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Residential housing market in Canada - statistics & facts

House prices have long been a hot topic in Canada and the most expensive markets, Toronto and Vancouver. The cost of buying a home has risen steadily since 2005, almost year-on-year, with a few exceptions. In 2021, home prices grew dramatically, with the house price index climbing from 279 index points to 357 index points. That means that in just a year, the nominal house price grew by 50 percent of its 2005 level (the index base year). Though surging prices suggest more profits for investors, they also mean that housing is often out of reach for home buyers. Between 2015 and the third quarter of 2022, house prices had outgrown the nominal disposable income by almost 44 percent. This rapid increase has earned Toronto first spot as the market at the highest risk of a housing bubble globally.

A closer look at the residential markets in Ontario and British Columbia

About 70 percent of Canadians live in owner-occupied homes in Canada, but it is safe to assume this share is lower in the country’s largest cities. Property prices in these cities are some of the highest in the country - also reflected in the rental market. As of January 2023, the average monthly rent for a two-bedroom apartment in Toronto, ON, was 3,215 Canadian dollars – the second highest in Canada after Vancouver, BC. On average, buying a condo in Toronto Central cost home buyers 688,000 Canadian dollars in 2022, but some areas exhibited prices as high as one million Canadian dollars. In January 2023, the Canadian Real Estate Association forecast that the house prices in both Ontario and British Columbia are expected to decrease until 2024, as the number of housing transactions falls.

“Fixing” the housing market

Housing affordability has been an issue for many years, but it has worsened even more since 2020. As of the second quarter of 2022, the monthly single-family mortgage payment amounted to approximately 69 percent of a household's income, up from 46 percent in 2022. To qualify for an average-priced home, prospective home buyers needed an annual income of between 75,000 and 220,000 Canadian dollars, depending on the city. To improve affordability, the Canadian government has introduced a number of regulations, such as a tax on vacant or underused housing that came into force in early 2022 and an act, prohibiting foreign commercial enterprises and non-Canadian citizens or residents from buying residential property for two years, effective January 2023.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 15, 2023

Key insights

Home ownership rate in Canada
66.5%
Housing price index in Canada
330.3
Number of housing units sold in Canada
498.3k
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Editor’s Picks Current statistics on this topic

House price to income ratio in Canada from 1st quarter 2012 to 3rd quarter 2022

Residential Real Estate

Quarterly house price to income ratio in Canada Q1 2012-Q3 2022

Average resale house prices in Canada from 2011 to 2021 with a forecast up to 2023 with, by province (in 1,000 Canadian dollars)

Residential Real Estate

Average resale house prices Canada 2011-2021 with a forecast until 2023, by province

Average house prices in Alberta, Canada from 2018 to 2022 with a forecast until 2024 (in Canadian dollars)

Residential Real Estate

Average house prices in Alberta 2018-2022, with a forecast until 2024

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