Average resale house prices Canada 2011-2021 with a forecast until 2023, by province
The average resale house price in Canada was forecast to peak at almost 825,000 Canadian dollars in 2022, according to a September 2022 forecast. In 2023, house prices are expected to fall for the first time since 2019. One of the reasons for the price correction is the notable decline in transaction activity. British Columbia, which is the most expensive province for housing, is projected to see the average house price fall from 1.1 million Canadian dollars to one million Canadian dollars between 2022 and 2023.
Affordability in Vancouver
Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2021, the city topped the ranking for least affordable housing market in Canada. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices.
Victoria housing market
The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.6 million Canadian dollars in 2022.
Affordability in Vancouver
Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2021, the city topped the ranking for least affordable housing market in Canada. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices.
Victoria housing market
The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.6 million Canadian dollars in 2022.
