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*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for July 2024
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Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (July 2024)
British Columbia
View Home Listings
42k
Listings
Alberta
View Home Listings
17k
Listings
Saskatchewan
View Home Listings
5.5k
Listings
Ontario
View Home Listings
63k
Listings
New Brunswick
View Home Listings
3.3k
Listings
Nova Scotia
View Home Listings
4.5k
Listings
Provincial Average Home Sale Prices
Canada
Canada
Market Condition
Balanced
This Month’s SNLR: 53%
An SNLR between 40% and 60% indicates a balanced market.
Canada’s housing market softened in July 2024, with the national average home price and benchmark price slightly declining compared to the previous month and year. In July 2024, the national benchmark home price, which measures the price of a “typical” home, was $724,800, a a 0.8% monthly decrease and down 4.3% year-over-year. The average home price in Canada stood at $667,317, reflecting a 4.1% decline from the previous month and a 0.2% decrease from the previous year.
Market Insights for July 2024
Sales | -3.2% Year-over-Year |
New Listings | +0.9% Month-over-Month |
Active Listings | +22.7% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 38,626 in July 2024, a seasonally adjusted 0.7% decrease from the previous month and a 3.2% decline from the previous year. New listings were up 0.9% month-over-month, while active listings were up 22.7% year-over-year.
Provincial Record Breakers for July 2024
Saskatchewan | 🏆 | Record-Breaking Benchmark ($344,800) Price 5th Consecutive Month |
New Brunswick | 🏆 | Record-Breaking Benchmark ($308,800) Price 4th Consecutive Month |
Newfoundland | 🏆 | Record-Breaking Benchmark ($297,000) Price 3rd Consecutive Month |
Saskatchewan has seen its fifth consecutive month of record-breaking benchmark prices, reaching $344,800 in July 2024. This marks a significant milestone for the province, reflecting strong buyer confidence and sustained demand.
New Brunswick has also demonstrated strong price performance, shattering records for benchmark home prices. The benchmark price hit $308,800, a record high for the fourth straight month. This figure indicates a robust market with increasing property values.
Newfoundland rounds out the list of record breakers with a benchmark price of $297,000, breaking its record for the third month in a row. So, home prices are rising in affordable provinces, as expected, given strong demand and declining mortgage rates. In other provinces, home prices are suffering as they are well ahead of the real cost of production due to a high regulatory cost of production.
Benchmark Home Prices by Province (July 2024)
Province | July 2024 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
---|---|---|---|
British Columbia | $977,900 | -0.4% | -1.8% |
Ontario | $877,300 | -0.9% | -4.5% |
Alberta | $517,300 | -0.2% | 8.1% |
Quebec | $485,100 | -0.6% | 4.0% |
Nova Scotia | $418,200 | -0.5% | 4.4% |
PEI | $365,600 | 1.9% | -0.3% |
Saskatchewan | $344,800 | 0.4% | 4.5% |
New Brunswick | $308,800 | 0.2% | 6.4% |
Newfoundland | $297,000 | 1.1% | 4.2% |
British Columbia
View Home Listings
42k
Listings
Alberta
View Home Listings
17k
Listings
Saskatchewan
View Home Listings
5.5k
Listings
Ontario
View Home Listings
63k
Listings
New Brunswick
View Home Listings
3.3k
Listings
Nova Scotia
View Home Listings
4.5k
Listings
Benchmark Prices Across Canada
For July 2024, except for Ontario, BC, and PEI, the annual benchmark price change was mainly positive across the board. British Columbia continues to command the highest benchmark home price at $977,900, with a modest annual decrease of 1.8%. Alberta and New Brunswick both saw significant annual gains in their benchmark home prices, up 8.1% and 6.4%, respectively, with New Brunswick breaking an all-time high. Saskatchewan and Newfoundland also broke through their record highs in July 2024.
Ontario experienced the largest year-over-year decline in benchmark home prices, down 4.5% year-over-year. However, the national benchmark home price also dipped 3.9% year-over-year despite the wave of green brought about by the growth in prices in other provinces.
Canada: Seller’s or Buyer’s Markets?
