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Home » Housing, Jobs, & Money

Canada Real Estate: The Cost of Buying a Home

Submitted by on November 19, 2012 – 5:43 amOne Comment

Vancouver West End skyline, British Columbia, CanadaHow much does it cost to buy a home in Canada? And where are the cheap­est cities for housing?

The Canada Mortgage and Housing Corporation (CMHC) recent­ly released their fourth quar­ter 2012 report on real estate prices in major Canadian met­ro­pol­i­tan areas.

Vancouver con­tin­ues to rank as the nation’s most expen­sive hous­ing mar­ket — by far.

Buying a place to live in Vancouver in 2012 would cost more than dou­ble the price of a home in Ottawa, Montreal, or Quebec City.

The cheap­est cities? Saint John and Moncton in New Brunswick, along with Trois-Rivières, Quebec. In Moncton, $156,750 would have bought you a home in 2012, a fig­ure that’s expect­ed to hold fair­ly steady in 2013.

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

Average MLS Sale Prices (Ranked by 2013 Forecasts)

Metropolitan area 2011 2012 (fore­cast) 2013 (fore­cast)
Vancouver, BC $779,730 $730,000 $728,000
Toronto, ON $466,352 $500,000 $498,500
Victoria, BC $498,300 $490,000 $485,000
Calgary, AB $402,851 $411,000 $422,000
Kelowna, BC $404,756 $403,000 $407,000
Ottawa, ON $344,791 $353,000 $356,000
Hamilton, ON $333,498 $350,000 $352,000
Edmonton, AB $325,595 $334,000 $341,000
Montreal, QC $314,013 $326,500 $333,100
Saskatoon, SK $309,823 $314,500 $322,500
Kitchener-Waterloo, ON $312,305 $317,500 $318,000
St. John’s, NL $268,608 $280,000 $285,000
Halifax, NS $259,060 $268,000 $280,000
Quebec City, QC $247,138 $260,000 $270,000
Winnipeg, MB $241,408 $255,000 $265,000
London, ON $233,731 $241,500 $242,950
Charlottetown, PEI $189,924 $190,000 $192,500
Windsor, ON $166,008 $171,000 $172,000
Saint John, NB $170,354 $168,000 $167,500
Trois-Rivières, QC $156,919 $159,500 $161,000

For more details, or for infor­ma­tion about the hous­ing mar­ket­ing in oth­er Canadian cities, see the Housing Market Information pages on the Canadian Mortgage and Housing Corporation website.

And if you’re curi­ous to know how hous­ing prices have changed in the past sev­er­al years, check out our 2010 post, Canadian real estate: The cost of buy­ing a home now.

Vancouver West End sky­line pho­to by Stewart (flickr)

One Comment »

  • Real Estate 411 says:

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