Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for October 2024
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (October 2024)
Provincial Average Home Sale Prices
Canada
Canada’s housing market buzzed with activity in October 2024 during a month with significant home sales and price changes across the country.
In October 2024, the national benchmark home price, which measures the price of a “typical” home, was $707,700, a 0.8% monthly decrease and down 3.2% year-over-year. However, it has jumped 77% over the past decade.
The average home price in Canada is $696,166, a 4.0% increase from the previous month and a 6.0% increase from the previous year. That’s the highest that Canada’s average home price has been since June 2024.
Market Insights for October 2024
| Sales | +22% Year-over-Year |
| New Listings | -3.5% Month-over-Month |
| Active Listings | +11.4% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 43,294 in October 2024, a seasonally adjusted 8.4% increase from the previous month and a 22% increase from the previous year. It’s the highest number of monthly home sales since April 2022. New listings were down 3.5% month-over-month, while active listings were up 11.4% year-over-year.
The large gain in home sales follows successive Bank of Canada rate cuts in June, July, and September 2024. A 0.5% jumbo rate cut that occurred in late October 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 October 2024
| New Brunswick | 🏆 | Record-Breaking Benchmark ($318,500) Price 7th Consecutive Month |
| Newfoundland | 🏆 | Record-Breaking Benchmark ($306,700) Price 6th Consecutive Month |
| Quebec | 🏆 | Record-Breaking Benchmark ($494,000) Price 2nd Consecutive Month |
| Alberta | 🏆 | Record-Breaking Average ($544,752) Price |
New Brunswick’s benchmark home price broke through an all-time record once again in October 2024 for the seventh month in a row, reaching $318,500. Meanwhile, Newfoundland broke its benchmark price records with a benchmark price of $306,700, breaking its benchmark price record for the sixth month in a row. However, these two provinces continue to have the lowest benchmark home prices out of the provinces. As expected, home prices are rising in affordable provinces, given strong demand and declining mortgage rates.
Quebec’s benchmark home price broke an all-time high for the second consecutive month, reaching $494,000, while Alberta’s average home price also broke its all-time high in October 2024, soaring to $544,752.
Benchmark Home Prices by Province (October 2024)
| Province | October 2024 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $955,100 | -0.6% | -2.4% |
| Ontario | $850,900 | -0.9% | -3.0% |
| Alberta | $508,700 | -0.8% | 5.9% |
| Quebec | $494,000 | 0.3% | 6.2% |
| Nova Scotia | $411,100 | 0.0% | 2.3% |
| PEI | $375,600 | 0.9% | 1.6% |
| Saskatchewan | $343,400 | -0.1% | 5.9% |
| New Brunswick | $318,500 | 2.9% | 9.5% |
| Newfoundland | $306,700 | 0.2% | 6.8% |
| Canada | $713,200 | -0.6% | -3.8% |
Benchmark Prices Across Canada
For October 2024, benchmark home prices rose on an annual basis in all provinces except for Ontario and British Columbia, which instead saw benchmark prices fall year-over-year. British Columbia continues to command the highest benchmark home price at $955,100, with a modest annual decrease of 2.4%.
Ontario experienced the largest year-over-year decline in benchmark home prices, down 3.0% year-over-year. However, the national benchmark home price also dipped 3.2% year-over-year despite the wave of green brought about by the annual growth in prices in other provinces.
Alberta, Saskatchewan, and Quebec are seeing annual gains close to 6%, while New Brunswick is up 9.5% year-over-year. However, on a monthly basis, benchmark home prices are down in Ontario, B.C., Alberta, and Saskatchewan. This brings Alberta and Saskatchewan further away from their record-breaking benchmark prices hit just recently in June 2024 and July 2024, respectively.
Canada: Seller’s or Buyer’s Markets?
| Province | October 2024 Sales-to-New-Listings Ratio (SNLR) | September 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 58% | 51% | Balanced Market | |
| Alberta | 75% | 64% | Seller's Market | |
| Saskatchewan | 88% | 70% | Seller's Market | |
| Manitoba | N/A | 65% | N/A | N/A |
| Ontario | 48% | 34% | Balanced Market | |
| Quebec | 64% | 56% | Seller's Market | |
| Nova Scotia | 82% | 65% | Seller's Market | |
| New Brunswick | 71% | 66% | Seller's Market | |
| PEI | 73% | 65% | Seller's Market | |
| Newfoundland | 91% | 57% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of October 2024, Canada’s sales-to-new-listings ratio (SNLR) rose to 58%, although it has still kept its status as a balanced market. It’s up from 51% in September 2024. This indicates that, on the national level, the equilibrium between supply and demand 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.