Province | July 2024 Sales-to-New-Listings Ratio (SNLR) | June 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
---|---|---|---|---|
Alberta | 72% | N/A | N/A | Seller's Market |
Saskatchewan | 69% | 70% | Seller's Market | |
Manitoba | 70% | 72% | Seller's Market | |
Ontario | 40% | 41% | Buyer's Market | |
Quebec | 71% | 70% | Seller's Market | |
Nova Scotia | 65% | 66% | Seller's Market | |
New Brunswick | 68% | 71% | Seller's Market | |
Newfoundland | 63% | 51% | Seller's Market | |
PEI | 54% | 43% | Balanced Market | |
Canada | 53% | 54% | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of July 2024, Canada’s sales-to-new-listings ratio (SNLR) remained steady at 53%, maintaining its status as a balanced market. This indicates that, on the national level, the equilibrium between supply and demand allows sellers to receive reasonable offers while providing buyers with adequate choices.
The majority of Canada’s provincial housing markets exhibit seller’s market conditions, indicating that demand remains high relative to supply. Saskatchewan and Quebec remain in seller’s market territory, with their SNLRs at 69% and 71%, respectively. Manitoba’s SNLR was 70%, reflecting increased pressure on buyers facing fewer options. Newfoundland flipped into a seller’s market with an SNLR of 63%, up from 51% in June 2024.
Ontario remained in a balanced market with an SNLR of 40%, although just at the margins of a buyer’s market. PEI is also a balanced market this month. New Brunswick is a seller’s market, with its SNLR at 68%, suggesting that sellers have more negotiation power.
The national SNLR maintained its value at 53% for July 2024, down from 54% in June 2024. A stable SNLR at this level signifies a balanced market where demand and supply are evenly matched. An SNLR above 60% suggests a seller's market, characterized by limited buyer options and higher competitiveness, while an SNLR below 40% signals a buyer's market, indicating plentiful listings and increased buyer leverage.
Today’s Mortgage Rates
1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
---|---|---|---|---|---|---|
Lowest Rates | % | |||||
Average Rates (10 Lenders) | 7.09% | 6.4% | 5.53% | 5.27% | 4.89% | 5.9% |
30-Days Change of Average Rates | -14 bps lower | -14 bps lower | -18 bps lower | -14 bps lower | -17 bps lower | -23 bps lower |
Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
---|---|---|---|
-Year Fixed | % | 7.09% | -14 bps lower |
-Year Fixed | % | 6.4% | -14 bps lower |
-Year Fixed | % | 5.53% | -18 bps lower |
-Year Fixed | % | 5.27% | -14 bps lower |
-Year Fixed | % | 4.89% | -17 bps lower |
undefined-Year Variable | % | 5.9% | -23 bps lower |
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
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Regional Analysis
Ontario
Ontario's housing market declined in July 2024, with an average home price of $837,685, a 5.3% decrease from the previous month and a 2.2% drop from the previous year. Ontario recorded 14,858 sales in July 2024, up 2.9% year-over-year.
The average home sold price in the GTA was $1,106,617 in July 2024, representing a decrease of 1.1% year over year and down 4.8% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.0% year-over-year to $1,097,300.
GTA home sales are up 2.7% year-over-year, slightly higher than the overall provincial sales growth, with 5,391 transactions in July 2024. The GTA's SNLR was 33% in buyer’s market territory, compared to the province’s 40%, which still signifies a balanced market. There were 62,940 active listings in Ontario’s housing market, the highest for the month of July in over five years.
Ontario
Market Condition
Buyer's Market
This Month’s SNLR: 40%
An SNLR below 40% indicates a market that favours buyers.
British Columbia
British Columbia's housing market is also seeing home prices fall, with an average home price of $959,480. That’s a 3.9% month-over-month decline and a 0.9% year-over-year decrease. The province saw 6,943 sales in July 2024, marking a 2.0% decrease from the previous month and a 2.1% decline from the previous year.
Greater Vancouver's average home price for July 2024 was $1,280,879, up 1% year-over-year. This makes Vancouver the most expensive major city in Canada for buying a home.
Quebec
Quebec
Market Condition
Seller's Market
This Month’s SNLR: 71%
An SNLR above 60% indicates a market that favour sellers.
