Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for May 2024
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (May 2024)
Provincial Average Home Sale Prices
Canada
The Canadian housing market in May 2024 has shown mixed signals. The market appears to be cooling off, with the national average home price slightly declining compared to the previous month and year and the national benchmark home price declining compared to last year. However, certain regions are experiencing strong positive growth, with some provinces breaking all-time price records this month, indicating a diverse and dynamic market landscape.
In May 2024, the national benchmark home price, which measures the price of a “typical” home, was $733,300, a 0.4% monthly increase and down 2.4% year-over-year. The average home price in Canada stood at $699,117, reflecting a 0.6% decline from the previous month and a 4.0% decrease from the previous year.
Market Insights for May 2024
| Sales | -0.9% Month-over-Month |
| New Listings | +0.5% Month-over-Month |
| Active Listings | +28.4% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 37,401 in May 2024, a slight seasonally adjusted 0.9% decrease from the previous month and a 6.4% drop from the previous year. New listings were up 0.5% month-over-month, while active listings were up 28.4% year-over-year.
Provincial Record Breakers for May 2024
| Alberta | 🏆🏆 | Record-Breaking Average ($507,706) Benchmark ($514,200) Price 5th Consecutive Month |
| New Brunswick | 🏆🏆 | Record-Breaking Average ($338,740) and Benchmark ($291,100) Prices 2nd Consecutive Month |
| Saskatchewan | 🏆 | Record-Breaking Benchmark ($340,400) Price 3rd Consecutive Month |
Alberta has seen its fifth consecutive month of record-breaking benchmark prices, reaching $514,200 in May 2024. Alberta’s average home price also broke its all-time high yet again this month, at $507,706, which is the first time that it has been above the $500,000 mark. This marks a significant milestone for the province, reflecting strong buyer confidence and sustained demand.
New Brunswick has also demonstrated remarkable performance, shattering two records simultaneously for both average and benchmark home prices. The average was recorded at $338,740, while the benchmark hit $291,100, both notable for being record highs for the second straight month. These figures indicate a robust market with increasing property values.
Saskatchewan rounds out the list of record breakers with a benchmark price of $340,400, maintaining its upward trajectory for the third month in a row. This continued growth indicates stability in the province's real estate sector, buoyed by steady demand and positive economic conditions.
Benchmark Home Prices by Province (May 2024)
| Province | May 2024 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $985,200 | 0.2% | 1.1% |
| Ontario | $890,600 | -0.2% | -3.3% |
| Alberta | $514,200 | 1.1% | 9.3% |
| Quebec | $483,700 | 0.4% | 4.2% |
| Nova Scotia | $410,400 | -1.7% | 2.6% |
| PEI | $364,800 | 0.1% | 0.3% |
| Saskatchewan | $340,400 | 0.6% | 4.2% |
| New Brunswick | $306,600 | 1.1% | 10.6% |
| Newfoundland | $291,100 | 1.2% | 5.6% |
Benchmark Prices Across Canada
For May 2024, except for Ontario, the annual benchmark price change was mainly positive across the board. British Columbia continues to command the highest benchmark home price at $985,200, with a modest annual increase of 1.1%. Alberta and New Brunswick both saw significant annual gains in their benchmark home prices, with them both breaking all-time highs. Saskatchewan also broke through its record high in May 2024.
Ontario was the only province to experience a year-over-year decline in benchmark home prices, down 3.3% year-over-year. However, the national benchmark home price also dipped 2.4% year-over-year despite the wave of green brought about by the growth in prices in other provinces.
Canada: Seller’s or Buyer’s Markets?
| Province | May 2024 Sales-to-New-Listings Ratio (SNLR) | April 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Alberta | 72% | 76% | Seller's Market | |
| Saskatchewan | 66% | 67% | Seller's Market | |
| Manitoba | 72% | 43% | Seller's Market | |
| Ontario | 41% | 45% | Balanced Market | |
| Quebec | 65% | 69% | Seller's Market | |
| Nova Scotia | 59% | 57% | Balanced Market | |
| New Brunswick | 36% | 38% | Buyer's Market | |
| Newfoundland | 46% | 41% | Balanced Market | |
| PEI | 49% | 48% | Balanced Market | |
| Canada | 53% | 53% | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of May 2024, Canada’s sales-to-new-listings ratio (SNLR) remained steady at 53%, maintaining its status as a balanced market. 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.
Most of Canada’s provincial housing markets exhibit balanced market conditions, but some provinces display distinctive trends suggesting shifts in market dynamics. Saskatchewan and Quebec remain in seller’s market territory, with their SNLR slightly declining to 66% and 65%, respectively, indicating that demand remains high relative to supply. Manitoba moved deeper into seller’s market territory with a significant increase in its SNLR to 72%, reflecting increased pressure on buyers facing fewer options.
Ontario and Nova Scotia's SNLRs declined to 41% and 59%, respectively. Ontario remained in a balanced market, although just at the margins of a buyer’s market, while Nova Scotia held onto a balanced status yet closer to becoming a seller’s market. Interestingly, New Brunswick turned into a buyer’s market, with its SNLR dropping to 36%, suggesting that buyers now have more negotiation power due to excess listings over sales. That’s despite New Brunswick’s average and benchmark prices reaching an all-time high in May 2024.
