2024 has seen the rise of housing as a major issue for Canadians due to a number of issues affecting the cost of living. One major factor influencing mortgage affordability and, by extension, house prices has been the volatility of interest rates. Furthermore, the market is being further strained by the quick population rise that is being driven by immigration and natural increases. The movement of people within or outside of Canada is known as migration, and it has an impact on the dynamics of regional housing. Because of these several circumstances, housing expenses have become a major topic of discussion in the public sphere. Understanding the cost of buying a home in Canada’s largest cities.

The expenses of buying various kinds of housing in Canada’s largest cities are thoroughly examined in this guide. The largest city or metro area in each province and territory is the main emphasis. In particular, the book looks at the costs associated with purchasing the following kinds of properties:

  • An apartment with one bedroom and one bathroom
  • A flat with two bedrooms and two bathrooms
  • A house with two bathrooms and three bedrooms
  • A residence
  • A separate residence

Prominent real estate listing websites like realtor.ca and zillow.com, together with reputable housing boards like the Canada Mortgage and Housing Corporation (CMHC) and the Canadian Real Estate Association (CREA), provided the data for this investigation. This thorough analysis provides information about the nation’s real estate market as it stands right now.

Please be aware that while the numbers given are averages, actual prices may differ greatly based on a number of factors, including the location, when a property is purchased, and its type. These numbers are not exact representations of the cost of housing in these places; rather, they should be used as a general guideline.

British Columbia 

A one-bedroom apartment with one bathroom typically costs $597,051 CAD, while a two-bedroom apartment with two bathrooms costs $1,444,846 CAD on average in Vancouver. The common price of a property with three bedrooms and two bathrooms is $2,662,771 CAD. The average cost of a townhouse in the city is $1,626,282 CAD, while the average cost of a detached house is $8,493,824 CAD.

The average cost of an apartment in Surrey is $451,920 CAD for one bedroom and one bathroom, and $616,574 CAD for two bedrooms and two bathrooms. Average prices for residences with three bedrooms and two bathrooms are $808,187 CAD, whereas townhouses cost approximately $1,239,000 CAD. In Surrey, detached homes cost, on average, $2,364,226 CAD.

The average cost of all homes that was available in British Columbia in July 2024 was $962,537 CAD, down -0.5% from 2023, according to the Canadian Real Estate Association (CREA).

Alberta 

The following are the typical costs in Calgary for different kinds of properties:

  • Apartment with one bedroom and one bathroom: $325,863 CAD.
  • Apartment with two bedrooms and two bathrooms: $414,427 CAD.
  • Property with three bedrooms and two bathrooms: $443,443 CAD.
  • Town house: CAD $482,774.
  • House detached: $1,018,888 CAD.

The following are Edmonton’s typical prices:

  • Apartment with one bedroom and one bathroom: $152,877 CAD.
  • Apartment with two bedrooms and two bathrooms: $278,273 CAD.
  • Property with three bedrooms and two bathrooms: $401,765 CAD.
  • Town house: CAD $288,968.
  • House detached: $521,238 (CAD).

The average cost of housing in Alberta in July 2024 was $486,828 CAD, up 8.2% from 2023, according to the Canadian Real Estate Association (CREA).

Manitoba 

The following are the typical costs in Winnipeg for various kinds of properties:

  • Apartment with one bedroom and one bathroom: $159,567 CAD.
  • Apartment with two bedrooms and two bathrooms: $317,400 CAD.
  • Property with three bedrooms and two bathrooms: $346,117 CAD.
  • Town house: CAD $391,575.
  • House detached: $459,325 (CAD).

The Canadian Real Estate Association (CREA) reports that, as of July 2024, the average cost of all dwelling types in Manitoba was $376,770 CAD, a 6.9% rise from 2023.

New Brunswick

The average costs in Moncton for several kinds of real estate are:

  • Apartment with two bedrooms and two bathrooms: $373,755 CAD
  • Property with three bedrooms and two bathrooms: $307,520 CAD
  • Townhome: CAD $289,291
  • House detached: $374,267 CAD
  • There is no data available for flats with one bedroom and one bathroom.

The average cost of all dwelling types in New Brunswick in July 2024 was $308,800 CAD, up 6.4% from 2023, according to the Canadian Real Estate Association (CREA).

