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)

A provincial regulator has suspended the operating license of a Vancouver-based rental property brokerage due to persistent failures to comply with financial record reporting requirements.

In a bulletin released last week, the BC Financial Services Authority (BFSA) suspended the license of Rent It Furnished Realty and froze its rental trust accounts.

A rental trust account is a designated bank account used to collect rent, security deposits, and other tenant payments. Funds must be deposited into this specific trust account and are subject to annual auditing. This process is designed to safeguard tenant and landlord funds and minimize the risk of misappropriation.

Rent It Furnished Realty manages approximately 350 properties across British Columbia. According to the BC Financial Services Authority (BFSA), the recent action is aimed at protecting the tenants and landlords associated with these properties.

This latest step represents an escalation of penalties following an August 2023 consent order. The order required the company to comply with specific terms after its managing broker admitted to misconduct between February 2017 and September 2022. The issues included failing to detect and address six shortages in the rental trust accounts totaling $5,773.18, not taking prompt corrective action, and neglecting to notify the BCFSA of the negative balance within 10 days.

As a result, Rent It Furnished Realty was fined $17,000 and ordered to pay $1,500 in enforcement costs in August 2023.

Jon Vandall, vice president of compliance and enforcement at BCFSA, stated, “The decision to freeze the accounts of this brokerage was not made lightly. The brokerage’s monthly trust accounts have not been reconciled as required by the August 2023 Consent Order and continue to be deficient.”

“We understand the significant impact this may have on landlords and tenants. Freezing the accounts is the most effective way to safeguard trust funds and address the brokerage’s accounting issues. Our primary goal is to protect consumer interests and maintain the integrity of the sector.”

BCFSA notes that landlords cannot evict tenants for non-payment of rent or deposits if these payments were made to Rent It Furnished Realty. Additionally, landlords will not have access to the funds managed by the company and should take steps to revise their rental payment arrangements.

Tenants are advised to continue paying their rent as specified in their tenancy agreements and should verify the legitimacy of the property owner. BCFSA clarifies that tenants who have already paid rent directly to Rent It Furnished Realty are not required to pay the rent again to the landlord.

In April 2016, Rent It Furnished Realty was subject to a consent order issued by the provincial Crown corporation. The company was reprimanded and fined $5,000, with an additional $1,500 in enforcement expenses. The 2016 order, issued by BCFSA, addressed the company's failure to maintain proper books, accounts, and records, as well as its lack of monthly reconciliations for trust account bank statements. Following this order, the company was placed under “enhanced supervision conditions.”

According to its website, Rent It Furnished Realty positions itself as a “leading provider of luxury rental properties” in Vancouver, Toronto, Montreal, Ottawa, and New York, managing over 5,000 luxury furnished properties. In addition to its headquarters in Vancouver, the company has offices in Toronto and Montreal.

BC regulator suspends rental housing management firm of 350 properties | Urbanized (dailyhive.com)

The British Columbia government is implementing major legislative changes to enhance protections for both renters and landlords in the province. The aim is to assist tenants facing unjustified rent increases and evictions, while also supporting landlords dealing with difficult tenants. These amendments seek to foster a fairer and more stable rental market by making targeted adjustments to the Residential Tenancy Act and the Manufactured Home Park Tenancy Act.

Key Legislative Changes

Protection Against Unjust Rent Increases

A major aspect of the amendments is the protection of families with children. Proposed changes will prevent landlords from raising rent beyond the allowable annual limit when a tenant adds a child under 19 to their household, even if their lease allows rent increases for new occupants. This initiative aims to provide greater stability for growing families, ensuring housing costs remain predictable and manageable.

Combatting Bad-Faith Evictions

To tackle the issue of landlords evicting tenants under false pretenses to increase rents for new tenants, the legislation introduces stricter controls on personal-use evictions. Landlords will be required to submit eviction notices through a government web portal, ensuring a standardized process and educating them on legal requirements and risks. Additionally, compliance audits will be conducted post-eviction to monitor and prevent abuse of personal-use evictions.

Expedited Resolution of Rental Disputes

Improving the efficiency of the dispute resolution process is another significant focus. Since late 2022, wait times at the Residential Tenancy Branch have been reduced by over half due to increased staffing and service enhancements. For disputes involving unpaid rent or utilities, wait times have decreased from over ten weeks to less than five, allowing landlords to regain their rental units more quickly. These improvements are part of a broader effort to streamline the resolution of rental conflicts and deliver quicker outcomes for all parties involved.

