Canadian Housing Market News

This Page's Content Was Last Updated: March 22, 2024
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Note: Data sourced from the Canadian Real Estate Association (CREA)

Canadian Housing Market Data for February 2024

British Columbia
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Alberta
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12k
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Saskatchewan
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5k
Listings
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Ontario
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33k
Listings
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New Brunswick
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2k
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 (February 2024)

Canada

Canada Market Condition
Balanced
This Month’s SNLR: 55.6%
An SNLR between 40% and 60% indicates a balanced market.

There was an uptick in Canadian home prices in February 2024 as the national benchmark home price increased on a monthly basis for the first time since June 2023. The national benchmark home price, which measures the price of a “typical” home, was $720,500 in February 2024, a 1.8% monthly increase and up 0.8% year-over-year.

Meanwhile, the average Canadian home price was $685,809 in February 2024, up more significantly with a 4% monthly increase and up 3.5% year-over-year.

Nationally, there were 38,454 home sales, seasonally-adjusted, during the month of February 2024, a seasonally-adjusted 30% increase year-over-year, yet it is down 3.1% compared to last month’s 39,664 sales in January 2024. Actual home sales were up 19.7% year-over-year to an estimated 35,394 sales in February 2024.

Benchmark Home Prices by Province (February 2024)

ProvinceFebruary 2024 Benchmark Home PriceMonthly Change (%)Annual Change (%)
British Columbia$966,1001.5%4.0%
Alberta$496,0001.8%9.1%
Saskatchewan$330,8003.5%4.7%
Ontario$868,2002.3%0.1%
Quebec$471,2002.1%3.9%
Nova Scotia$398,7002.5%4.9%
New Brunswick$286,7001.1%6.9%
PEI$340,900-0.1%0.7%
Newfoundland$288,1000.0%4.5%

Benchmark Prices Across Canada

For February 2024, benchmark home prices in the Canadian housing markets mainly increased both on a monthly basis and on a yearly basis, with the exception of PEI, which instead saw a slight monthly decrease 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 $966,100, followed by Ontario where the benchmark home price was $868,200 in February 2024, while the province with the lowest benchmark price was New Brunswick, at $286,700.

Canada: Seller’s or Buyer’s Markets?

ProvinceFebruary 2024 Sales-to-New-Listings Ratio (SNLR)January 2024 Sales-to-New-Listings Ratio (SNLR)Market Type
Alberta72.1%67%Seller's Market
Saskatchewan67.4%58%Seller's Market
Manitoba52.1%47%Balanced Market
Ontario51.5%49%Balanced Market
Quebec59.7%45%Balanced Market
Nova Scotia69.7%53%Seller's Market
New Brunswick65.2%66%Seller's Market
Newfoundland51.3%42%Balanced Market
PEI58.4%47%Balanced Market

SNLR

For the month of February 2024, Canada’s sales-to-new-listings ratio (SNLR) was 55.6%. The current 55.6% 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 balanced, but a growing number are flipping into seller’s market territory. The SNLR of most provinces increased this month compared to January 2024.

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.

Today’s Mortgage Rates

TermLowest RatesAverage Rates
(10 Lenders)
30-Days Change of Average Rates
1-Year Fixed6.39%7.4%
-2 bps lower
2-Year Fixed5.44%6.75%
-1 bps lower
3-Year Fixed4.84%6.05%
-8 bps lower
4-Year Fixed4.94%5.92%
-4 bps lower
5-Year Fixed4.69%5.5%
-5 bps lower
5-Year Variable5.9%6.82%
-2 bps lower

The basket of 10 lenders includes: CIBC logoCIBC, BMO logoBMO, TD logoTD, Scotiabank logoScotiabank, RBC logoRBC, National Bank logoNational Bank, Desjardins logoDesjardins, nesto logonesto, Tangerine logoTangerine, First National logoFirst National

*Prior to March 2024, HSBC Canada was included in the basket

Ontario

Ontario Market Condition
Balanced
This Month’s SNLR: 51.5%
An SNLR between 40% and 60% indicates a balanced market.

Home prices in Ontario's housing market rose quite significantly during the month of February 2024, with Ontario's benchmark home price increasing by 2.3% compared to January 2024 and Ontario’s average home price soaring by 6.3% compared to January 2024. On an annual basis, Ontario benchmark home prices are up just 0.1%, while the average home price is up 0.9% year-over-year.

wahi map

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 $1,108,720 for February 2024, representing an increase of 1.2% year-over-year and a larger increase of 8% month-over-month. Meanwhile, the GTA’s benchmark home price is up 2.6% month-over-month.

