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National Market Report Summary
- The average selling price of a home in Canada decreased by 3.9% year-over-year to $724,800 in July 2024.
- The average selling price of a single-family home in Canada decreased by 3.7% year-over-year to $801,600 in July 2024.
- The average selling price of a townhouse/multiplex in Canada decreased by 3.6% year-over-year to $666,900 in July 2024.
- The average selling price of a condo in Canada decreased by 3.2% year-over-year to $526,500 in July 2024.
- The average rent in Canada increased by 7.0% year-over-year to $2,156 for July 2024.
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Composite Home Prices
The average selling price of a home in Canada was $724,800 for the month of July 2024, that’s decreased by 0.8% compared to the previous month. On a year-over-year basis, Canadian home prices have decreased 3.9% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Canada was $801,600 for the month of July 2024, that’s decreased by 0.9% compared to the previous month. On a year-over-year basis, single-family home prices in Canada have decreased by 3.7% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Canada was $666,900 for the month of July 2024, that’s decreased by 0.8% compared to the previous month. On a year-over-year basis, the price of a townhouse in Canada has decreased by 3.6% over the last 12 months.
Condo Prices
The average selling price of a condo in Canada was $526,500 for the month of July 2024, that’s decreased by 0.5% compared to the previous month. On a year-over-year basis, the price of a condo in Canada has decreased 3.2% over the last 12 months.
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Canada Housing Market Summary
Data from the Canadian Real Estate Association (CREA) indicates that the benchmark price of resale residential homes sold across Canada in July 2024 was $724,800, and it decreased by 3.9% compared to a year ago.
CREA also reported a sales-to-new-listings ratio (SNLR) of 55%, indicating a balanced market nationally for July 2024.
While the Canadian Real Estate Association (CREA) says the Canadian housing market is poised for a rebound, it’s crucial to remember that this is a general overview. For a more accurate understanding of your specific market, seeking advice from a local real estate professional is highly recommended.
It’s a pause, not a retreat, for the Canadian housing market, which took a breather in July. Home sales dipped slightly despite consecutive interest rate cuts. However, experts remain optimistic, predicting a “slam dunk” rebound in the coming months. This optimism is fueled by the expectation of further rate cuts and a surge of pent-up demand from buyers waiting on the sidelines for more favourable conditions.
Despite recent price declines, housing affordability remains a significant challenge for many Canadians. The average home price is still high, and the impact of rate cuts on affordability has been limited. This suggests that the market recovery may be gradual, with buyers likely to remain cautious until borrowing costs become more manageable.
The market’s performance varies significantly across the country. While some markets, like Calgary and the GTA, saw declines in sales activity, others, such as Edmonton and Hamilton-Burlington, experienced gains. The Prairies market, in particular, has shown strength due to affordability and robust economic conditions. This underscores the importance of understanding regional dynamics. The Prairies continue bucking the national trend, boasting historically high sales activity in several cities.
Supply and demand dynamics saw listings increase in July, suggesting growing seller confidence. However, inventory levels remain below historical averages, indicating a potential shift towards a more active market as demand picks up. This could lead to a more competitive environment for buyers in the future.
Multiple housing experts state that the outlook and overall sentiment for the future are cautiously optimistic. While the market is transitional, experts foresee a significant rebound in the year’s second half, driven by lower interest rates and pent-up demand. The timing and extent of this rebound will depend on various factors, including the trajectory of interest rates, economic growth, and employment levels. However, the stage seems set for a more active and dynamic housing market in the months ahead.
Transactions – Number of Sales
The number of sales in Canada was 39,674 during July 2024, that’s decreased by 0.7% compared to the previous month. On a year-over-year basis, sales in Canada have decreased by 0.9% over the last 12 months.
New Listings
The number of new listings in Canada was 71,672 during July 2024, that’s increased by 0.9% compared to the previous month. On a year-over-year basis, new listings in Canada have increased by 6.0% over the last 12 months.