The majority of Canada’s provincial housing markets exhibit seller’s market conditions, with all reporting provinces seeing an increase in their SNLRs compared to September 2024, indicating that demand remains high relative to supply. The exception to this is Ontario, which is currently the only province not in a seller’s market.
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) | 6.76% | 6.07% | 5.13% | 5.12% | 5.01% | 5.41% |
| 30-Days Change of Average Rates | -3 bps lower | -24 bps lower | -16 bps lower | 6 bps higher | 27 bps higher | -1 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 6.76% | -3 bps lower |
| -Year Fixed | % | 6.07% | -24 bps lower |
| -Year Fixed | % | 5.13% | -16 bps lower |
| -Year Fixed | % | 5.12% | 6 bps higher |
| -Year Fixed | % | 5.01% | 27 bps higher |
| undefined-Year Variable | % | 5.41% | -1 bps lower |
The basket of 10 lenders includes: CIBC, BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National
*Prior to March 2024, HSBC Canada was included in the basket
Regional Analysis
Ontario
Ontario's housing market saw the second-largest monthly increase in its average home price among the provinces in October 2024, with an average home price of $878,620, a 3.2% increase from the previous month and a 2.6% increase from the previous year. Ontario recorded 15,893 sales in October 2024, up 36.7% year-over-year. There were 60,530 active listings in Ontario’s housing market, the highest for the month of October in over 10 years.
The average home sold price in the GTA was $1,135,215 in October 2024, representing an increase of 0.8% year-over-year and up by 2.5% month-over-month. Meanwhile, the GTA’s benchmark home price is down 3.3% year-over-year to $1,060,300.
GTA home sales are up 43% year-over-year, with 6,658 transactions in October 2024. The GTA's SNLR was 43%, in balanced market territory, lower compared to the province’s 48%, which is also a balanced market.
British Columbia
British Columbia's housing market had an average home price of $965,441, a 0.2% yearly decline but a 2.4% monthly increase. Greater Vancouver's average home price for October 2024 was $1,250,329, down 3.9% year-over-year.
Quebec
Quebec's average home price was $513,976, up 0.9% from the previous month and 10.2% higher than the previous year. The province saw 8,019 sales, up 15% from the previous month while being up a significant 34% from the previous year.
The Montreal housing market saw prices rise 8.9% annually to an average price of $630,063 for October 2024, down 0.3% from its all-time high in September 2024. Quebec City’s average home price of $432,016 has risen by 14.3% annually, outperforming Montreal and the provincial average.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market remained relatively steady, with an average home price of $444,067, a 1.1% increase from the previous month and up 5.8% from the previous year. The province recorded 1,098 sales, up 15% from the previous month and a 28.6% increase from the previous year. The average home price in Halifax was $578,675, up 8.9% yearly.
Prince Edward Island
Prince Edward Island's average home price was $393,904, a 1.7% increase from the previous month and a 3.4% increase from the previous year. The province recorded 214 sales, a 46% increase from the previous year. It’s the largest annual percentage increase in home sales out of the provinces this month.
Newfoundland and Labrador
Newfoundland and Labrador's housing market had an average home price of $318,636. That’s a small 0.1% increase from the previous month but a larger 13.2% rise from the previous year. The province recorded 726 sales, a 42.6% increase from the previous month and a 37.5% increase from the previous year.
The Prairies
Saskatchewan
The average home price in Saskatchewan is $324,302, a 1.2% decrease from the previous month and a 9.5% rise from October 2023. It’s only one of two provinces to see a monthly decline in their average home price. The province recorded 1,520 sales in October 2024, a 22.1% increase from the previous year.
Saskatoon’s average home price of $397,736 in October 2024 is up 7.0% year-over-year, while Regina’s average home price of $313,454 is up 11.0% year-over-year.
Alberta
Alberta’s average home price of $544,752 is up an eye-watering 9.2% monthly and 19.5% year-over-year, giving it the largest price change out of all provinces on both a monthly and annual basis. Alberta’s average home price is now at an all-time high. Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 13.8% year-over-year to $620,946, while Edmonton home prices had an 11.0% annual increase to $440,089.
Manitoba
Manitoba’s average home price in October 2024 was $372,212, an increase of 2.8% month-over-month and 8.1% 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.
Disclaimer:
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- 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.
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