Newfoundland and Labrador 

The typical costs in St. John’s for different kinds of properties are as follows:

  • Apartment with one bedroom and one bathroom: $184,933 CAD.
  • Apartment with two bedrooms and two bathrooms: $425,375 CAD.
  • Property with three bedrooms and two bathrooms: $307,520 CAD.
  • Townhouse: CAD $410,102.
  • House detached: $548,960 (CAD).

The Canadian Real Estate Association (CREA) reports that in July 2024, the average cost of all housing that was available in Newfoundland and Labrador was $297,000 CAD. Comparing this number to 2023, there has been an increase of 4.2%.

Nova Scotia

The typical costs in Halifax for various kinds of properties are as follows:

  • Apartment with one bedroom and one bathroom: $471,092 CAD
  • Apartment with two bedrooms and two bathrooms: $732,532 CAD
  • Property with three bedrooms and two bathrooms: $771,540 CAD
  • Townhome: CAD $578,833
  • House detached: $764,766 CAD

The Canadian Real Estate Association (CREA) reports that, as of July 2024, the average cost of all housing that was available in Nova Scotia was $418,200 CAD. This is a rise of 4.4% over the prior year.

Ontario

Toronto’s average property prices are as follows: a one-bedroom apartment with one bathroom costs roughly $671,092 CAD; a two-bedroom apartment with two bathrooms costs roughly $920,588 CAD; a three-bedroom property with two bathrooms costs an average of $2,952,402 CAD; townhouses are roughly $992,280 CAD; and detached houses are $4,713,735 CAD.

The average price of a one-bedroom apartment in Ottawa is roughly $399,544 CAD; a two-bedroom apartment costs roughly $568,338 CAD; a three-bedroom property costs approximately $789,717 CAD; townhouses cost roughly $629,665 CAD; and detached houses cost $1,020,820 CAD.

In July 2024, the average cost of all housing that was available in Ontario was $837,685 CAD, a 1.7% drop from 2023, according to the Canadian Real Estate Association (CREA).

Prince Edward Island

A one-bedroom apartment with one bathroom costs roughly $321,825 CAD; a two-bedroom apartment with two bathrooms costs roughly $453,483 CAD; a three-bedroom property with two bathrooms costs approximately $487,139 CAD; townhouses are roughly $474,480 CAD; and detached houses are $679,247 CAD. These are the average property prices in Charlottetown.

The average cost of all housing that was available in Prince Edward Island in July 2024 was $365,000 CAD, according to the Canadian Real Estate Association (CREA). In comparison to the prior year, this represents a 0.3% drop.

Quebec

Average property prices in Montreal are as follows: $420,616 CAD is the price of a one-bedroom apartment; $871,050 CAD is the price of a two-bedroom apartment; $997,473 CAD is the price of a three-bedroom property; $782,850 CAD is the price of a townhouse; and $1,091,333 CAD is the price of a detached house.

The average cost of a one-bedroom apartment in Quebec City is roughly $227,492 CAD; a two-bedroom apartment in the same city is roughly $567,983 CAD; a three-bedroom property is roughly $687,143 CAD; townhouses are roughly $514,850 CAD; and detached houses are roughly $643,083 CAD.

The average price of all properties that was offered in Quebec in July 2024 was $525,732 CAD, according to the Canadian Real Estate Association (CREA). This is a 6.3% increase over the same month the previous year.

Saskatchewan

The average costs in Saskatoon for different kinds of real estate are:

  • Apartment with one bedroom and one bathroom: $235,142 CAD.
  • Apartment with two bedrooms and two bathrooms: $299,083 CAD.
  • Property with three bedrooms and two bathrooms: $400,675 CAD.
  • Town house: CAD $414,308.
  • House detached: $1,070,483 CAD.

The Canadian Real Estate Association (CREA) reports that, as of July 2024, the average cost of home in Saskatchewan across all price points was $344,800 CAD. Compared to 2023, this is an increase of 4.5%.

Conclusion

The cost of homes varies significantly among Canada’s largest cities, with Vancouver and Toronto being the most expensive cities relative to other areas. To get the best value and match for your needs. Tt’s critical for people wanting to relocate to Canada to investigate local market trends.