Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for November 2024
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (November 2024)
Provincial Average Home Sale Prices
Canada
Canada’s housing market continued to see climbing sales volume as November 2024’s monthly sales rose above the 10-year average, the second month to see such a feat since early 2022.
In November 2024, the national benchmark home price, which measures the price of a "typical" home, was $707,100, a slight 0.1% monthly decrease and down 1.7% year-over-year. However, it has jumped significantly over the past decade, up 77% over the last ten years.
The average home price in Canada is $694,411, a 0.3% decrease from the previous month but a 7.5% increase from the previous year.
Market Insights for November 2024
| Sales | +27.0% Year-over-Year |
| New Listings | -0.5% Month-over-Month |
| Active Listings | +8.9% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 44,590 in November 2024, a seasonally adjusted 3.0% increase from the previous month and a remarkable 27% increase from the previous year. It’s the highest number of monthly home sales since April 2022. New listings were down 0.5% month-over-month, while active listings were up 8.9% 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 November 2024
| New Brunswick | 🏆 | Record-Breaking Benchmark ($326,500) Price 8th Consecutive Month |
| Quebec | 🏆🏆 | Record-Breaking Benchmark ($495,200) Price and Average ($521,742) Price 3rd Consecutive Month for Benchmark |
New Brunswick's benchmark home price broke through an all-time record once again in November 2024 for the eighth month in a row, reaching $326,500. Quebec achieved new records in both average price at $521,742 and benchmark price at $495,200, marking its third consecutive month of record-breaking benchmark home prices.
Benchmark Home Prices by Province (November 2024)
| Province | November 2024 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $956,100 | 0.1% | -1.2% |
| Ontario | $851,400 | 0.1% | -0.9% |
| Alberta | $506,700 | -0.4% | 5.3% |
| Quebec | $495,200 | 0.2% | 7.0% |
| Nova Scotia | $402,400 | -2.1% | 3.3% |
| PEI | $374,200 | -0.4% | 1.8% |
| Saskatchewan | $338,400 | -1.5% | 5.4% |
| New Brunswick | $326,500 | 2.5% | 14.3% |
| Newfoundland | $305,700 | -0.3% | 6.8% |
| Canada | $707,100 | -0.1% | -1.2% |
Benchmark Prices Across Canada
For November 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 $956,100, with an annual decrease of 1.2%. Quebec and Newfoundland saw strong performance with a 7% year-over-year increase, while New Brunswick led annual growth with a 14.3% increase.
Despite gains in many provinces, the national benchmark home price dipped 1.2% year-over-year to $707,100. Newfoundland’s benchmark home price dipped 0.3% monthly, breaking its six-month streak of all-time high monthly benchmark prices.
Canada: Seller’s or Buyer’s Markets?
| Province | November 2024 Sales-to-New-Listings Ratio (SNLR) | October 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 59% | 58% | Balanced Market | |
| Alberta | 86% | 75% | Seller's Market | |
| Saskatchewan | 87% | 88% | Seller's Market | |
| Manitoba | 80% | 83% | Seller's Market | |
| Ontario | 55% | 48% | Balanced Market | |
| Quebec | 77% | 64% | Seller's Market | |
| Nova Scotia | 84% | 82% | Seller's Market | |
| New Brunswick | 95% | 71% | Seller's Market | |
| PEI | 75% | 73% | Seller's Market | |
| Newfoundland | 87% | 91% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of November 2024, Canada’s sales-to-new-listings ratio (SNLR) rose to 59%, keeping its status as a balanced market, although it is close to the 60% threshold to be considered a seller’s market. It’s a touch higher than 58% in October 2024. 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.
The majority of Canada’s provincial housing markets exhibit seller’s market conditions, with many reporting provinces seeing an increase in their SNLRs compared to October 2024. This indicates 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% | 6.08% | 5.15% | 5.12% | 5.01% | 4.92% |
| 30-Days Change of Average Rates | 0 bps higher | 1 bps higher | 2 bps higher | 0 bps higher | 0 bps higher | -49 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 6.76% | 0 bps higher |
| -Year Fixed | % | 6.08% | 1 bps higher |
| -Year Fixed | % | 5.15% | 2 bps higher |
| -Year Fixed | % | 5.12% | 0 bps higher |
| -Year Fixed | % | 5.01% | 0 bps higher |
| undefined-Year Variable | % | 4.92% | -49 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 $868,067, a 1.2% decrease from the previous month but still up 4.7% year-over-year.
The average home sold price in the GTA was $1,106,050 in November 2024, representing an increase of 2.2% year-over-year and down by 2.6% month-over-month. Meanwhile, the GTA’s benchmark home price is down 1.2% year-over-year to $1,061,700.
GTA home sales are up 39% year-over-year, with 5,875 transactions in November 2024. The GTA's SNLR was 51%, in balanced market territory, lower compared to the province’s 55%, which is also a balanced market.
British Columbia
British Columbia's housing market had an average home price of $979,221, showing resilience with a 1.4% monthly increase and a 1.7% annual increase. Greater Vancouver's average home price for November 2024 was $1,276,716, down 0.5% year-over-year.
Quebec
Quebec's average home price rose to $521,742, an all-time high, up 1.5% from the previous month and 12.1% higher than the previous year. The province saw 7,692 sales, down 4.1% from the previous month while being up a significant 41% from the previous year.
The Montreal housing market saw prices rise 11% annually to an average price of $642,030 for November 2024, also an all-time high. Quebec City's average home price decreased to $419,172, down 3.0% month-over-month but up 11.2% annually.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market saw a slight decline, with an average home price of $442,077, a 0.4% decrease from the previous month but up 8.4% from the previous year. Halifax's average home price was $576,484, showing similar trends with a 0.4% monthly decrease but a 9.3% annual increase.
Prince Edward Island
Prince Edward Island's average home price rose to $401,343, a 1.9% increase from the previous month and a 9.4% increase from the previous year.
New Brunswick
New Brunswick’s average home price of $315,388 is a 12.6% year-over-year increase, although it is down 2.1% monthly. New Brunswick’s SNLR of 95% is the highest among the provinces in November 2024.
Newfoundland and Labrador
Newfoundland and Labrador's housing market showed strong growth with an average home price of $330,683, representing a 3.8% increase from the previous month and an 11.4% rise from the previous year. That’s the largest monthly gain in average home prices among the provinces this month. The province recorded 536 sales, a 26% decrease from the previous month. It’s the largest monthly percentage decrease in home sales out of the provinces this month.
The Prairies
Alberta
Alberta’s average home price decreased to $500,173, down 8.2% monthly but still up 11.3% year-over-year. That’s an eye-watering monthly decrease after hitting $544,752 last month in October 2024, an all-time high. Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 14% year-over-year to $615,692, while Edmonton home prices had a 15% annual increase to $436,401.
Saskatchewan
The average home price in Saskatchewan decreased to $317,856, down 2.0% from the previous month but up 10.0% from November 2023. The province recorded 1,179 sales in November 2024, an 18% increase from the previous year yet down 22.4% monthly.
Saskatoon’s average home price of $394,289 in November 2024 is up 11% year-over-year, while Regina’s average home price of $308,094 is up 4.0% year-over-year. On a monthly basis, they both declined 1% and 2%, respectively.
Manitoba
Manitoba's average home price in November 2024 was $374,552, an increase of 0.6% month-over-month and 14.0% year-over-year, the largest provincial annual percentage change in November 2024.
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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- 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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