GTA home sales are up 17% year-over-year, with 5,607 transactions in February. The GTA had an SNLR of 49%, a touch lower compared to the province’s 51.5% 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 poor February 2024, with Mississauga’s average home price decreasing 5.0% in one month to $996,259. That’s down by 1.3% year-over-year.

Neighbouring Brampton’s housing market saw its average home price increase by 5.2% from last month to $1,033,673. Over in Hamilton's housing market, home prices are down 2.1% monthly to $778,238, while Ottawa home prices are up 3.1% monthly at $651,340.

Kitchener-Waterloo Region has seen prices decrease just 0.8% monthly to $755,934. Oshawa home prices are up 3.9% monthly to $820,179.

British Columbia

British Columbia maintained its position as the province with the highest average home price in February 2024, with BC’s average home price up 4.7% year-over-year while increasing 3.1% compared to last month, at $987,798. 5,497 BC home sales are up 38.2% month-over-month and up by 15.3% year-over-year.

Greater Vancouver's average home price for February 2024 was $1,276,517, up 4.6% 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: 59.7%
An SNLR between 40% and 60% indicates a balanced market.

Quebec has seen its average home price increase by 10% year-over-year, one of the strongest gains in the country. For February 2024, Quebec’s average home price was $479,495, which is also up by a strong 5.3% monthly gain. Alternatively, Quebec’s benchmark home price of $471,200 is up 2.1% monthly and up 3.9% annually.

The Montreal housing market saw prices rise 8.3% annually and increase 1.7% monthly to an average price of $579,721 for February 2024. Quebec City’s average home price of $380,369 has instead risen by 7.8% monthly and 11.5% annually, outperforming both Montreal and the provincial average as a whole.

Atlantic Canada

Nova Scotia Market Condition
Seller's Market
This Month’s SNLR: 69.7%
An SNLR above 60% indicates a market that favour sellers.

Home prices in Atlantic Canada are seeing some mixed movements in home prices with price gains on an annual basis, while some provinces are seeing a decline in prices on a monthly basis. Nova Scotia saw a 4.9% increase year-on-year in average prices, with an average home price of $423,664, yet on a monthly basis, prices are down 1.1%. Nova Scotia’s benchmark home price is up 4.9% year-over-year and up 2.5% month-over-month. Halifax’s average home price of $561,454 in February 2024 is up 4.2% annually.

In PEI, the average home price of $396,065 is up 4.0% year-over-year, and has increased by 4.8% compared to January 2024. 118 PEI home sales are up 19.2% year-over-year, while PEI’s benchmark home price is up 0.7% year-over-year and is down by 0.1% month-over-month.

Meanwhile, Newfoundland's housing market saw a strong year-over-year average price increase of 9.9%. The average home price for February 2024 in Newfoundland and Labrador is $310,281. On a monthly basis, Newfoundland's home prices are up 2.5%, but 281 Newfoundland's home sales have decreased by 6.3% compared to last year.

The Prairies

The Prairies region in Canada is heating up as it becomes one of the hottest housing markets in Canada in recent months. Alberta stands out with the highest annual increase in average home prices, Manitoba had the highest annual increase in monthly sales, and Saskatchewan had the highest monthly increase in average and benchmark home prices.

For February 2024, Alberta’s average home price was $482,194, up 11% annually and up 1.3% monthly. Alberta’s benchmark price of $496k is up 9.1% annually and up 1.8% monthly. Alberta home sales are up 31% year-over-year and up 31.5% compared to January 2024.

Meanwhile, Saskatchewan witnessed a modest 0.4% annual decline in average prices yet also experienced a significant increase on a monthly basis (7.4%). Among its cities, Saskatoon and Regina showed mixed results, with Saskatoon observing a 0.5% monthly increase and a 4% annual increase to $356,920, while Regina experienced a 14% monthly increase and an 8.0% yearly increase to $316,514. The overall average price in Saskatchewan was $306,067 in February 2024.

Finally, Manitoba showcased mixed growth with a 7% annual increase and a 1.3% monthly decrease, putting the average price at $346,615. However, Manitoba home sales have skyrocketed 138% year-over-year to 1,577 homes sales in the province, up by 121.5% from last month’s 712 sales in January 2024.

There’s more persistent growth in Alberta’s urban housing markets, where home prices in Calgary are up 15.1% year-over-year to $583,160, while Edmonton home prices had a 10.3% annual increase to $407,458. Meanwhile, Winnipeg’s average home price is up 6.1% year-over-year to $370,790.

Alberta Market Condition
Seller's Market
This Month’s SNLR: 72.1%
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.