Blue Bird Blog

The average cost of buying a home in Canada’s largest cities

Housing has become a key issue for Canadians in 2024, with much attention given to the impact that changing interest rates, population increases, natural emigration patterns, and other factors have had on housing costs.
After compiling a guide on rental costs across Canada in 2024, CIC News has prepared the following guide on the costs of buying a home in Canada, considering the largest cities and population centers in each of the country’s provinces.

The following guide breaks down the costs of buying various kinds of housing in Canada's largest cities and provinces. The largest city or metropolitan center is considered for each province. Specifically, the guide covers the cost of buying a:

One-story single-family home;

Two-story single-family home;

Townhouse; and

Apartment.

Where data on individual cities was unavailable, provincial housing prices have been provided instead.

Data was collected from the Canadian Real Estate Association (CREA), using the Home Price Index (HPI). The figures presented below are benchmark prices in reported markets, which are recorded and sent to CREA via provincial housing boards. All prices listed are from July 2024.

Note: The benchmark price is the predicted price for a general property in a certain area. This is provided by CREA’s HPI and is generally thought to be representative of the typical sales price, discounting properties that may be outliers. While this is the case individual property prices may vary substantially based on the neighborhood, time of purchase, and property type (among other factors). It is suggested that these figures be used as a guide and not a definitive measure of housing costs in these locations.

Alberta

Calgary

Benchmark price of one-story single-family homes: $595,700 CAD;

Benchmark price of two-story single-family homes: $747,600 CAD;

Townhouses: $496,800 CAD; and

Apartments: $351,500 CAD.

The composite benchmark price for all properties sold in Calgary in July 2024 was $588,600 CAD.

Edmonton

Benchmark price of one-story single-family homes: $400,000 CAD;

Benchmark price of two-story single-family homes: $510,100 CAD;

Townhouses: $266,100 CAD; and

Apartments: $196,900 CAD.

The composite benchmark price for all properties sold in Edmonton in July 2024 was $399,700 CAD.

According to the CREA, the average price of all available housing in Alberta in July 2024 was $486,828 CAD, representing an 8.2% increase from 2023.

British Columbia

Vancouver

Benchmark price of one-story single-family homes: $1,549,300 CAD;

Benchmark price of two-story single-family homes: $2,195,400 CAD;

Townhouses: $1,124,700 CAD; and

Apartments: $760,200 CAD.

The composite benchmark price for all properties sold in Vancouver in July 2024 was $1,197,700 CAD.

According to the CREA, the average price of all available housing in British Columbia in July 2024 was $962,537 CAD, representing an -0.5% decrease from 2023.

Manitoba

Winnipeg

Benchmark price of one-story single-family homes: $422,900 CAD;

Benchmark price of two-story single-family homes: $355,300 CAD;

Townhouses: $319,400 CAD; and

Apartments: $226,000 CAD.

The composite benchmark price for all properties sold in Winnipeg in July 2024 was $361,600 CAD.

According to the CREA, the average price of all available housing in Manitoba in July 2024 was $376,770 CAD, representing a 6.9% increase from 2023.

New Brunswick

Benchmark price of one-story single-family homes: $299,400 CAD;

Benchmark price of two-story single-family homes: $323,100 CAD;

Townhouses: $292,900 CAD; and

Apartments: $285,100 CAD.

The composite benchmark price for all properties sold in New Brunswick in July 2024 was $308,800 CAD.

According to the CREA, the average price of all available housing in New Brunswick in July 2024 was $308,800 CAD, representing a 6.4% increase from 2023.

Newfoundland and Labrador

St. John's

Benchmark price of one-story single-family homes: $349,500 CAD;

Benchmark price of two-story single-family homes: $379,800 CAD;

Townhouses: $297,800 CAD; and

Apartments: $237,300 CAD.

The composite benchmark price for all properties sold in St. John’s in July 2024 was $349,700 CAD.

According to the CREA, the average price of all available housing in Newfoundland and Labrador in July 2024 was $297,000 CAD, representing a 4.2% increase from 2023.

Nova Scotia

Halifax-Dartmouth

Benchmark price of one-story single-family homes: $497,00 CAD;

Benchmark price of two-story single-family homes: $621,700 CAD;

Townhouses: $549,500 CAD; and

Apartments: $476,600 CAD.

The composite benchmark price for all properties sold in the Halifax-Dartmouth area in July 2024 was $551,600 CAD.

According to the CREA, the average price of all available housing in Nova Scotia in July 2024 was $418,200 CAD, representing a 4.4% increase from 2023.

Ontario

Toronto

Benchmark price of one-story single-family homes: $1,106,100 CAD;

Benchmark price of two-story single-family homes: $1,396,100 CAD;

Townhouses: $817,200 CAD; and

Apartments: $679,200 CAD.

The composite benchmark price for all properties sold in Toronto in July 2024 was $1,097,300 CAD.

Ottawa

Benchmark price of one-story single-family homes: $691,600 CAD;

Benchmark price of two-story single-family homes: $746,900 CAD;

Townhouses: $506,100 CAD; and

Apartments: $422,800 CAD.

The composite benchmark price for all properties sold in Ottawa in July 2024 was $648,900 CAD.

According to the CREA, the average price of all available housing in Ontario in July 2024 was $837,685 CAD, representing a -1.7% decrease from 2023.

Prince Edward Island

Benchmark price of one-story single-family homes: $361,700 CAD;

Benchmark price of two-story single-family homes: $373,100 CAD;

Townhouses: Data not available; and

Apartments: Data not available.

The composite benchmark price for all properties sold in Prince Edward Island in July 2024 was $365,600 CAD.

According to the CREA, the average price of all available housing in Prince Edward Island in July 2024 was $365,000 CAD, representing a -0.3% decrease from 2023.

Quebec

Montreal

Benchmark price of one-story single-family homes: $504,700 CAD;

Benchmark price of two-story single-family homes: $737,900 CAD;

Townhouses: $599,600 CAD; and

Apartments: $407,400 CAD.

The composite benchmark price for all properties sold in Montreal in July 2024 was $537,100 CAD.

According to the CREA, the average price of all available housing in Quebec in July 2024 was $525,732 CAD, representing a 6.3% increase from 2023.

Saskatchewan

Saskatoon

Benchmark price of one-story single-family homes: $396,300 CAD;

Benchmark price of two-story single-family homes: $548,600 CAD;

Townhouses: $332,500 CAD; and

Apartments: $237,800 CAD.

The composite benchmark price for all properties sold in Saskatoon in July 2024 was $406,500 CAD.

According to the CREA, the average price of all available housing in Saskatchewan in July 2024 was $344,800 CAD, representing a 4.5% increase from 2023.

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