), Canada overall (51.2%).
- Seller’s Market: Quebec (63%), Saskatchewan (71.4%), Manitoba (73%), Nova Scotia (69%), Alberta (63%), New Brunswick (69%), Newfoundland (77%).
📍Regional Trends:
- Ontario: Weakest nationally, with benchmark prices down 6.7% YoY; market only marginally balanced at 43% SNLR.
- British Columbia: Benchmark down 3.1% YoY and average down 1.4% YoY, led by softness in Greater Vancouver.
- Quebec: Strongest large province, with benchmark up 7.9% YoY; Montreal and Quebec City remain seller’s markets (63% SNLR).
- Prairies: Saskatchewan posted the strongest growth (+8.0% YoY benchmark, +14% YoY avg), Manitoba also hot at +8.9% YoY avg; Alberta steadier with -0.1% YoY benchmark but still seller-leaning.
- Atlantic Canada: Newfoundland surged (+12.3% YoY benchmark, 77% SNLR), while Nova Scotia and New Brunswick also lean seller’s; PEI more balanced.
📬 Explore Regional Breakdowns in the Full Reports:
📬 Explore the Full Canada Housing Market Report
For full province-by-province breakdowns, mortgage rate updates, and detailed charts:
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Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.