Canadian Housing Market News

This Page's Content Was Last Updated: February 16, 2024
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Note: Data sourced from the Canadian Real Estate Association (CREA)

Canadian Housing Market Data for January 2024

British Columbia
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22k
Listings
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Alberta
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12k
Listings
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Saskatchewan
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4k
Listings
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Ontario
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39k
Listings
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New Brunswick
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1k
Listings
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Nova Scotia
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3k
Listings
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Canada Real Estate Market Trends

Note: *Transactions are seasonally-adjusted

Average Home Prices by Province (January 2024)

Canada

Canada Market Condition
Balanced
This Month’s SNLR: 58.8%
An SNLR between 40% and 60% indicates a balanced market.

The average Canadian home price was $659,395 in January 2024, a 0.3% monthly increase and up 7.7% year-over-year.

Nationally, there were 39,399 home sales during the month of January 2024, a seasonally-adjusted 18% increase year-over-year, which is also up 4% compared to last month.

On an actual basis, there were around 25,500 home sales in Canada during January 2024. Canada’s benchmark home price, which measures the price of a “typical” home in Canada, was $707,800 in January 2024. That’s down slightly from the $710,300 benchmark price in December 2023.

Benchmark Home Prices by Province (January 2024)

ProvinceJanuary 2024 Benchmark Home PriceDecember 2023 Benchmark Home Price
British Columbia$952,100$957,500
Alberta$487,400$485,400
Saskatchewan$319,600$319,300
Ontario$849,000$851,000
Quebec$461,600$462,100
Nova Scotia$389,000$390,100
New Brunswick$283,700$286,700
PEI$341,200$348,300
Newfoundland$288,000$289,800

Benchmark Prices Across Canada

For January 2024, benchmark home prices in the Canadian housing market mainly contracted on a monthly basis, although some provinces (Alberta and Saskatchewan) still saw a monthly increase in benchmark prices. The latest data on benchmark home prices across Canadian provinces shows that British Columbia continues to lead the pack with a benchmark home price of $952,100. Ontario’s benchmark home price was $849,000 in January 2024, while the province with the lowest benchmark price was New Brunswick, at $283,700.

Canada: Seller’s or Buyer’s Markets?

ProvinceJanuary 2024 Sales-to-New-Listings Ratio (SNLR)Last Month’s SNLRMarket Type
Alberta67%95%Seller's Market
Saskatchewan58%85%Balanced Market
Manitoba47%85%Balanced Market
Ontario49%86%Balanced Market
Quebec45%82%Balanced Market
Nova Scotia53%107%Balanced Market
New Brunswick66%-Seller's Market
Newfoundland42%131%Balanced Market
PEI47%63%Balanced Market

SNLR

For the month of January 2024, Canada’s sales-to-new-listings ratio (SNLR) was 58.8%. The current 58.8% SNLR signals a balanced market. In a balanced market, sellers receive reasonable offers for their homes. At the same time, buyers have enough options to view and choose from. Most of Canada's provincial housing markets are currently in a balanced market.

The Sales-to-New-Listings Ratio (SNLR) is an important indicator that helps understand the balance between the demand and supply in the housing market. A high SNLR above 60% suggests a seller's market, indicating that buyers have very limited options to choose from. Conversely, a low SNLR below 40% would indicate a buyer's market, where sellers cannot receive reasonable offers for their homes over a reasonable amount of time.

While the provinces currently demonstrate a strong sellers' market, indicating a higher demand for homes than there are listings available, that is something to be expected every December as sellers pull back on new listings this time of the year.

Today’s Mortgage Rates

TermLowest RatesAverage Rates
(11 Lenders)
30-Days Change of Average Rates
1-Year Fixed6.29%7.42%
-3 bps lower
2-Year Fixed5.74%6.76%
6 bps higher
3-Year Fixed4.69%6.11%
6 bps higher
4-Year Fixed4.89%5.94%
-6 bps lower
5-Year Fixed4.54%5.55%
10 bps higher
5-Year Variable5.9%6.84%
8 bps higher

The basket of 11 lenders includes: CIBC logoCIBC, BMO logoBMO, TD logoTD, Scotiabank logoScotiabank, RBC logoRBC, National Bank logoNational Bank, HSBC logoHSBC, Desjardins logoDesjardins, nesto logonesto, Tangerine logoTangerine, First National logoFirst National

Ontario

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Home prices in Ontario's housing market dipped during the month of January 2024, with Ontario's average home price decreasing by 3.8% compared to December 2023. On an annual basis, Ontario home prices are still up 2.9%.

Ontario continues to have one of the highest average home prices across the provinces, second only to British Columbia.

The average home sold price in the GTA was $1,026,703 for January 2024, representing a decrease of 1.2% year-over-year and a larger decrease of 5.3% month-over-month.

