{"id":4253,"date":"2026-09-03T18:21:35","date_gmt":"2026-09-03T18:21:35","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=4253"},"modified":"2026-09-03T18:21:35","modified_gmt":"2026-09-03T18:21:35","slug":"average-home-prices-in-canada","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/lifestyle\/average-home-prices-in-canada\/","title":{"rendered":"The Average Home Prices in Canada 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Large cities and surrounding towns tend to have higher housing prices. Smaller towns still tend to be the most affordable, even though annual increases have occurred everywhere. Let\u2019s take a look at the average cost of residential properties in Canada and how this compares to other years.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average Canadian Home Prices Throughout the Years<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As we head into 2026, we can see that average sales prices have increased significantly over the last 10 years. While every year has seen an increase due to inflation, other factors, such as supply and demand, also affect housing costs. This has caused prices to rise even more than usual in recent years. Let\u2019s take a look at the national average home prices and housing market outlooks over the years.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Year<\/strong><\/td><td>Average Housing Cost in Canada<\/td><\/tr><tr><td><strong>2013<\/strong><\/td><td>$391,820<\/td><\/tr><tr><td><strong>2014<\/strong><\/td><td>$419,699<\/td><\/tr><tr><td><strong>2015<\/strong><\/td><td>$413,000<\/td><\/tr><tr><td><strong>2016<\/strong><\/td><td>$490,495<\/td><\/tr><tr><td><strong>2017<\/strong><\/td><td>$496,500<\/td><\/tr><tr><td><strong>2018<\/strong><\/td><td>$488,862<\/td><\/tr><tr><td><strong>2019<\/strong><\/td><td>$502,811<\/td><\/tr><tr><td><strong>2020<\/strong><\/td><td>$567,332<\/td><\/tr><tr><td><strong>2021<\/strong><\/td><td>$688,096<\/td><\/tr><tr><td><strong>2022<\/strong><\/td><td>$703,875<\/td><\/tr><tr><td><strong>2023<\/strong><\/td><td>$657,145<\/td><\/tr><tr><td><strong>2024<\/strong><\/td><td>$707,100<\/td><\/tr><tr><td><strong>2025<\/strong><\/td><td>$672,000<\/td><\/tr><tr><td><strong>2026<\/strong><\/td><td>$674,819<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As you can see, for 2026, the national average price is $674,819. However, there wasn\u2019t much sales growth and only moderate price growth from last year. Even though the fixed mortgage rates have become more affordable, trade uncertainty has made an impact on the resale market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even with some job growth in the current labor market, there isn\u2019t enough wage growth for many to afford national home prices which are projected in national sales. This economic slowdown has made an impact on market trends and has adapted the housing market forecast more than previously expected.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While there are plenty of active listings, the rising costs of living and price gains that have happened over the past few years have caused weak demand and halted the sustained demand and significant growth that occurred. Even with falling prices, sales activity has slowed.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average Price of Housing Based on Province in 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Now that we\u2019ve gone over the average cost of housing in Canada, it\u2019s time to look at the average per province. This is important because each province will have a different average. As we break down the numbers further, they will be more accurate, giving you a realistic idea of what it could cost to purchase in each province in 2026.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Province\/Territory<\/strong><\/td><td>Average Home Prices as of July 2026<\/td><\/tr><tr><td><a href=\"https:\/\/www.springfinancial.ca\/blog\/lifestyle\/most-affordable-places-to-live-british-columbia\"><strong>British Columbia<\/strong><\/a><\/td><td>$941,800<\/td><\/tr><tr><td><a href=\"https:\/\/www.springfinancial.ca\/blog\/lifestyle\/most-affordable-places-to-live-alberta\"><strong>Alberta<\/strong><\/a><\/td><td>$519,000<\/td><\/tr><tr><td><strong>Saskatchewan<\/strong><\/td><td>$369,945<\/td><\/tr><tr><td><strong>Manitoba<\/strong><\/td><td>$399,003<\/td><\/tr><tr><td><strong>Ontario<\/strong><\/td><td>$831,595<\/td><\/tr><tr><td><strong>Nova Scotia<\/strong><\/td><td>$465,412<\/td><\/tr><tr><td><strong>New Brunswick<\/strong><\/td><td>$354,000<\/td><\/tr><tr><td><strong>Prince Edward Island<\/strong><\/td><td>$402,100<\/td><\/tr><tr><td><strong>Newfoundland and Labrador<\/strong><\/td><td>$375,334<\/td><\/tr><tr><td><strong>Quebec<\/strong><\/td><td>$468,580<\/td><\/tr><tr><td><strong>Northwest Territories<\/strong><\/td><td>$524,178<\/td><\/tr><tr><td><strong>Nunavut<\/strong><\/td><td>$700,000<\/td><\/tr><tr><td><strong>Yukon<\/strong><\/td><td>$640,416<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">As you can see, BC has the highest average housing cost in Canada, with <a href=\"https:\/\/www.springfinancial.ca\/blog\/lifestyle\/cheapest-places-to-live-ontario\">Ontario<\/a> coming in second. The province with the lowest average cost of housing is New Brunswick. However, these numbers don\u2019t include the entire cost of living, just the cost of housing. They also differ significantly from the latest national average.