The latest data from the Canadian Real Estate Association (CREA) shows that average home prices in Canada took a slight dip in April compared to one month ago. The organization reported that the average price of all residential property types in Canada was $796,068 in March before dropping to $746,146 in April, with price levels not seasonally adjusted.
Despite this, Canadians still spent more on home purchases in April 2022 than they did in April 2021, with major markets across the country seeing notable increases in average home prices year-over-over.
Some regions, such as St. John’s, N.L., reported a moderate growth in the cost of a home; MLS benchmark prices compiled by the CREA showed that the price of a typical home in the city was about $268,000 in April 2021 before rising to $296,200 exactly one year later. Meanwhile, the average price of a home in the Greater Toronto Area, for example, came in at $1.35 million in April 2022, up from about $1.03 million just one year prior.
MLS home price index benchmark prices represent the value of a typical home in different Canadian neighbourhoods. Figures take into account different types of residential housing, and are not seasonally adjusted.
CTVNews.ca has gathered a number of properties that are listed at what is considered the average price of a home in their respective regions. With properties in cities ranging from Kelowna to Moncton, these listings represent the price of a typical home in major Canadian markets.
GREATER VANCOUVER
(Paul Albrighton, Re/Max Crest Realty)
Type: Apartment
Price: $1,375,000
Year Built: 2006
Property Size: 94.48 sq. m
Lot Size: N/A
This unique loft is located in Vancouver’s Yaletown neighbourhood, and includes two levels under 17-foot ceilings. Exposed concrete walls and floor-to-ceiling windows give this apartment unit its flair, with a design inspired by the high-end condominiums in New York’s Tribeca neighbourhood. The property also features a modern, European-style kitchen with marble countertops and backsplash, as well as upgraded grey oak floors throughout.
INTERIOR B.C.
(Prime Light Real Estate / Dean Witala, Re/Max Kelowna Stone Sisters)
Type: House
Price: $799,900
Year Built: 2003
Property Size: 182.55 sq. m
Lot Size: under 0.4 hectares
With four bedrooms and two bathrooms, this single-storey home in west Kelowna has an open concept living area, complete with richly-coloured hardwood flooring and vaulted ceilings. The lower level is ideal for entertaining, with a multi-purpose recreation room, while the backyard deck offers views of the mountains nearby. The property is just a short walk away from schools and several hiking trails.
CALGARY
(ListSimple / Sarah Johnston, CIR Realty)
Type: Apartment
Price: $525,000
Year Built: 1911
Property Size: 93.37 sq. m
Lot Size: N/A
Two exposed brick walls give this top-floor loft in downtown Calgary its industrial style. Contrasting the textured brick walls are sanded wood floors, found throughout most of the unit’s 93 square metres. The kitchen includes stainless steel appliances and an island countertop made of stone, while the bedroom has a walk-in closet and provides easy access to a four-piece ensuite bathroom.
SASKATOON
A home listed on the market in Saskatoon. (Quiksell Real Estate Photography / Megan Dyck, Re/Max Saskatoon)
Type: House
Price: $349,000
Year Built: 1959
Property Size: 104.42 sq. m
Located in the Saskatoon neighbourhood of Sutherland, this 104-square-metre bungalow features a mid-century modern design, and its open-concept layout allows the kitchen area to flow into the living and dining rooms on the main floor. The lower level includes a bedroom, living room, and newly-renovated bathroom. In the backyard is a berry garden complete with goji berries, Saskatoon berries, and raspberries.
WINNIPEG
(Janina Nicole Photography / Jennifer Pinder, Ethos Realty Inc.)
Type: Apartment
Price: $354,900
Year Built: 1912
Property Size: 93.55 sq. m
Lot Size: N/A
This two-bedroom, one-bathroom apartment mixes old-world charm with modern design, combining century-old wood beams and exposed brick with updated finishes. The unit, found in Winnipeg’s Exchange District, also has its own private rooftop patio overlooking the downtown skyline. Building amenities include a fitness facility and party room, while restaurants, public transportation, and the Waterfront are all located nearby.
This apartment in Toronto’s Candy Factory Lofts features an open-concept living space with 12-foot ceilings held up by Douglas fir posts. Natural light seeps in through the large, arched window to help brighten the exposed brick walls. Located in the city’s Queen West neighbourhood, the unit is within walking distance of Trinity Bellwoods Park, as well as a number of shops and restaurants.
OTTAWA
(Next Door Photos / Marnie Bennett and Greg Blok, Bennett Property Shop Realty)
Type: House
Price: $724,922
Year Built: 2016
Property Size: 75 sq. m
Lot Size: 117.65 sq. m
Built in 2016, this three-storey Ottawa home comes with light hardwood floors throughout. On the main floor are a combined kitchen and living area, as well as a bathroom, while the top floor includes two spacious bedrooms, a bathroom and laundry area. The property also has its own private balcony, with the ability to install a barbecue, making it especially easy to entertain friends and family.
Found in south Montreal, this condominium unit features two bathrooms and two bedrooms across 74 square metres of space. The crisp white walls contrast the rich wood flooring in this concrete building. Amenities include a swimming pool, gym and terrace with a panoramic view of downdown Montreal, and the unit is situated within walking distance of the city core.
Located in the west end of Moncton, this 173-square-foot home with four levels is situated on a large corner lot. With an open layout on the main floor, the spacious living room flows directly into the kitchen. On the second floor are three bedrooms and a bathroom, while the basement level features a family room, kitchenette, and another bathroom. In the backyard is a deck, great for entertaining friends and family.
HALIFAX-DARTMOUTH
(Ludmila O Photogaphy / Joyce Clarke, Re/Max Nova)
Type: House
Price: $524,900
Year Built: 2019
Property Size: 141.21 sq. m
Lot Size: under 0.2 hectares
Only a few years old, this rancher-style home in the Dartmouth community of Nova Scotia has two bedrooms and two bathrooms. Both bathrooms have full enclosure tubs with lights, as well as custom vanities and granite countertops. On the main floor, the kitchen features a walk-in pantry, granite countertops, and an open-concept layout, connecting to the living room area, which also leads to a private outdoor backyard.
PRINCE EDWARD ISLAND
(Odyssey Virtual, Michael Thompson / Jeff Ellsworth, Red-Isle Realty Inc.)
Type: House
Price: $339,000
Year Built: mid-1980s
Property Size: 97.55 sq. m
Lot Size: 0.61 hectares
This home in Alberton, P.E.I. sits on a 0.61-hectare lot. Built in the mid-1980s, the two-storey property has since had a number of renovations done, most recently receiving a new vinyl and cedar exterior. The stairway and bannister, however, are original, and lead to a second level with an office area, a master bedroom with a walk-in closet, two additional bedrooms and a bathroom.
ST. JOHN’S
(Tyler Oxford Photography / Scott Graham, Royal LePage Atlantic Homestead)
Type: House
Price: $299,900
Year Built: 2001
Property Size: 159 sq. m
Lot Size: under 0.2 hectares
Not far from the Memorial University of Newfoundland, shopping centres or the highway, this fully developed bungalow in St. John’s is complete with three bedrooms and two bathrooms. The lower level of this 159-square-metre home also includes a recreation room. The yard is entirely fenced off and landscaped, while a backyard shed offers additional storage space.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