GTA home sales are up 36% year-over-year, with 4,223 transactions in January. The GTA had an SNLR of 51%, compared to the province’s 49% SNLR.

When it comes to the housing market in Ontario, let's take a closer look at some interesting trends. Mississauga’s housing market had a particularly strong January 2024, with Mississauga home prices increasing 10% in one month to $1,048,658. That’s up by 14% year-over-year.

Neighbouring Brampton saw its average home price decrease by 0.5% from last month to $982,514. Over in Hamilton, home prices are up 4.6% monthly to $794,982, while Ottawa home prices are relatively unchanged monthly at $631,722.

Kitchener-Waterloo Region has seen prices increase just under 3% monthly to $762,174. Oshawa home prices are up 8.5% monthly to $789,252.

Ontario Market Condition
Balanced
This Month’s SNLR: 49%
An SNLR between 40% and 60% indicates a balanced market.

British Columbia

British Columbia maintained its position as the province with the highest average home price in January 2024, with BC home prices up 10.5% year-over-year while declining 0.8% compared to last month, at $957,909.

Greater Vancouver's average home price for January 2024 was $1,251,923, up 7.6% year-over-year. This makes Vancouver the most expensive city in Canada to buy a home in.

wahi map

Quebec

Quebec Market Condition
Balanced
This Month’s SNLR: 45%
An SNLR between 40% and 60% indicates a balanced market.

Quebec saw a 9.3% increase in average home prices year-on-year, with the average Quebec home price standing at $455,547. Compared to last month, home prices are down 2.6% from December 2023. The Montreal housing market saw prices rise 7.8% annually but decrease 2.8% monthly, to $570,220 for January 2024.

Atlantic Canada

Nova Scotia Market Condition
Balanced
This Month’s SNLR: 53%
An SNLR between 40% and 60% indicates a balanced market.

Home prices in Atlantic Canada are seeing some big moves in home prices compared to this time last year. Nova Scotia saw an impressive 13% increase year-on-year in prices, with an average home price of $428,539. On a monthly basis, prices are up 3.6%. In PEI, the average home price of $377,844 is up just 3% year-overy-year, but has increased by 5.5% compared to December 2023.

The average home price for January 2024 in Newfoundland is $302,834. On an annual basis, Newfoundland home prices are up 8% but have decreased slightly by 0.8% compared to last month.

The Prairies

The Prairies region in Canada has displayed varying patterns in its housing market. Alberta stands out with a 12% annual increase and a 3.8% monthly growth, bringing the average Alberta house price to $476,066.

Meanwhile, Saskatchewan witnessed a modest 2% annual rise and also experienced a 0.8% decrease on a monthly basis. Among its cities, Saskatoon and Regina showed mixed results, with Saskatoon observing a 2% monthly decrease and a 4% annual increase to $355,240, while Regina experienced a 3.3% monthly decrease and a 1% yearly increase to $277,997. The overall price in Saskatchewan remains at $284,926.

Finally, Manitoba showcased strong growth with a 0.2% annual decrease and an equal 0.2% monthly decrease, putting the average price at $351,305.

There’s more persistent growth in Alberta’s urban housing markets, where home prices in Calgary are up 11% year-over-year to $569,361, while Edmonton home prices had an 7.7% annual increase to $398,724. Meanwhile, Winnipeg’s average home price is up 10% year-over-year to $376,618.

Alberta Market Condition
Seller's Market
This Month’s SNLR: 67%
An SNLR above 60% indicates a market that favour sellers.
wahi map

Breakdown By Region

New Housing Price Index

The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.

Other Real Estate Statistics

Homeownership Rate: 66.5% (2021)

Vacancy Rate: 1.5% (2023)

Housing Construction

Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)

Housing Under Construction: 353,361 units (Jan 2024)

Housing Completions: 187,630 units (2023)

Investment in Residential Construction: CAD $157.7 billion (2023)

Investment in Non-Residential Construction: CAD $71.4 billion (2023)

Average Rent for a 2-Bedroom Unit

As reported by the CMHC for purpose-built rentals in 2023

RegionAverage Rent for a 2-Bedroom Unit
Greater Toronto Area, ON$1,940 (8.7%)
Ottawa, ON$1,698 (4%)
Vancouver, BC$2,181 (8.6%)
Victoria, BC$1,839 (7.9%)
Quebec City, QC$1,040 (4.8%)
Montreal, QC$1,096 (7.9%)
Edmonton, AB$1,398 (6.4%)
Calgary, AB$1,695 (14.3%)
Winnipeg, MB$1,427 (4.4%)
Saskatoon, SK$1,360 (9.0%)
Halifax, NS$1,628 (11%)
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Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.

Data sourced from the Canadian Real Estate Association (CREA) and regional real estate boards. Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.