Canadian Housing Market Report May. 17th, 2024 | Interactive Map - WOWA.ca (2024)

*Seasonally Adjusted

Note: Data sourced from the Canadian Real Estate Association (CREA)

Canada Real Estate Market Trends

Note: *Transactions are seasonally-adjusted

Canada’s housing market is seeing a strong spring as some provinces break all-time price records. The national benchmark home price, which measures the price of a “typical” home, was $735,900 in April 2024, a 0.8% monthly increase and down 0.9% year-over-year. Benchmark home prices in Alberta ($513,600), Saskatchewan ($339,800), and New Brunswick ($304,400) reached all-time highs in April 2024.

Meanwhile, the average Canadian home price was $703,446 in April 2024, a 0.7% monthly increase and down 1.8% year-over-year. Alberta, Nova Scotia, and New Brunswick provinces saw record-breaking average home prices this month.

Nationally, there were 37,745 home sales, seasonally-adjusted, during the month of April 2024, a seasonally-adjusted 1.1% decrease year-over-year, and down 3.1% compared to last month’s 38,963 sales in March 2024. Actual home sales were up 10% year-over-year to 48,836 in April 2024. New listings were up 2.8% month-over-month, while active listings were up 6.5% month-over-month.

Benchmark Prices Across Canada

For April 2024, benchmark home prices in the Canadian housing markets increased on a monthly basis in all provinces, while the annual benchmark price change was mainly positive across the board. Some provinces, such as Alberta and New Brunswick, see big gains in their provincial benchmark home prices. With a 9.3% year-over-year increase in both Alberta’s and New Brunswick’s benchmark home prices, both provinces’ benchmark prices have reached an all-time high. Saskatchewan also broke through its record high in April 2024.

Ontario was the only province to experience a year-over-year decline in benchmark home prices, down 1.3% year-over-year. However, the national benchmark home price also dipped 0.9% year-over-year despite the wave of green brought about by the growth in prices in other provinces.

Note: Canada’s SNLR value uses seasonally-adjusted sales

SNLR

For the month of April 2024, Canada’s sales-to-new-listings ratio (SNLR) was 53%. The current 53% SNLR signals a balanced market. In a balanced market, sellers receive reasonable offers for their homes, and buyers have enough options to view and choose from.

Most of Canada's provincial housing markets are currently balanced, but several are heading deeper into seller’s market territory. The three provinces currently in seller’s market territory, Alberta, Saskatchewan, and Quebec, moved further into seller’s territory as the only provinces to see an increase in their SNLR compared to last month. The SNLR of all other provinces decreased this month compared to March 2024, as did the national SNLR.

The Sales-to-New-Listings Ratio (SNLR) is an important indicator that helps understand the balance between the demand and supply in the housing market. A high SNLR above 60% suggests a seller's market, indicating that buyers have limited options to choose from. Conversely, a low SNLR below 40% would indicate a buyer's market.

Today’s Mortgage Rates

The basket of 10 lenders includes: CIBC, BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National

*Prior to March 2024, HSBC Canada was included in the basket

Ontario

Ontario's housing market presents a mixed picture. The average home price is $900,161, showing a monthly increase of 1.3% but an annual decrease of 0.9%. On an annual basis, Ontario benchmark home prices are down 1.3%, while the monthly change was up 1.2%.

Ontario continues to have one of the highest average home prices across the provinces, second only to British Columbia.

The average home sold price in the GTA was $1,156,167 for April 2024, representing an increase of 0.3% year-over-year and a larger increase of 3.1% month-over-month. Meanwhile, the GTA’s benchmark home price is up 1.3% month-over-month.

GTA home sales are down 5.5% year-over-year, with 7,114 transactions in April. The GTA's SNLR was 42%, a touch lower than the province’s 45%.

Active listings in Ontario are up 57% year-over-year, with 48,858 homes for sale in April 2024.

Let's examine some interesting trends in the housing market in Ontario. Mississauga’s housing market had a particularly strong April 2024, with its average home price increasing 6.6% in one month to $1,126,060, up by 4.6% year over year.

Neighbouring Brampton’s housing market saw its average home price decrease by 0.2% from last month to $1,026,582, down 5.7% year-over-year. In Hamilton's housing market, home prices are down 1% monthly to $818,381, while Ottawa home prices are up 3.4% monthly at $705,117.

Kitchener-Waterloo Region prices have decreased just 0.8% monthly to $800,087, while Oshawa home prices are up 0.7% monthly to $808,840.

British Columbia

Quebec

Quebec's average home price has increased by 7.7% year over year, one of the strongest gains in the country. For April 2024, Quebec’s average home price was $498,124, which is also up by 1.6% monthly. Alternatively, Quebec’s benchmark home price of $481,600 is up 3.7% annually.

The Montreal housing market saw prices rise 6.1% annually to an average price of $600,220 for April 2024. Quebec City’s average home price of $396,749 has risen by 8.9% annually, outperforming both Montreal and the provincial average.

The Quebec housing market moved further into seller’s market territory this month, with the province’s SNLR increasing from 67% in March 2024 to 69% in April 2024.

Atlantic Canada

Home prices in Atlantic Canada are growing strongly in some regions, with Nova Scotia and New Brunswick shattering price records this month.

Nova Scotia saw a 6.1% increase year-on-year in average prices, with an average home price of $468,543, a record high for the province. Prices rose 5.6% monthly. Nova Scotia’s benchmark home price is up 4.6% year-over-year and 3.3% month-over-month. Halifax’s average home price of $597,721 in April 2024 is up 4.0% annually.

In April 2024, New Brunswick broke both average and benchmark all-time highs. The average home price increased 4.4% month over month to $334,561. Meanwhile, the record-high benchmark price of $304,400 is up 9.3% year over year.

In PEI, the average home price of $379,366 is up 0.8% year-over-year but has decreased by 0.2% compared to April 2023. 178 PEI home sales are up 20.3% year-over-year, while PEI’s benchmark home price is up 1.0% year-over-year and is up by just 0.1% month-over-month.

Meanwhile, Newfoundland's housing market saw a slight year-over-year average price increase of 2.3%. The average home price for April 2024 in Newfoundland and Labrador is $304,570. On a monthly basis, Newfoundland's home prices are up 1.9%, while 377 Newfoundland's home sales for the month of April 2024 have increased by 28% compared to last year. Newfoundland’s benchmark home price is up 5.8% year-over-year.

The Prairies

Breakdown By Region

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability 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. The insurance can cover:

• Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
• Liability for any property damage or bodily injury suffered on strata property
• Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.