Stronger Enforcement and Penalties

The forthcoming Money Judgment Enforcement Act, effective in 2025, will simplify the process for enforcing monetary judgments awarded in tenancy disputes. This change will make it easier and more cost-effective for both landlords and tenants to collect owed amounts from Residential Tenancy Branch decisions.

Additional Measures

The proposed amendments to the Residential Tenancy Act include several changes aimed at addressing problematic tenancies and enhancing tenant protections. First, they establish clearer and more flexible guidelines for landlords to manage difficult tenants, promoting a structured yet adaptable approach to resolving issues without lengthy disputes.

Additionally, the notice period for personal occupancy evictions will be extended from six to twelve months, requiring landlords to occupy the unit for at least a year after eviction. This measure is intended to prevent the misuse of personal use evictions for financial gain.

To further protect tenants, the dispute period for eviction notices will be increased from 15 days to 30 days, allowing tenants more time to prepare their cases. Furthermore, personal use evictions will be prohibited in purpose-built rental buildings with five or more units, and the conversion of rental units to non-residential uses, such as short-term rentals or storage, will be banned.

These measures are part of the province’s broader Homes for People Action Plan, designed to maintain a stable supply of long-term rental housing while ensuring fair treatment for both renters and landlords. They build on previous initiatives by further strengthening tenant protections and clarifying the rights and responsibilities of landlords.

BC Landlord And Tenant Protection Legislation Changes: Residential Tenancy And Manufactured Home Park Tenancy Acts (canadianrealestatemagazine.ca)

I have listed a new business in Vancouver with the MLS number of: C8061141

Vegetarian Indian Restaurant in Vancouver, an established business spanning 1800 sq ft in the heart of Vancouver's East Broadway. This restaurant features a variety of Vegan and Gluten-Free options, catering to a loyal customer base with ample walk-in traffic. Currently leased at $5,250.00 per month plus GST(base rent), Gross Rent $7,724.30 (including GST), the location is conveniently situated near amenities and transit hubs, presenting an opportunity for new ownership to introduce fresh concepts and innovations. The neighborhood's vibrant atmosphere and proximity to transit hubs enhance its appeal, offering a promising opportunity Close to amenities and transit. Open to new opportunities and new owner concept.

I have recently sold a business at 1933 Lonsdale Avenue, North Vancouver BC, V7M 2J8

Great Central Lonsdale in the heart of North Van. 70 seat profitable Japanese restaurant fully equipped & licensed. It's a rare opportunity for the right operator. Business is growing & very stable with royal customers. 

I have sold a Restaurant at 2781 Commercial Drive, Vancouver recently.

The Burrow, nestled in the heart of East Vancouver, has been a cherished local establishment since 2009, renowned for its vibrant Mexican-inspired vegetarian and vegan cuisine in a relaxed setting.

Choosing The Burrow's standout feature is no easy task, given its diverse offerings. The weekend brunch stands out with inventive dishes like Benny’s crafted on freshly baked morning cornbread. The tacos are a burst of color and flavor, featuring locally sourced corn tortillas. Classic Lime Margaritas, handcrafted Baked Burritos, and Nachos have developed a devoted following, all prepared with a commitment to using fresh ingredients. The menu is a celebration of bountiful, value-packed plates that promise to leave you satisfied.

Beyond its delectable offerings, The Burrow serves as a lively community hub, exuding a warm, neighborhood feel. Whether it's a casual date, a gathering with friends, a family outing, or a solo dining experience, The Burrow welcomes all. It's a place where you can enjoy a full meal without breaking the bank, fostering a sense of comfort and familiarity. Many regulars frequent The Burrow, some even making it a weekly tradition. The restaurant is a testament to community spirit, striving to create that magical experience when good people come together over great food.

In response to rising housing costs, the Canadian government has implemented various measures, including Prime Minister Trudeau's pledge of $15 billion CAD for apartment construction and the introduction of a federal "Renters Bill of Rights." As a result, CIC News has created a guide for readers to compare rental prices in Canada's major cities.

This article will compare rental costs in Canada's largest metropolitan areas as of April 2024. Rental prices will be averaged from various sources including the Canadian Housing and Mortgage Corporation (CHMC), municipal and provincial sources, settlement agencies, online housing platforms like rentals.ca and zumper.ca, and news sources such as CTV and Global News. It will focus on bachelor, one-bedroom, and two-bedroom apartment units, providing averages as an indication of market trends. These averages may vary depending on location within a city and the landlord/rental company. The selection of metropolitan areas will be based on Statistics Canada's data from the 2021 census, ordered from most to least populous.

