In 2024, housing has emerged as a crucial issue for Canadians, with significant focus on how fluctuating interest rates, population growth, natural migration patterns, and other factors are influencing home prices.

Following their guide on rental costs across Canada, CIC News now presents a comprehensive overview of home buying costs in the country's largest cities and major population centers across each province.

This guide provides an overview of the costs associated with purchasing different types of housing in Canada’s largest cities, focusing on the most significant city or metropolitan area in each province or territory. The guide includes:

- One-bedroom, one-bathroom apartments

- Two-bedroom, two-bathroom apartments

- Three-bedroom, two-bathroom properties

- Townhouses

- Detached houses

Data has been sourced from listing websites such as realtor.ca and zillow.com, as well as from housing boards like the Canadian Real Estate Association (CREA) and the Canada Mortgage and Housing Corporation (CMHC).

Note: The prices listed are average estimates and may vary significantly depending on the neighborhood, time of purchase, and property type. These figures should be used as a general reference rather than a precise measurement of housing costs.

Alberta

Calgary

- One-bedroom, one-bathroom apartment: $325,863 CAD

- Two-bedroom, two-bathroom apartment: $414,427 CAD

- Three-bedroom, two-bathroom property: $443,443 CAD

- Townhouse: $482,774 CAD

- Detached house: $1,018,888 CAD

Edmonton

- One-bedroom, one-bathroom apartment: $152,877 CAD

- Two-bedroom, two-bathroom apartment: $278,273 CAD

- Three-bedroom, two-bathroom property: $401,765 CAD

- Townhouse: $288,968 CAD

- Detached house: $521,238 CAD

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

British Columbia

Vancouver

- One-bedroom, one-bathroom apartment: $597,051 CAD

- Two-bedroom, two-bathroom apartment: $1,444,846 CAD

- Three-bedroom, two-bathroom property: $2,662,771 CAD

- Townhouse: $1,626,282 CAD

- Detached house: $8,493,824 CAD

Surrey

- One-bedroom, one-bathroom apartment: $451,920 CAD

- Two-bedroom, two-bathroom apartment: $616,574 CAD

- Three-bedroom, two-bathroom property: $808,187 CAD

- Townhouse: $1,239,000 CAD

- Detached house: $2,364,226 CAD

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

Manitoba

Winnipeg

- One-bedroom, one-bathroom apartment: $159,567 CAD

- Two-bedroom, two-bathroom apartment: $317,400 CAD

- Three-bedroom, two-bathroom property: $346,117 CAD

- Townhouse: $391,575 CAD

- Detached house: $459,325 CAD

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

New Brunswick

Moncton

- One-bedroom, one-bathroom apartment: Data not available

- Two-bedroom, two-bathroom apartment: $373,755 CAD

- Three-bedroom, two-bathroom property: $307,520 CAD

- Townhouse: $289,291 CAD

- Detached house: $374,267 CAD

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

Newfoundland and Labrador

St. John's

- One-bedroom, one-bathroom apartment: $184,933 CAD

- Two-bedroom, two-bathroom apartment: $425,375 CAD

- Three-bedroom, two-bathroom property: $307,520 CAD

- Townhouse: $410,102 CAD

- Detached house: $548,960 CAD

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

Nova Scotia

Halifax

- One-bedroom, one-bathroom apartment: $471,092 CAD

- Two-bedroom, two-bathroom apartment: $732,532 CAD

- Three-bedroom, two-bathroom property: $771,540 CAD

- Townhouse: $578,833 CAD

- Detached house: $764,766 CAD

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

Ontario

Toronto

- One-bedroom, one-bathroom apartment: $671,092 CAD

- Two-bedroom, two-bathroom apartment: $920,588 CAD

- Three-bedroom, two-bathroom property: $2,952,402 CAD

- Townhouse: $992,280 CAD

- Detached house: $4,713,735 CAD

Ottawa

- One-bedroom, one-bathroom apartment: $399,544 CAD

- Two-bedroom, two-bathroom apartment: $568,338 CAD

- Three-bedroom, two-bathroom property: $789,717 CAD

- Townhouse: $629,665 CAD

- Detached house: $1,020,820 CAD

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

Prince Edward Island

Charlottetown

- One-bedroom, one-bathroom apartment: $321,825 CAD

- Two-bedroom, two-bathroom apartment: $453,483 CAD

- Three-bedroom, two-bathroom property: $487,139 CAD

- Townhouse: $474,480 CAD

- Detached house: $679,247 CAD

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

Quebec

Montreal

- One-bedroom, one-bathroom apartment: $420,616 CAD

- Two-bedroom, two-bathroom apartment: $871,050 CAD

- Three-bedroom, two-bathroom property: $997,473 CAD

- Townhouse: $782,850 CAD

- Detached house: $1,091,333 CAD

Quebec City

- One-bedroom, one-bathroom apartment: $227,492 CAD

- Two-bedroom, two-bathroom apartment: $567,983 CAD

- Three-bedroom, two-bathroom property: $687,143 CAD

- Townhouse: $514,850 CAD

- Detached house: $643,083 CAD

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

Saskatchewan

Saskatoon

- One-bedroom, one-bathroom apartment: $235,142 CAD

- Two-bedroom, two-bathroom apartment: $299,083 CAD

- Three-bedroom, two-bathroom property: $400,675 CAD

- Townhouse: $414,308 CAD

- Detached house: $1,070,483 CAD

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

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

According to Edge Realty Analytics’ July Metro Deep Dive, Vancouver’s real estate market is showing mixed trends, with a modest increase in home sales but a rising inventory level.

Home Sales Show Minor Uptick

In June, Vancouver experienced a slight increase in home sales, rising by 1.2% month-over-month (m/m) after a notable 7% decline in May. Despite this uptick, sales are still significantly lower compared to previous years. Year-over-year (y/y), sales have dropped by 19.1%, and they are 30% below the average levels of the past decade. Notably, condo sales are down nearly 21% compared to the same period last year. Overall, sales across all segments are trending towards decade-low levels for the month.

New Listings Decline

Seasonally adjusted new listings increased by 4.5% month-over-month and 7% compared to the previous year. Despite this rise, the sales-to-new-listings ratio has fallen to 44%. Historically, a ratio at this level is linked to an estimated 5% annual decline in home prices.

Increasing Inventory Levels

Active listings in Vancouver have surged by 42% year-over-year, with a substantial 54% increase in the condo segment. Both condos and single-family homes are seeing significant counter-seasonal growth in inventory, contributing to the overall rise in available properties.

House Prices Experience Slight Drop

In June, seasonally adjusted house prices fell by 0.2% month-over-month. This slight decrease reflects broader market trends influenced by rising inventory and changes in the sales-to-new-listings ratio.

Surge in Construction Activity

Construction activity is on the rise, with the number of dwellings under construction increasing by 1.3% month-over-month in May. This growth is primarily driven by the condo segment, which saw a 1.8% monthly increase, and rental properties, which grew by 0.6% month-over-month. Meanwhile, the single-family segment has remained stable but is down 16% year-over-year. Despite the high levels of housing starts, over 90% of new construction over the past year has been focused on apartments (condos and rentals), while single-family home starts have hit their lowest level in 35 years.

Vancouver Real Estate Market Update: July 2024 (canadianrealestatemagazine.ca)