Newfoundland and PEI positioned themselves firmly in balanced market territory, with SNLRs moving up slightly to 46% and 49%, respectively, providing reasonable stability in these regions.
The national SNLR maintained its value at 53%. A stable SNLR at this level signifies a balanced market where demand and supply are evenly matched. An SNLR above 60% suggests a seller's market, characterized by limited buyer options and higher competitiveness, while an SNLR below 40% signals a buyer's market, indicating plentiful listings and increased buyer leverage.
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) | 7.32% | 6.62% | 5.82% | 5.69% | 5.2% | 6.16% |
| 30-Days Change of Average Rates | -2 bps lower | -3 bps lower | -7 bps lower | -4 bps lower | -3 bps lower | -27 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 7.32% | -2 bps lower |
| -Year Fixed | % | 6.62% | -3 bps lower |
| -Year Fixed | % | 5.82% | -7 bps lower |
| -Year Fixed | % | 5.69% | -4 bps lower |
| -Year Fixed | % | 5.2% | -3 bps lower |
| undefined-Year Variable | % | 6.16% | -27 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 slightly declined in May 2024, with an average home price of $890,634, a 1.1% decrease from the previous month and a 3.7% drop from the previous year. The province recorded 17,871 sales in May 2024, down 16.3% year-over-year.
The average home sold price in the GTA was $1,165,691 for May 2024, representing a decrease of 2.5% year-over-year, yet an increase of 0.8% month-over-month. Meanwhile, the GTA’s benchmark home price is down 0.9% month-over-month.
GTA home sales are down 22.2% year-over-year, with 7,013 transactions in May. That’s a larger drop than the province-wide decrease of 16.3% year-over-year. The GTA's SNLR was 38%, in buyer’s market territory, compared to the province’s 41%, which signifies a balanced market. There were 58,156 active listings in Ontario’s housing market, the highest for the month of May in over five years.
British Columbia
British Columbia's housing market remains somewhat steady, with an average home price of $1,001,736. Despite a 0.4% month-over-month decline, the year-over-year decrease was 1.5%. The province saw 8,075 sales in May 2024, marking a 6.7% increase from the previous month but an 11.6% decline from the previous year.
Greater Vancouver's average home price for May 2024 was $1,348,624, up 2.9% year-over-year. This makes Vancouver the most expensive city in Canada to buy a home.
Quebec
Quebec had an average home price of $502,994, up 1% from the previous month and a 4.4% increase from the previous year. That’s the highest that Quebec’s average home price has been since June 2022. The province saw 9,104 sales, down 2.6% from the previous month and a 5.1% rise from the previous year.
The Montreal housing market saw prices rise 2.4% annually to an average price of $607,883 for May 2024. Quebec City’s average home price of $405,512 has risen by 10.6% annually, outperforming Montreal and the provincial average. Meanwhile, Quebec City’s benchmark home price broke an all-time record last month in April 2024.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market remained steady, with an average home price of $464,661, a 0.8% decrease from the previous month and a 1.9% increase from the previous year. The province recorded 1,205 sales, a significant 20.9% increase from the previous month and a 1.9% rise from the previous year.
New Brunswick
New Brunswick's average home price was $338,740 in May 2024, a 1.2% increase from the previous month and an 8.4% rise from the previous year. The province recorded 978 sales, a 5.2% increase from the previous month.
New Brunswick’s major cities are seeing a rise in prices, with Fredericton’s average home price climbing 1.5% month-over-month to $360,791, Moncton’s average home price rising 1.3% month-over-month to $370,311, and Saint John’s average home price increasing 0.6% month-over-month to $340,611.
Prince Edward Island
Prince Edward Island's average home price was $391,819, a 3.3% increase from the previous month and a 3.1% rise from the previous year. The province recorded 207 sales, a 16.3% increase from the previous month and a 1.0% rise from the previous year.
Newfoundland and Labrador
Newfoundland and Labrador's housing market showed growth, with an average home price of $306,184, a 0.5% increase from the previous month and a 12.6% rise from the previous year. The province recorded 476 sales, a significant 26.3% increase from the previous month and an 18.7% increase from the previous year.
The Prairies
Saskatchewan
Saskatchewan's housing market is on an upward trajectory, with an average home price of $328,029, a 1.1% increase from the previous month and a 4.0% rise from the previous year. The province recorded 1,841 sales in May 2024, a 12.1% increase from the previous month despite a 5.0% decrease from the previous year.
Saskatchewan broke an all-time price record in May 2024, with its benchmark home price climbing to $340,400.
Alberta
Neighbouring Alberta also broke price records yet again this month, with Alberta’s average and benchmark home prices at an all-time high in May 2024. This is the fifth-consecutive month that Alberta’s benchmark home price had broken an all-time record, and the first time that Alberta’s average home price has risen above $500,000. Meanwhile, looking at Alberta, home prices in Calgary are up 11% year-over-year to $612,772, while Edmonton home prices had a 5% annual increase to $441,350.
Manitoba
Manitoba's average home price was $371,224 in May 2024, a 3.0% month-over-month decline but a 3.6% year-over-year increase. The province recorded 1,883 sales, a 23.7% increase from the previous month and a 14.5% rise from the previous 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.
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.