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, these don\u2019t reflect condo prices, but the prices for all housing types. With buyer confidence reducing, we notice listings decline in some areas and increase in others. In some areas we see modest gains, while others remain flat, or fall. This makes the forecast horizon not as predictable as you want it to be, when you consider these key factors.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average Cost Based on Type of Housing<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, there are different types of housing available. Each type of housing comes with its own average cost. These different types are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Detached houses<\/li>\n\n\n\n<li>Townhouses<\/li>\n\n\n\n<li>Bungalows<\/li>\n\n\n\n<li>Condos<\/li>\n\n\n\n<li>Apartments<\/li>\n\n\n\n<li>Semi-detached homes<\/li>\n\n\n\n<li>Manufactured homes<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take a look at the average prices of each of these.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Type of Home<\/strong><\/td><td>Average Price<\/td><\/tr><tr><td><strong>Detached<\/strong><\/td><td>$674,819<\/td><\/tr><tr><td><strong>Semi-detached<\/strong><\/td><td>$653,200<\/td><\/tr><tr><td><strong>Bungalow<\/strong><\/td><td>$678,331<\/td><\/tr><tr><td><strong>Condo<\/strong><\/td><td>$464,900<\/td><\/tr><tr><td><strong>Apartment<\/strong><\/td><td>$512,300<\/td><\/tr><tr><td><strong>Townhome<\/strong><\/td><td>$604,400<\/td><\/tr><tr><td><strong>Manufactured homes<\/strong><\/td><td>$300,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Average Housing Price in Large Canadian Cities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Just by looking at the average housing costs per province, we can see which Canadian provinces are the most <a href=\"https:\/\/www.springfinancial.ca\/blog\/homeowner-finances\/why-are-houses-so-expensive-in-canada\">expensive<\/a> to live in. That said, the major cities in these provinces tend to have much higher averages than the provincial average. Let\u2019s take a look.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Toronto<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As of August 2026, the average housing cost in <a href=\"https:\/\/www.springfinancial.ca\/blog\/lifestyle\/toronto-vs-montreal-cost-of-living-lifestyle\">Toronto<\/a> is $993,410. By the end of 2026, these prices are forecast to rise, but currently they seem to be decreasing. That said, this isn\u2019t the case for all Ontario markets. In the greater golden horseshoe, housing prices are declining at a rate that lines up with the current firming market conditions, according to <a href=\"https:\/\/creastats.crea.ca\/en-CA\/\">CREA.<\/a>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Vancouver<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In Vancouver, the average cost of housing varies by type. The benchmark price starts at $1,081,900. That said, the average cost of a detached house is $1.84 million. The average cost of an attached home is $1.46 million, and the average cost of an apartment is $710,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Edmonton<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The average cost of housing in Edmonton has increased to around $475,079. This is predicted to slowly increase year over year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Calgary&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In Calgary, the current average home price sits around $638,440. As the year progresses, the benchmark home price is predicted to rise further.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Halifax<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Halifax housing market\u2019s prices are predicted to stay around the same. The current average price of a home in Halifax is $577,503. That said, this is a bit of a different trend for Halifax since the average price usually increases every year.t trend for Halifax since the average price usually increases every year.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springfinancial.ca\/apply-now?SID=blog&amp;utm_source=blog&amp;utm_medium=inlinebanner&amp;utm_content=average-home-prices-in-canada\"><img decoding=\"async\" style=\"--smush-placeholder-width: 1500px; --smush-placeholder-aspect-ratio: 1500\/581;display: block; margin-left: auto; margin-right: auto;\" data-src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average Housing Prices for Previous Years<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As we\u2019ve mentioned, housing prices in Canada vary each year, but they currently seem to be on a steady upward trend. When we looked at the increase over the last 10 years, we noticed this. However, what did the national housing market average look like before this? Well, let\u2019s find out.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Year<\/strong><\/td><td>Housing Market Average Price<\/td><\/tr><tr><td><strong>2003<\/strong><\/td><td>$222,702<\/td><\/tr><tr><td><strong>2004<\/strong><\/td><td>$245,149<\/td><\/tr><tr><td><strong>2005<\/strong><\/td><td>$262,700<\/td><\/tr><tr><td><strong>2006<\/strong><\/td><td>$294,270<\/td><\/tr><tr><td><strong>2007<\/strong><\/td><td>$335,180<\/td><\/tr><tr><td><strong>2008<\/strong><\/td><td>$361,415<\/td><\/tr><tr><td><strong>2009<\/strong><\/td><td>$341,079<\/td><\/tr><tr><td><strong>2010<\/strong><\/td><td>$339,030<\/td><\/tr><tr><td><strong>2011<\/strong><\/td><td>$352,600<\/td><\/tr><tr><td><strong>2012<\/strong><\/td><td>$363,740<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What is the 5 Year Real Estate Forecast?