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Home » Housing, Jobs, & Money

Canadian real estate: The cost of buying a home now

Submitted by on November 5, 2010 – 7:04 am4 Comments

How much does it cost to buy a home in Canada?

It depends on where you want to live.

The Canada Mortgage and Housing Corporation (CMHC) reg­u­larly pub­lishes sta­tis­tics about real estate prices in major Canadian met­ro­pol­i­tan areas.

Their most recent report — for the third quar­ter of 2010 — included aver­age MLS (Multiple Listing Service) prices for homes sold in 2009 and fore­cast prices through the end of 2010.

In this CMHC report, Vancouver ranked as the nation’s most expen­sive hous­ing mar­ket.

Buying a place to live in Vancouver in 2009 would have cost nearly dou­ble the cost of a home in Ottawa and almost three times as much as hous­ing in Quebec City or in Winnipeg.

Victoria (BC) was the sec­ond most expen­sive city to buy real estate. Prices in Toronto and in Kelowna (in British Columbia’s Okanagan region) were roughly com­pa­ra­ble, and just slightly higher than prices in Calgary.

The cheap­est cities? Saint John (New Brunswick), Windsor (Ontario), and Trois-​​Rivières (Quebec).

Here’s a sum­mary of the city-​​by-​​city results for 20 met­ro­pol­i­tan areas:

Average MLS Sale Prices

Metropolitan area 2009 2010 (fore­cast)
Vancouver, BC $592,441 $655,000
Victoria, BC $476,137 $510,000
Kelowna, BC $400,450 $420,000
Toronto, ON $396,154 $427,000
Calgary, AB $385,882 $403,000
Edmonton, AB $320,378 $333,000
Ottawa, ON $304,801 $326,500
Hamilton, ON $290,946 $312,000
Saskatoon, SK $278,895 $285,000
Montreal, QC $274,842 $292,700
Kitchener, ON $269,552 $287,000
Halifax, NS $237,214 $250,000
St. John’s, NL $218,862 $245,000
London, ON $214,510 $225,000
Quebec City, QC $212,198 $232,000
Winnipeg, MB $207,342 $225,000
Charlottetown, PEI $177,237 $178,000
Saint John, NB $171,027 $174,500
Windsor, ON $153,691 $157,000
Trois-​​Rivières, QC $142,048 $148,500

For more details, or for infor­ma­tion about the hous­ing mar­ket­ing in other Canadian cities, see the Canadian Mortgage and Housing Corporation. Their Housing Market Information pages are espe­cially use­ful for com­par­ing costs in var­i­ous cities.

Photo ©Carolyn B. Heller