Real Estate Market
The sales to new listings ratio (SNLR) in Canada was 55% during July 2024, indicating a balanced market. On a monthly basis, that’s decreased by 1.6% compared to the previous month. Canada’s yearly sales to new listings ratio has decreased by 6.5% over the last 12 months.
The sales to new listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market.
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Annual Changes Composite Home Prices by Province
Annual Changes to the National Composite Home Prices
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Canadian Rental Market
According to the National Rental Report, the rental market is beginning to slow down, with an annual rent increase of 5.9% representing the slowest growth rate in more than 2 years, suggesting a potential softening trend. In a month-to-month analysis, July saw a 0.8% rise in average rents, effectively reversing the decline noted in the previous month. Looking at different housing types, purpose-built rentals outperformed condominiums with a remarkable annual growth rate of 8.9%, while condos trailed behind at only 1.9%. Despite this difference in growth rates, condominiums still tend to have higher average prices. Furthermore, while rents for condo studios have dropped over the past year, purpose-built studio apartments have significantly increased. Nevertheless, they still provide a more affordable option overall.
The municipal rental markets show a clear divide between the priciest and rapidly expanding cities. In British Columbia, cities like North Vancouver, Burnaby, Coquitlam, and Langley lead the way in high rental costs, with steep average apartment prices. Similarly, in Ontario, Mississauga, Etobico*ke, Vaughan, Oakville, and Burlington are known for their high rental rates. In contrast, Lloydminster in Alberta has made headlines with an incredible 28.3% annual rise in rental prices, making it the fastest-growing market. This trend is also seen in various cities across Alberta and Quebec, while Regina and Saskatoon are showing significant rental growth, highlighting a changing rental landscape.
On the flip side of rising costs, major cities like Toronto and Vancouver are experiencing a drop in rental prices, allowing tenants to find larger living spaces at rates much lower than the market average. This decline can be linked to several factors, such as an oversupply of condo rentals due to a sluggish real estate market, high interest rates for property owners, and a temporary spike in new condo completions. While Toronto and Montreal have seen a decrease in rents for shared accommodations, other large urban areas have seen increases, with Vancouver still being the most expensive for shared living arrangements.
In Toronto, rental prices are nearing pre-pandemic levels, while Vancouver still sees higher rates. For the first time since the pandemic began, the average rent for condos in Toronto has dropped, thanks to an increase in available rental units. The combination of high interest rates and a tough rental market pushes condo owners to lower their asking prices and consider renting to students to fill vacancies. Moreover, there’s a clear shift in what tenants want, with many opting for shared living spaces or moving away from urban areas due to rising costs and the flexibility of remote work. The rapid increase in single-family home prices has made homeownership unattainable for many, highlighting the pressing need for affordable housing options.
In Saskatchewan and Alberta, rental prices are rising, showing significant increases compared to last year. Saskatchewan leads this trend with an impressive annual growth rate of 22.2% in its rental market, making it the fastest-growing area in Canada. In contrast, British Columbia and Ontario are exceptions, having reported declining average rental rates over the past year. Furthermore, a month-over-month analysis shows that average apartment rents have decreased in Manitoba, Newfoundland, Quebec, and Saskatchewan between June and July.
The Canadian rental market is stabilizing, with annual growth rates slowing down and occasional month-to-month declines. There are notable differences across provinces and cities; some areas are seeing sharp increases in rental prices, while others are experiencing drops. The affordability issue remains a major concern, particularly in large urban centres and for specific housing types, such as condominiums, even as the market trend appears moderate. Furthermore, the decline in rents for shared living situations in various urban areas suggests that more people are sharing living spaces to help ease the financial burden of rising rental costs.
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Canada Market Rents Summary
The average rent in Canada was $2,156 for the month of July 2024, which increased by 7.0% on a year-over-year basis.
