Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for December 2024
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (December 2024)
Provincial Average Home Sale Prices
Canada
Canada's housing market showed signs of moderation in December 2024, with the national average home price decreasing to $676,640, representing a 2.6% decline from November, as most provinces experienced a negative monthly price change. On an annual basis, the average Canadian home price is up 3% year-over-year.
The national benchmark home price, which measures the price of a "typical" home, was $705,600, showing a 0.2% decrease both month-over-month and year-over-year.
Market Insights for December 2024
| Sales | +14.0% Year-over-Year |
| New Listings | -1.7% Month-over-Month |
| Active Listings | +7.8% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 43,239 in December 2024, a seasonally adjusted 3.0% decrease from the previous month. December is historically a slow period for the housing market, and December 2024 was no exception. However, sales are up 14% compared to December 2023. For some provinces, it was one of the hottest Decembers on record based on home sales. New listings were down 1.7% month-over-month, while active listings were up 7.8% year-over-year.
The large gain in home sales follows successive Bank of Canada rate cuts in June, July, September, and October 2024. Another jumbo 0.50% rate cut that occurred in December 2024 will further help fuel buyer activity. That’s because the Bank of Canada's easing measures, aimed at stimulating economic growth, have reduced borrowing costs and lowered mortgage rates, drawing more buyers into the market.
Provincial Record Breakers for December 2024
| New Brunswick | 🏆 | Record-Breaking Benchmark ($328,900) Price 9th Consecutive Month |
New Brunswick's benchmark home price broke through an all-time record once again in December 2024 for the ninth month in a row, reaching $328,900. Other provinces that once hit record highs in 2024, such as Alberta, Saskatchewan, Newfoundland, and Quebec, have fallen off the leaderboard after experiencing monthly declines in benchmark home prices.
Benchmark Home Prices by Province (December 2024)
| Province | December 2024 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $955,500 | -0.1% | 0.1% |
| Ontario | $849,600 | -0.2% | 0.0% |
| Alberta | $505,200 | -0.3% | 5.2% |
| Quebec | $494,300 | -0.2% | 7.5% |
| Nova Scotia | $405,300 | 0.7% | 4.0% |
| PEI | $370,300 | -1.0% | 4.7% |
| Saskatchewan | $337,800 | -0.2% | 6.8% |
| New Brunswick | $328,900 | 0.7% | 15.5% |
| Newfoundland | $306,100 | 0.1% | 7.6% |
| Canada | $705,600 | -0.2% | -0.2% |
Benchmark Prices Across Canada
For December 2024, benchmark home prices rose on an annual basis in all provinces except for Ontario, which instead saw benchmark prices remain almost the same year-over-year. British Columbia continues to command the highest benchmark home price at $955,500, with an annual increase of 0.1%. New Brunswick led annual growth with a 15.5% increase, followed by Newfoundland with a 7.6% increase and Quebec with a 7.5% increase year-over-year. Despite gains in many provinces, the national benchmark home price dipped 0.2% year-over-year to $705,600.
Canada: Seller’s or Buyer’s Markets?
| Province | December 2024 Sales-to-New-Listings Ratio (SNLR) | November 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 57% | 59% | Balanced Market | |
| Alberta | 105% | 86% | Seller's Market | |
| Saskatchewan | 103% | 87% | Seller's Market | |
| Manitoba | 105% | 80% | Seller's Market | |
| Ontario | 77% | 55% | Seller's Market | |
| Quebec | 116% | 77% | Seller's Market | |
| Nova Scotia | 115% | 84% | Seller's Market | |
| New Brunswick | 121% | 95% | Seller's Market | |
| PEI | 105% | 75% | Seller's Market | |
| Newfoundland | 149% | 87% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For December 2024, Canada’s sales-to-new-listings ratio (SNLR) declined slightly to 57%, keeping its status as a balanced market. Although it is close to the 60% threshold to be considered a seller’s market, this indicates that, on the national level, the equilibrium between supply and demand still allows sellers to receive reasonable offers while providing buyers with adequate choices.
An SNLR above 60% suggests a seller's market characterized by limited buyer options and higher competitiveness. An SNLR below 40% signals a buyer's market, indicating plentiful listings and increased buyer leverage. An SNLR between 40% and 60% represents a balanced market.
All of Canada’s provincial housing markets with reporting data for December 2024 exhibit seller’s market conditions, with all reporting provinces seeing an increase in their SNLRs compared to November 2024. Except for Ontario, the remaining provincial SNLRs are above 100%. That’s largely due to the seasonal slowdown in new listings that typically occurs in December each year.
