If you feel like house prices in Canada are going up, it’s not your imagination. According to the Canadian Real Estate Association (CREA), average house prices have climbed 3.2 per cent year-over-year as of May 2023. However, that doesn’t mean they’ll stay there.
The Canadian Mortgage and Housing Corporation predicts that weaker economic growth and higher mortgage rates will continue to slow the housing economy this year. As a result, housing prices are expected to decrease throughout 2023 (although they won’t be as low as pre-pandemic). So what does that mean for the city you want to live in? Read on to see the current average house prices across 10 popular Canadian cities.
In July, the average home price in Calgary was roughly $554,700, reports the Calgary Real Estate Board. Houses in Calgary spend an average of 22 days on the market, with more detached, semi-detached and apartment units going up for sale than last year.
The Toronto real estate market continues to be hot, although not as hot as in previous years. According to CREA, the average home price in Toronto has decreased by 18.8 per cent year-over-year in the first quarter of 2023. Today, a single detached goes for an average of $1.27 million. A semi-detached house costs just under a million, and a condo costs $630,000.
The house prices in Vancouver are still pretty high (an overall increase of 29 per cent over the past three years), but right now, it’s nearly five per cent lower than last year. This summer, a detached home will cost you roughly $2.15 million, and a condo sets you back $815,000. Meanwhile, overall average prices are $1.23 million.
Alberta’s capital city remains one of the most affordable places in Canada to live, thanks to lower-than-average prices across the board. In June, the average house price in Edmonton was $412,334—a 1.6 per cent yearly increase. Detached homes are slightly more than that at an average sale price of $500,496, while condos decreased nearly five per cent year-over-year to an average price of $194,910.
Supply continues to go up in Kelowna, driving housing prices down. The price of a single-family home has decreased roughly six per cent year-over-year, with an average price of $1,084,093. Condo prices are also down, by three per cent, to an average of $492,425. However, if you’re looking for a townhome, you may be paying more than you would last year. Average townhome prices are up eight per cent year-over-year to $741,828.
Living in Manitoba remains more affordable than living in, say, Toronto. That’s especially true if you journey to the province’s capital. Single-family home prices are down 5.5 per cent year-over-year to $367,100 as of May 2023. Townhouse prices have decreased 7.5 per cent to $290,600, and even condos are down by 1.1 percent to $290,600.
Kamloops real estate is also experiencing more single-family and townhouse inventory this summer than last. However, there are fewer condos for sale. As a result, average condo prices have climbed 0.4 per cent year-over-year to $404,300. Townhouses, meanwhile, are down 3.9 per cent to $538,200, and single-family homes are down 9.5 per cent to $651,700.
The Nanaimo real estate market encourages bidding wars and frustrating deals thanks to lower inventory and higher prices. It’s also one of the fastest-growing cities in Canada, so plenty of people are flocking there for less expensive real estate than, say, Vancouver. The average house price in Nanaimo is down year-over-year but has been climbing steadily in 2023. In May, average house prices were $884,826. That same month, townhouses rose to $633,744, while condos fell to $448,404.
Listings are up and home sales are down year-over-year in Montreal, where the average home price dropped 2.9 per cent to $583,596 in June. Those decreases are across the board, no matter what kind of real estate you seek. Single-family homes sold for an average of $550,000, while condos averaged $390,000.
Home sales in Halifax have been climbing this year, but they’re still down 10.3 per cent from the 10-year average. That means it’s still a relatively affordable place to live, at least when compared to the rest of Canada. The average price for a house in May 2023 was $529,500. Condos are on the rise, though. In June, the average condo price was $468,000, up from an average of $398,000 last year.