The average rent for a bachelor apartment in Canada was $1,625 for the month of July 2024, which increased by 12.0% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Canada was $1,964 for the month of July 2024, which increased by 6.0% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Canada was $2,354 for the month of July 2024, which increased by 7.0% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Canada was $1,964 for the month of July 2024, which increased by 7.0% on a year-over-year basis.
How Does Renting Compare with Homeownership in Today’s Housing Market?
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Rental Price Changes by City
Rental Price Changes by Province
Rental Price Growth by Housing Type
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Frequently Asked Questions
Will 2024 be a good time to buy a house?
Despite the uncertainty in the housing market, 2024 could be an excellent time to buy a house. Interest rates and housing prices will likely reduce while wages rise – a combination that means more buying power.
Is Canada in a housing bubble, and will it burst?
Canadian real estate prices have risen spectacularly since 2000, and with the current pandemic and inflationary pressures, there is speculation that Canada may be bottoming out of a housing bubble. However, experts are mixed on whether or not this bubble will burst; some think prices may take a dip but stay relatively stable, while others expect prices to fall further.
Should I wait to get a mortgage in 2024?
Whether or not you wait to get a mortgage in 2024 depends mainly on your financial circ*mstances. Consider current market conditions and forecasts and factor them into your financial and long-term plans. It’s also important to remember that waiting may mean missing out on specific opportunities, especially once mortgage rates start reducing.
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.
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EXPLANATIONS
Interest Rates
Property Values
Home Price Index
Property Types
Property Ownership Classes
Strata Insurance
Rental Values
Qualifying Criteria
Professional Titles
Mortgage Experts
Interest Rates
Qualified using nesto’s fixed 5-year insured and uninsured rates as advertised on our website. For today, Saturday, September 14, 2024, our example calculations are qualified on our lowest rates, which may or may not apply to your unique financing situation or long-term goals. Insured fixed-rate mortgages will be qualified at
We appreciate your patience and understanding and encourage you to email us at [email protected] with information that needs correction alongside your sources.
Property Values
Home values collected from CREA or QPAREB are those presented as the composite benchmark or average prices for each city/province/region unless specified. They may be interchangeably called average home prices, though an average price may not be available for many regions outside Quebec.
MLS® Home Price Index (HPI)
TheMLS® Home Price Index (HPI)is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can vary from one month to the next based on seasonal factors, the Home Price Index (HPI) provides a more consistent view and tracks price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS® HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI uses over 15 years of data from the MLS® System and advanced statistical models to create a “typical” home based on the characteristics of homes purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Property Types
Detached homes, also known as single-family homes, are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their own parcel of land and have a separate title.
Semi-detachedhomes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhousesare residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold within a condo or strata and may come with their own land parcel. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, also known as condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike a townhouse, condos do not offer exclusive use of outdoor space unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexesare unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
Afreeholdis a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses, which are not part of condominium corporations.
Acondominium or condois a distinct type of property class that combines apartment living and individual homeownership elements. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership gives you rights to your specific unit and some rights and responsibilities to the common areas, such as the hallways, elevators, garage, pool and rooftop patios.
Aleaseholdis a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner (landlord).
Strata insurance
Strata insuranceis insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.,
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. Damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence) is typically covered under personal condo insurance.
Rental Values
Our monthly or year-over-year rental averages are sourced from Urbanation’s monthly Rentals.ca National Rental Report.
Mortgage Qualifying Criteria
Insured qualifying criteria are limited to a 39% gross debt service (GDS) ratio and up to 25 years of amortization. For insured mortgage transaction calculations, we have used a 20% downpayment, unless otherwise indicated, in our examples and excluded any mortgage default insurance (CMHC) premium. Uninsured qualifying criteria are limited to a 35% gross debt service (GDS) ratio and up to 30 years of amortization. Our examples use a 20% downpayment for uninsured mortgage transaction calculations. Unless otherwise indicated, a $100 monthly heating cost is attributed to the total monthly stress-tested payment. Municipal tax rates are the most recently shown on the applicable municipality’s website (1% used as default when unavailable or for a region with an unspecified mill rate). Mortgage default insurance is not permitted on purchases that have valuations of $1 million or more, amortizations exceeding 25 years, or on refinance transactions.