Today’s Mortgage Rates
| 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|---|---|
| Lowest Rates | % | |||||
| Average Rates (10 Lenders) | 6.51% | 6.06% | 5.04% | 4.85% | 4.74% | 4.74% |
| 30-Days Change of Average Rates | -25 bps lower | -2 bps lower | -11 bps lower | -27 bps lower | -25 bps lower | -19 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 6.51% | -25 bps lower |
| -Year Fixed | % | 6.06% | -2 bps lower |
| -Year Fixed | % | 5.04% | -11 bps lower |
| -Year Fixed | % | 4.85% | -27 bps lower |
| -Year Fixed | % | 4.74% | -25 bps lower |
| undefined-Year Variable | % | 4.74% | -19 bps lower |
The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market saw its average home price decrease to $834,123, a 3.9% decrease from the previous month and down 2.3% year-over-year, the only reporting province this month to have a decrease in its average home price year-over-year. Ontario recorded 8,997 sales in December 2024, down 35% month-over-month but up 8.1% year-over-year. There were 43,779 active listings in Ontario’s housing market, the highest for the month of December in over 10 years.
The average home sold price in the GTA was $1,067,186 in December 2024, representing a decrease of 1.6% year-over-year and down by 3.5% month-over-month. Meanwhile, the GTA’s benchmark home price is up 0.2% year-over-year to $1,061,900.
GTA home sales are down 2.5% year-over-year, with 3,359 transactions in December 2024. The GTA's SNLR was 72%, in seller’s market territory, lower compared to the province’s ratio of 77%.
British Columbia
British Columbia's housing market had an average home price of $1,013,556, showing resilience with a 3.5% monthly increase and a 5.0% annual increase. That’s the largest monthly gain in average home prices among the provinces this month. BC’s average home price hasn’t been above $1 million since May 2024. Greater Vancouver's average home price for December 2024 was $1,275,672, up 2.5% year-over-year.
Quebec
Quebec's average home price was $510,884, down 2.1% from November 2024’s all-time high last month and 9.2% higher than the previous year. The province saw 6,748 sales, down 12.3% from the previous month while being up a significant 52% from the previous year. That’s up from a 41% year-over-year increase seen in November 2024.
The Montreal housing market saw prices rise 5.8% annually to an average price of $620,644 for December 2024. Quebec City's average home price increased to $436,365, up 18.1% annually, an astounding year-over-year gain.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market saw a slight decline, with an average home price of $440,020, a 0.5% decrease from the previous month but up 6.4% from the previous year. Halifax's average home price was $575,907, showing similar trends with a 0.1% monthly decrease but a 10.3% annual increase.
New Brunswick
New Brunswick’s average home price of $319,390 is a 1.3% month-over-month increase. New Brunswick’s SNLR of 121% is the second-highest among the provinces in December 2024. Fredericton’s average home price of $324,960 in December 2024 is down 0.6% monthly, Moncton's $343,267 is down 3.4% monthly, and Saint John's $360,270 is up 8.3% monthly. New Brunswick home sales, at 552, is the third-highest ever for the month of December.
Prince Edward Island
Prince Edward Island's average home price rose to $404,741, a 0.8% increase from the previous month and a 13.4% increase from the previous year. The number of active listings at the end of December 2024 in PEI is the highest seen since in seven years, since December 2017.
Newfoundland and Labrador
Newfoundland and Labrador's housing market showed strong growth, with an average home price of $329,346, representing a 0.4% decrease from the previous month and a 7.8% rise from the previous year. There were 5,686 homes sold in Newfoundland throughout 2024, the third-highest annual total for the province.
The Prairies
Alberta
Alberta’s average home price decreased to $493,828, down 1.3% monthly but still up 7.7% year-over-year. That’s a big drop after hitting $544,752 in October 2024, an all-time high. Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 12% year-over-year to $605,074, while Edmonton home prices had a 15% annual increase to $436,401.
Saskatchewan
The average home price in Saskatchewan decreased to $313,428, down 1.4% from the previous month but up 9.1% from December 2023. The province recorded 776 sales in December 2024, a 3% increase from the previous year and down 34% monthly.
Saskatoon’s average home price of $391,338 in December 2024 is up 8% year-over-year, while Regina’s average home price of $294,070 is up 6% year-over-year. On a monthly basis, they declined 0.7% and 4.6%, respectively.
Manitoba
Manitoba's average home price in December 2024 was $360,233, a decrease of 3.8% month-over-month and up 2.3% year-over-year.
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
| Region | Average 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%) |
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.
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