For many newcomers, buying a home in Canada is a dream that can help set roots and build equity. Following Canada home prices can help you discover affordable cities and regions. Researching the housing market in Canada is vital when considering what city to settle in, where, and when to buy a home. Discover what’s in store based on the most recent October 2024 housing market statistics.
For newcomers looking to buy a home, October sales in the Canadian housing market hit their highest mark in over two years. Housing experts like Scotiabank’s Patrick Perrier credit this to lower borrowing costs and mortgage rates. This has coaxed eager buyers into the housing, which now features an ample supply of homes for sale.
Robust October Sales in Canada’s Housing Market a Surprise
According to Canadian Real Estate Association (CREA) senior economist Shaun Cathcart, the October increase in sales was a “surprise,” even in the wake of the Bank of Canada’s cutting its key lending rate. Since June 2024, the bank cut its key interest rate four times, from a high of 5% to 3.75%, and more cuts are coming in December. High interest rates have discouraged Canadians from buying homes.
“Any further declines in mortgage rates in the coming quarters will of course continue to lift sales further and beyond mid-2025.”
Patrick Perrier, Scotiabank
The number of homes sold in October increased by 30% compared to October 2024. Nationally, sales in the housing market in Canada were up 7.7% from September. In total, 44,041 homes were sold.
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October home sales in the Greater Toronto Area (GTA) and British Columbia’s Lower Mainland hit double-digits.
The average home sale price nationally was $696,166, up 6% from October 2023.
At the end of October, 174,458 properties were listed for sale in Canada, an increase of 11.4% from October 2024.
Other Housing Market in Canada Findings
- Home sales were up 14% from September 2024, and prices vary by province.
- Ottawa, Montreal, and Edmonton saw sales hike.
- Provinces with relatively cheaper properties, such as Newfoundland and Labrador, New Brunswick, Quebec, Saskatchewan, and Alberta, have seen home prices increase year-over-year.
- Many cities in Ontario and British Columbia, Canada’s two most expensive provinces, saw lower home prices than in October 2023.
With the best 5-year fixed mortgage rate below 4%, and as Scotiabank’s Perrier points out the housing market balancing itself out, homebuyers are in a stronger position than last year.
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Immigrants are Quick to Join the Housing Market in Canada
Immigrants are a vital segment of Canada’s home-buying market. A Royal Lepage report showed that newcomers buy one in five homes in Canada. After arriving, they also buy homes faster than ever and are far more focused on home buying than Canadian-born homebuyers.
Housing Prices in Canada and Affordability
Housing affordability varies in most Canadian real estate markets for homebuyers and renters. So, it’s wise for immigrants to research the housing market and home prices in different regions before deciding where to settle. Affordable housing markets can help newcomers buy homes within their budget.
Canada recently reduced its permanent resident target from 500,000 to 395,000 in 2025, down to 380,00 in 2026, and set a target of 365,000 in 2027. Lower targets aim to ease pressure on the housing market in Canada. With lower home prices, it will be easier for newcomers to own a home.
Canada Home Prices and Market Trends
British Columbia, Ontario, and Alberta feature the highest housing prices in Canada for newcomers, while New Brunswick and Newfoundland have the lowest.
Housing Prices in Vancouver, British Columbia
The average price for all residential properties in Metro Vancouver was $1,172,200 in October 2024. That’s a 1.9% drop from October 2023 and a 0.6% decrease compared to September 2024. In October, home sales in Metro Vancouver increased over 30% year-over-year.
Housing Prices in Calgary, Alberta
In October, the average home price in Calgary was $577,700, a 0.76% drop from the previous month and a 5.2% increase year over year. The cost of detached and semi-detached homes, townhouses, and condos has increased yearly. At 2,174, Calgary’s monthly home sales saw a 0.1% yearly rise.
Housing Prices in Edmonton, Alberta
Edmonton’s average home price was $396,800, 0.6% lower than September 2024 and up 7.8% year over year. Edmonton is still the most affordable among Canada’s five largest cities. The price of detached, semi-detached, and townhouses has increased yearly.
Housing Prices in Saskatoon, Saskatchewan
The average house price in Saskatoon in October was $402,600, up 0.20% compared to September 2024 and up 6.6% year over year. Saskatchewan had 1,520 sales in October across the province, the highest monthly sales level ever reported in October.
Housing Prices in Winnipeg, Manitoba
The average sale price in Winnipeg for October 2024 was $361,400. That’s a 6.% year-over-year increase and 0.30% lower than September 2024.
Housing Prices in the Greater Toronto Area (GTA)
The average home sold price in the GTA decreased 3.3% year-over-year to $1,060,300 in October 2024, down 0.79% from September 2024. The average cost for detached and semi-detached homes increased, while the price for townhouses and condos decreased.
Housing Prices in Ottawa, Ontario
The average home sale price in Ottawa’s housing market increased 0.4% year-over-year and decreased by 0.51% month-over-month to $639,500 in October 2024. The average cost for a single-family home, a townhouse and an apartment all fell.
Housing Prices in Halifax, Nova Scotia
The average home price in Halifax was $539,200, 1.9% higher than last year. In October, the average home price in Nova Scotia was $444,067, 5.7% higher than last year and 1.1% higher than last month.
Housing Prices in Brampton, Ontario
The average sold price of a Brampton home is now $1,035,184, down 0.6% from last year. The average price of a freehold townhouse increased by 1.2% year-over-year to $882,000.
Housing Prices in Surrey, British Columbia
The Fraser Valley Real Estate Board, which includes Surrey, recorded 1,330 sales in October, up 35% from September and 37% year-over-year. The average home price in the City of Surrey was $1,662,715. That’s down 1.6% year-over-year and 7.4% from September.
Predictions for the Housing Market in Canada
In his recent Canada home price analysis, CREA chair James Mabey said October’s sales “suggest buyers have been in the market since rates began to fall in early summer, but they were waiting for the right property to come up for sale, which didn’t happen in a big way until September.”
CREA economist Shaun Cathcart speculated that the October jump in sales was a direct result of the increase in new listings that came on the market in September. This resulted in a 4.8% increase in supply. He predicts prospective home buyers will not see a similar new supply of homes for sale until spring 2025.
“With that in mind, you can think of the October numbers as a preview for what we might expect to see next year.”
According to Scotiabank’s Perrier, the recent interest rate cuts should impact housing sales by mid-2025. “Any further declines in mortgage rates in the coming quarters,” said Perrier, “will of course continue to lift sales further and beyond mid-2025.”
Action Steps for Newcomers to Join the Canada Housing Market:
With more homes now for sale, buyers may be anxious to sell as the end of the year approaches. This can help lower Canadian home prices and is good news for newcomers entering the housing market.
These action steps can help you navigate the housing market in Canada and find affordable housing options:
- Monitor housing market performance and Canada home prices closely, particularly where you plan to settle.
- Watch for future Bank of Canada interest rate cuts and short-term and long-term effects on home prices, mortgage rates, and regional housing market conditions.
- Know how housing prices differ nationwide when deciding where to settle in Canada.
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