Quebec's average home price was $502,696, down 0.7% from the previous month and 4.9% from the previous year. The province saw 7,180 sales, down 7.5% from the previous month and up 11.8% from the previous year.
The Montreal housing market saw prices rise 2.2% annually to an average price of $611,295 for July 2024. Quebec City’s average home price of $411,118 has risen by 12.7% annually, outperforming Montreal and the provincial average. Meanwhile, Quebec City’s benchmark home price broke an all-time record this month in July 2024.
Atlantic Canada
Nova Scotia
Market Condition
Seller's Market
This Month’s SNLR: 65%
An SNLR above 60% indicates a market that favour sellers.
Nova Scotia
Nova Scotia's housing market remained relatively steady, with an average home price of $454,376, a 1.4% decrease from the previous month and a 4.4% increase from the previous year. The province recorded 1,150 sales, unchanged from the previous month and a 12.2% increase from the previous year.
New Brunswick
New Brunswick's average home price was $335,821 in July 2024, a 2.0% increase from the previous month and a 9.8% rise from the previous year, the largest annual percentage gain out of the provinces this month. The province recorded 931 sales, a 12.2% increase from the previous year.
New Brunswick’s major cities are seeing mixed price movements, with Fredericton’s average home price increasing 3.2% month-over-month to $345,256, Moncton’s average home price dipping 5.1% month-over-month to $358,619, and Saint John’s average home price rising 10.0% month-over-month to $365,724.
Prince Edward Island
Prince Edward Island's average home price was $384,983, a 1.6% increase from the previous month and a 4.5% decline from the previous year. The province recorded 215 sales, a 33.5% increase from the previous month and a 9.1% increase from the previous year.
Newfoundland and Labrador
Newfoundland and Labrador's housing market showed strong growth, with an average home price of $325,243, a 2.1% increase from the previous month and a 6.7% rise from the previous year. The province recorded 641 sales, a 31.1% increase from the previous month and a 15.7% increase from the previous year.
The Prairies
Manitoba
Market Condition
Seller's Market
This Month’s SNLR: 70%
An SNLR above 60% indicates a market that favour sellers.
Manitoba
Manitoba's average home price was $376,770 in July 2024, a 1.7% month-over-month decrease and a 7.3% year-over-year increase. The province recorded 1,636 sales, a 7.7% increase from the previous year.
Alberta
Alberta’s average home price of $493,549 has slightly declined, down 2.0% monthly, while remaining 8.6% higher yearly. Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 12.5% year-over-year to $606,657, while Edmonton home prices had a 7.4% annual increase to $440,466.
Alberta
Market Condition
Seller's Market
This Month’s SNLR: 72%
An SNLR above 60% indicates a market that favour sellers.
Saskatchewan
The average home price in Saskatchewan is $326,116, a 1.9% decrease from the previous month and a 6.7 % rise from July 2023. The province recorded 1,667 sales in July 2024, a 7.0% increase from the previous year.
Saskatoon’s average home price of $402,039 in July 2024 is up 10.0% year-over-year, while Regina’s average home price of $322,314 is up 7.0% year-over-year.
Breakdown By Region
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New Housing Price Index
The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021)
Vacancy Rate: 1.5% (2023)
Housing Construction
Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)
Housing Under Construction: 353,361 units (Jan 2024)
Housing Completions: 187,630 units (2023)
Investment in Residential Construction: CAD $157.7 billion (2023)
Investment in Non-Residential Construction: CAD $71.4 billion (2023)
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in 2023
Region | Average Rent for a 2-Bedroom Unit |
---|---|
Greater Toronto Area, ON | $1,940 (8.7%) |
Ottawa, ON | $1,698 (4%) |
Vancouver, BC | $2,181 (8.6%) |
Victoria, BC | $1,839 (7.9%) |
Quebec City, QC | $1,040 (4.8%) |
Montreal, QC | $1,096 (7.9%) |
Edmonton, AB | $1,398 (6.4%) |
Calgary, AB | $1,695 (14.3%) |
Winnipeg, MB | $1,427 (4.4%) |
Saskatoon, SK | $1,360 (9.0%) |
Halifax, NS | $1,628 (11%) |
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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.