Toronto, Canada's most populous city, has high rental costs, with average monthly rents for bachelor, one-bedroom, and two-bedroom apartment units at $1,727 CAD, $2,507 CAD, and $3,356 CAD respectively.

Montreal, another major metropolitan area, offers comparatively more affordable rents, with average monthly rents for bachelor, one-bedroom, and two-bedroom apartment units at $1,471 CAD, $1,775 CAD, and $2,281 CAD respectively.

Vancouver, the largest city in British Columbia, has the highest rental costs in Canada. Monthly rents average $2,331 CAD for bachelor units, $2,679 CAD for one-bedroom units, and $3,668 CAD for two-bedroom units.

Ottawa, Canada's capital, sees average monthly rents of $1,620 CAD for bachelor units, $1,990 CAD for one-bedroom units, and $2,465 CAD for two-bedroom units.

Calgary, Alberta's largest city, offers average monthly rents of $1,578 CAD for bachelor units, $1,885 CAD for one-bedroom units, and $2,274 CAD for two-bedroom units.

Edmonton, also in Alberta, has lower rental costs with average monthly rents of $1,046 CAD for bachelor units, $1,349 CAD for one-bedroom units, and $1,635 CAD for two-bedroom units.

Quebec City, the capital of Quebec, has average monthly rents of $1,048 CAD for bachelor units, $1,353 CAD for one-bedroom units, and $1,713 CAD for two-bedroom units.

Winnipeg, Manitoba's capital, offers average monthly rents of $971 CAD for bachelor units, $1,349 CAD for one-bedroom units, and $1,735 CAD for two-bedroom units.

Hamilton, Ontario, has average monthly rents of $1,459 CAD for bachelor units, $1,781 CAD for one-bedroom units, and $2,116 CAD for two-bedroom units.

Kitchener, part of the Waterloo metropolitan area in Ontario, sees average monthly rents of $1,210 CAD for bachelor units, $1,833 CAD for one-bedroom units, and $2,436 CAD for two-bedroom units.

London, a city in south-west Ontario, offers average monthly rents of $1,425 CAD for bachelor units, $1,799 CAD for one-bedroom units, and $2,163 CAD for two-bedroom units.

Halifax, the capital of Nova Scotia, has average monthly rents of $1,684 CAD for bachelor units, $1,971 CAD for one-bedroom units, and $2,585 CAD for two-bedroom units.

Comparing rental costs across Canada | CIC News

When you start a business, you only have a few financing options. You’ve got the angels, friends and family and some bank and credit loans. But not a lot to work with, because there is nothing already there. On the other hand, when you get into a business that already exists, you have tremendously more financing options. We have identified many of them that by taking them, you also have brand recognition, you do not need to build up a brand from scratch because people would know a business that’s been around for a long time. It also has its own customers, sales, which means it already has profits as well.

There is another misconception that people have about acquiring with no money out of pocket or no money down out of pocket.

They already have profitable businesses that a lot of them are run by baby boomers. Most of these businesses are already profitable and if you are like that well, I don’t want to own a Carwash or a Restaurant or mortar businesses, baby boomers own a lot of Tech businesses too. They own software as a service, E-commerce businesses, they own E-learning businesses and Information businesses. So, you get all of that sales profits, the contacts they’ve already got, the systems and the employees they’ve already got.

1️⃣ Is the Seller Authentically Driven? A seller with genuine motivation is inclined to engage in fair negotiations and explore alternative payment arrangements beyond immediate cash transactions.

2️⃣ Is the Business Generating Profit? Verify that the business yields returns sufficient to offset the debt incurred during acquisition. Profitability stands as your financial backbone.

3️⃣ Is Seller Financing an Option? Explore the possibility of seller financing to bypass the intricacies associated with traditional bank processes and government loan procedures. This avenue offers a smoother transition toward realizing your entrepreneurial aspirations.

Strategic inquiries pave the way for prudent investments! 📈

Firstly, you can acquire assets or businesses below their market value. This may prompt the question of why someone would sell their business for less than its perceived worth.

A comparable scenario can be observed in television shows where individuals flip houses. The investors in these houses are often able to acquire them below market value due to various challenges faced by the sellers. These challenges could include issues like the need for renovations, lack of funds or time to carry out renovations, or other factors that make the seller motivated to make a deal.

By acquiring a business valued at five times its profit for only two times its profit, for example, you can create instant wealth. For instance, if a business with a $200,000 profit would typically be valued at $1 million (at five times its profit), but you can purchase it for only $400,000 (at two times its profit), you instantly gain $600,000 in wealth.