7 Canadian Provinces Ranked by Housing Costs (The Numbers Are Up)

The Canadian housing market continues to demonstrate significant regional variations, with dramatic price differences affecting millions of residents across its provinces and territories. These disparities reflect a complex interplay of local economic conditions, population growth patterns, and regional development initiatives, creating distinct real estate landscapes from coast to coast.

To better understand these market dynamics, this analysis draws on recent data from the Canadian Real Estate Association (CREA) and the RBC Housing Affordability report, examining housing costs and price trends across seven key provinces and territories. The findings reveal not just current market conditions, but also emerging patterns that could shape the future of Canadian real estate.

British Columbia (Greater Vancouver)

Image credit: Damir K./Pexels

British Columbia, specifically in the Greater Vancouver area, remains the most expensive region in Canada. As of December 2024, the average house price was $1,171,500, only a slight increase from $1,166,400 in December 2023, according to the CREA monthly report. Meanwhile, the RBC Housing Affordability reports that the affordability measure improved slightly in 2024, though it remains challenging for average households. Resale activity is showing signs of recovery, but prices are expected to stay flat due to growing inventories and balanced market conditions, the report adds.

Ontario (Greater Toronto)

Image credit: Jill Evans/Pexels

Ontario, particularly Toronto, is another area with high housing costs, with the average price at $1,061,900 in December 2024. This shows a very small increase from $1,060,400 in December 2023. Meanwhile, according to the RBC Housing Affordability report, Toronto homebuyers experienced some improvements in affordability this year, but ownership costs still require more than 75% of a median household’s income, far exceeding the one-third threshold that usually defines affordability.

Quebec

Image credit: Nancy Bourque/Pexels

Quebec’s housing market experienced moderate growth, with prices increasing to $534,231 in December 2024 from $490,318 the previous year. This 9.0% rise indicates a stable and growing market. The RBC Housing Affordability measure of 34.2% has remained near a three-decade high, as price increases have offset the benefits of interest rate cuts, resulting in continued tight supply-demand conditions and limiting improvements in affordability.

Alberta

Image credit: Andrew Seto/Pexels

In Alberta, the average house price rose to $491,161 in December 2024 from $449,092 the previous year, marking a 9.4% increase. Residential construction in Alberta is seeing a boost due to robust population growth, while households are experiencing some relief from falling interest rates and easing price pressures. However, the province’s overall economic outlook faces risks from uncertainties related to global oil prices and geopolitical tensions.

Northwest Territories

Image credit: Ken Cheung/Pexels

The Northwest Territories saw a significant rise in house prices, reaching $536,407 in December 2024 from $397,890 the previous year. Based on the CREA report, this 34.8% increase is one of the highest in the country, reflecting new developments in the area. This highlights the region’s evolving real estate market and the impact of economic activities on housing demand.

Yukon

Image credit: Maximilian Ruther/Pexels

Yukon experienced a notable increase in house prices, going up to $529,684 in December 2024 from $469,613 the previous year. This 12.8% increase highlights Yukon’s growing popularity as a desirable place to live. The Government of Yukon has also recently committed up to $4 million to support the development of affordable housing across the territory, reflecting ongoing efforts to address housing needs.

Nova Scotia

Image credit: Erik Mclean/Pexels

Nova Scotia saw a gradual increase in house prices, reaching $405,300 in December 2024 from $389,700 the previous year. This 4.0% rise reflects a stable and slowly growing market. Nova Scotia’s population growth of 1.9% annually over five years has supported this housing market stability. The province’s strong employment sectors and a GDP of $45.6 billion in 2024 further contribute to steady housing demand.

16 Historic American Places That Time Forgot

Image Credit: Matthis Volquardsen from Pexels

16 Historic American Places That Time Forgot

15 Common Items That Help Animal Shelters

Image Credit: Helena Lopes on Pexels

15 Common Items That Help Animal Shelters

14 Hidden Features in Your Smartphone You Never Knew Existed

Image credit: Lisa Fotios from Pexels

14 Hidden Features in Your Smartphone You Never Knew Existed

Lyn Sable

Lyn Sable is a freelance writer with years of experience in writing and editing, covering a wide range of topics from lifestyle to health and finance. Her work has appeared on various websites and blogs. When not at the keyboard, she enjoys swimming, playing tennis, and spending time in nature.