Regulatory Titles
In Ontario (FSRA), mortgage brokers and agents serve as the middle person between borrowers and lenders, helping clients find the most suitable mortgage options for their financing situation. A Mortgage Agent works under the supervision of a Mortgage Broker and assists in the mortgage application process. A Mortgage Broker may also be responsible for compliance requirements for their brokerage or a team.
The provinces of Quebec (AMF) and Newfoundland (Digital & Government Service NL) both exclusively utilize the designation of Mortgage Broker as a licensing designation.
British Columbia (BCFSA) has two distinct roles within the mortgage industry: the Submortgage Broker and the Mortgage Broker. These positions have specific responsibilities and functions that contribute to the overall process of securing mortgages for clients. The Submortgage Broker works under the supervision of a licensed Mortgage Broker and assists in various tasks, such as gathering client information, completing paperwork, and liaising with lenders. The Mortgage Broker oversees the entire mortgage application process, including assessing client needs, finding suitable mortgage options, negotiating terms, and ensuring compliance with regulations.
In Alberta (RECA) and New Brunswick (FCNB), the distinction between a Mortgage Associate and a Mortgage Broker lies in their roles and responsibilities within the mortgage industry. A Mortgage Associate typically works under the supervision of a Mortgage Broker and assists in the mortgage application process gathering necessary documentation, and providing support to clients. A Mortgage Broker is licensed to independently negotiate and arrange mortgage loans on behalf of clients, offering a more comprehensive range of mortgage options and expertise in the field.
In Saskatchewan (FCAA) and Nova Scotia (Government of Nova Scotia, Business Licensing), there are distinct roles for both Associate Mortgage Brokers and Mortgage Brokers. The critical difference lies in their level of experience and licensing requirements. Associate Mortgage Brokers work under the supervision of a licensed Mortgage Broker and are in the early stages of their career. They may assist with gathering client information and preparing mortgage applications. Mortgage Brokers have obtained the necessary qualifications and licences to operate independently and provide mortgage services directly to clients. They have the authority to negotiate mortgage terms, advise clients, and facilitate the mortgage process from start to finish.
In Manitoba (MSC), a Salesperson is primarily responsible for promoting and selling products or services, while an Authorised Official holds the authority to make legally binding decisions on behalf of the organization. These roles have different levels of authority and expertise, with the Salesperson focusing on sales and the Authorised Official having broader decision-making powers and acting as the liaison between the brokerage and the regulator.
For a complete list of licensing terms in Canada, please see the Mortgage Broker Regulators’ Council of Canada (MBRCC) published list.
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Titles such as mortgage broker, mortgage agent, submortgage broker, mortgage salesperson, or principal broker are provincially regulated licensing terms with educational requirements specific to each province. Although they may all commonly be referred to as mortgage brokers, in Ontario, where mortgage agents are used as a designation,mortgage brokers or principal brokers have additional responsibility for compliance and training mortgage agents.
Licensed mortgage professionals often use the industry norm of “mortgage broker,” “broker,” or “advisor” to refer to themselves. However, disclosure requirements for licensed mortgage professionals’ titles vary across each province in Canada. These disclosures require mortgage brokers to adhere to specific rules when using titles to represent their qualifications and expertise. The provinces have regulations and guidelines that govern the use of titles by mortgage brokers. These regulations aim to ensure transparency and protect consumers in the mortgage industry.
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in this series Mortgage Forecasts and Trends
- Mortgage Rates Forecast Canada 2024 next read
- Canadian Housing Market Outlook currently reading
- The Road Ahead for the Real Estate Market next read
- Mortgage and Housing Market Projections for 2023 next read
- Is Now a Good Time to Buy a House in Canada? next read
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