Average House Price in Canada : By Province, City & Forecast

Quick number first: $696,078. That’s the national average house price as of June 2026, according to CREA. Up 0.5% from a year ago, down 0.8% from May.

There’s a second figure people mix up constantly, the benchmark price. It’s lower, $665,600, and down 3.6% year-over-year. I’ll explain why that gap exists in a second.

June sales came in at 38,014 units, up 0.5% month over month. Inventory sat at 4.8 months, which is about as balanced as this market gets. Not really a buyer’s market, not really a seller’s market either.

What Is the Average House Price in Canada Right Now?

Two numbers, and people confuse them all the time.

$696,078 is the average. $665,600 is the benchmark. Not interchangeable.

Why the gap? Average price is just total sales dollars divided by number of sales. So if a few mansions sell in Vancouver in a given month, the national average jumps even though a typical buyer’s experience didn’t change at all. The benchmark strips that out. It tracks a “typical” home with consistent features over time, so it’s a cleaner signal of where the market is actually headed.

Rule of thumb: trying to figure out if prices are rising or falling? Use the benchmark. Budgeting for an actual purchase? The average is closer to reality.

Average House Price by Province

Not one market. Several, moving in opposite directions.

Ontario and BC are still sliding. Meanwhile Quebec, Manitoba, Saskatchewan, and Newfoundland and Labrador just posted records. Same country, same month, completely different stories.

Province	Price Measure	Value (June 2026)	YoY Change	Months of Supply
British Columbia	Average price	$946,878	−0.8%	6.4
British Columbia	Benchmark price	$887,100	−5.0%	—
Ontario	Benchmark price	$753,300	−4.6%	4.2
Ontario	Average price	$831,595	−2.5%	—
Quebec	Average price	$568,942 (record)	+4.2%	5.3
Alberta	Average price	$541,778	+2.8%	2.8
Manitoba	Average price	$424,251 (record)	+2.2%	—
Manitoba	Benchmark price	$398,700	+3.8%	—
Saskatchewan	—	Benchmark at record high	+4%+	2.5 (tightest in Canada)
Newfoundland and Labrador	Benchmark price	$358,000 (record)	+10.8% (strongest in Canada)	—
New Brunswick	Benchmark price	—	+5.9%	—

BC is the odd one out. Most expensive province in the country, and yet also the friendliest to buyers right now, because 46,321 active listings means people can actually negotiate. Newfoundland and Labrador sits at the opposite extreme: smallest, tightest, hottest.

If you see a province with a big benchmark jump and low months of supply, that’s a seller’s market. Simple as that.

Average House Price by Property Type

Detached homes cost the most. No surprise there. $744,100 nationally in June, down 2.9% YoY.

Condos are the opposite story, cheapest tier, and the only category that actually gained value month over month in June.

• Detached homes: top of the market. Ontario’s detached benchmark: $836,900, down 4.2% YoY.
• Semi-detached homes: sit between detached and townhouse in most cities.
• Townhouses: mixed bag. Ottawa’s fell 2.9% YoY to $555,000. Other cities went the other way.
• Condo apartments: cheapest entry point, and the momentum leader this June.

Working with under $450,000? Forget detached in a big city. A condo or townhouse somewhere smaller is the realistic play.

Average House Price in Major Cities

Toronto’s still falling. $1,003,956 average in July, down 4.5% YoY. One of the few major cities where that’s still true.

Everywhere else looks different.

City	Average Price	Period	YoY Change
Toronto (GTA)	$1,003,956	July 2026	−4.5%
Ottawa	$733,648	June 2026	+1.5%
Montreal	$693,686	July 2026	—
Saskatoon	$446,853	June 2026	~+6%
Regina	$378,028	June 2026	~+7%
Winnipeg (detached)	~$400,000	June 2026	—
Lethbridge, Alberta	$338,700	2026	—

Toronto detached: $1.29 million, down 5.1%. Semi-detached fell even harder, 7.3%, to $965,000.

Lethbridge is the flip side of all this. Royal LePage’s 2026 report names it Canada’s most affordable major city. A typical home there eats up less than 20% of median household income on mortgage payments. Worth remembering when Toronto numbers make the whole country look unaffordable.

Historical Price Trend

Peak was February 2022: $826,800. Then rate hikes hit, and prices fell. Today’s average, $696,078, sits about 15.7% below that high.

Go back further and it gets more interesting. January 2005: $236,600. That’s the whole national average, two decades ago.

The path between those two points wasn’t a straight line. Slow climb through the 2000s. Then a sharp, two-year spike from 2020 into early 2022, fueled by cheap money and pandemic-era demand. Then the correction once the BoC started hiking.

By 2023, most of that spike had unwound. And yet, compared to 2019’s roughly $531,000 average, today’s price is still about 31% higher. The correction gave some ground back. It didn’t erase the pandemic run-up.

Is Housing in Canada Affordable Right Now?

Short answer: no, not really.

Longer answer: it’s better than 2022, but still expensive by historical standards. The typical home costs 4.24 times median dual-income household earnings right now. That’s down from 5.95 times at the February 2022 peak, closer to where 2019 sat.

Here’s the part that’s easy to miss. Adjust for inflation, and real home prices have fallen about 26% from the peak, even though the sticker price only dropped about 16%. Wages and general inflation quietly did some of the affordability repair work that the headline number doesn’t show.

Income Needed to Buy an Average Home in Canada

Roughly $170,000 to $180,000 a year. That’s what it takes to comfortably afford the national average home, assuming 20% down, a 25-year amortization, and a rate near today’s best 5-year fixed of 4.09%.

In BC? Well above $220,000, because the average price there tops $946,000.

In Manitoba, where the average sits closer to $424,000, something like $95,000 a year gets a household to the same math. Same country, wildly different bar.

Mortgage Stress Test and What It Means for Affordability

The stress test makes borrowers qualify at a rate higher than what they’ll actually pay. So even as real rates drop, approved mortgage amounts don’t grow as fast as you’d expect.

Concretely: someone approved at 4.09% still has to prove they could handle something close to 6%. That’s the whole reason cheaper borrowing hasn’t unlocked bigger mortgages the way people assume it would.

Canada Housing Market Forecast for 2026 and 2027

CREA’s call: +1.1% in 2026, landing at $686,710. Then +0.9% in 2027, to $695,094.

Modest. Not a boom, not a crash.

Three things are steering that number:

• Immigration. StatCan has now clocked three straight quarterly population declines, driven mostly by a roughly 20% drop in new permanent residents. Less population growth, less demand pressure in the hottest cities.
• Interest rates. BoC cuts through 2024 and 2025 made borrowing cheaper. The stress test caps how much of that actually converts into buying power, though.
• Regional divergence. Ontario is the only province CREA expects sales to rise in during 2026. Alberta reportedly “turned a corner” after a rough stretch.

CREA’s national sales forecast: 463,336 in 2026. That’s a 1.4% drop from 2025, and a downgrade from an earlier, more optimistic call.

Why Are Home Prices in Canada This High?

It’s supply. Not demand, not speculation, mostly supply.

CMHC says Canada needs 430,000 to 480,000 new homes a year through 2035 just to get affordability back to pre-pandemic levels. Actual construction? Around 245,000 to 250,000 units a year. Roughly half of what’s needed.

Housing Supply Shortage

That gap doesn’t just sit still. It compounds, year after year.

CMHC ran the numbers on what would’ve happened if Canada’s construction sector kept pace the way the US did between 2006 and 2024. The result: nearly 30% more homes built, and prices roughly 10% lower over that stretch.

Bank of Canada Interest Rate Policy

Cheaper borrowing means buyers can bid more. When supply can’t keep up, that extra buying power just pushes prices higher.

The 2022 to 2023 hikes proved it works the other way too. Rates went up, the market cooled fast, and that’s exactly why prices corrected after the February 2022 peak.

Foreign Buyer Restrictions

The foreign buyer ban and the anti-flipping tax were meant to cool speculative demand in the priciest markets. Their national-level impact has been smaller than the supply gap’s. Vancouver and Toronto’s condo markets specifically have felt them more directly.

Average House Price in Canada vs. the United States

Canada costs more. Even after adjusting for the fact that Canada reports an average and the US reports a median.

US median existing-home price: $405,400 USD, December 2025. Canada’s $696,078 CAD average converts to roughly $500,000 to $510,000 USD, depending on the exchange rate.

Country	Price	Measure	Period
Canada	$696,078 CAD (~$505,000 USD)	Average	June 2026
United States	$405,400 USD	Median	December 2025

Not a perfectly clean comparison, since averages skew up with high-end sales and medians don’t. Even correcting for that, Canadian housing runs meaningfully more expensive relative to income than American housing in most city comparisons.

Conclusion

Here’s the thing about Canada’s housing market in 2026: it isn’t one market. BC and Ontario are still correcting, prices down year-over-year. Quebec, Manitoba, Saskatchewan, and Newfoundland and Labrador are setting records with almost nothing on the shelf. Same country, same month, opposite realities.

The root cause is construction, not rates, not demand alone. That’s why CREA’s forecast, 1.1% growth in 2026, 0.9% in 2027, doesn’t feel like a rebound so much as a slow crawl back toward something affordable. If you’re actually buying, forget the national number. Look at your province instead.

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