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, the national real estate market can fluctuate based on supply, demand, and other economic factors. That said, it\u2019s predicted to stabilize over the next five years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">National average rates are predicted to increase by 1.1% in 2026 alone, following the 4% increase predicted for 2025. Interest rates are among the most significant factors influencing the real estate market in Canada. So far in 2026, rates are comparable to or slightly lower than in 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Interest Rates for 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Right now, the Bank of Canada is holding its interest rate at 2.25%. It has recently been dropping from the 5% level it reached in 2024, as inflation has stabilized. Now that the market is starting to stabilize, it may stay at this rate for a while. However, it might drop further.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At this point in the market, though, if you\u2019re looking to purchase, mortgage interest rates sit around 4% to 6.5%. While this is predicted to drop more by the end of 2026, there are no guarantees that any drop in rates will assist in the housing market\u2019s expected recovery, especially since it\u2019s already started to recover.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2026 Property Tax Rates<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, every municipality sets their own <a href=\"https:\/\/www.springfinancial.ca\/blog\/homeowner-finances\/average-property-taxes-by-province-in-canada\">property tax rates<\/a>. In 2025, these rates increased and were expected to rise again in 2026. For some municipalities this year, property tax increases will be some of the largest that they\u2019ve ever seen. Let\u2019s take a look at some of the proposed increases and regional differences.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>City&nbsp;<\/strong><\/td><td>2025 Property Taxes<\/td><td>Proposed Increase<\/td><td>2026 Property Taxes<\/td><\/tr><tr><td><strong>Vancouver<\/strong><\/td><td>$3.11827<\/td><td>0%<\/td><td>$3.11827<\/td><\/tr><tr><td><strong>Edmonton<\/strong><\/td><td>5.7% increase&nbsp;<\/td><td>6.9%<\/td><td>7.7% increase&nbsp;<\/td><\/tr><tr><td><strong>Calgary<\/strong><\/td><td>0.0061803<\/td><td>8.1%<\/td><td>8.1% increase<\/td><\/tr><tr><td><strong>Toronto<\/strong><\/td><td>0.754087%<\/td><td>2.2%<\/td><td>0.767311%<\/td><\/tr><tr><td><strong>Ottawa<\/strong><\/td><td>3.9% increase<\/td><td>1.23%<\/td><td>1.23% increase<\/td><\/tr><tr><td><strong>Regina<\/strong><\/td><td>1,631466<\/td><td>10.9%<\/td><td>10.9% increase<\/td><\/tr><tr><td><strong>Halifax<\/strong><\/td><td>5.2% increase<\/td><td>9,5%<\/td><td>9.5% increase<\/td><\/tr><tr><td><strong>Brampton<\/strong><\/td><td>5.5% increase<\/td><td>0%<\/td><td>0.537932%<\/td><\/tr><tr><td><strong>Winnipeg<\/strong><\/td><td>5.95% increase<\/td><td>3.5%<\/td><td>3.5% increase<\/td><\/tr><tr><td><strong>Fredericton<\/strong><\/td><td>$1.3086<\/td><td>0%<\/td><td>$1.3086<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">What you end up paying for your property taxes is based on home values. Your home will be assessed every year, and the total amount you owe will be calculated based on that assessment.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is 2026 a Good Time to Purchase a Home?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s always hard to determine the best time to purchase a home because the real estate market is constantly changing. That said, when we start to look at market trends and absorption rates for the upcoming year, we can see that 2026 is more of a buyer\u2019s market than a seller\u2019s, making it more balanced. But what does that mean, exactly?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, this means that there is less competition for potential buyers (no pent up demand), so houses tend to stay on the market longer, and sellers are more likely to agree to buyers\u2019 conditions, according to real estate professionals. Even with the population growth, we are seeing more and more places in balanced market territory.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another reason 2026 could be an excellent time to buy is that mortgage rates are expected to remain the same or drop further. Even just .25% can be a significant savings when it comes to mortgage rates. That said, rates aren\u2019t predicted to fall as low as they did during the pandemic, but they will start to fall, meaning no more price growth for the foreseeable future. With that in mind, though, housing prices are predicted to continue their correction into 2027.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Canada\u2019s Housing Bubble<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Have you heard of the Canadian housing bubble or the Canadian property bubble? What exactly is this? Well, this term refers to the large increase in home prices since 2022. That said, long-term average housing prices in Canada have been increasing since 2003.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there have been some breaks in this increase in 2008, 2017, and 2022. This is why the bubble is stated to have started in 2022.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are Housing Prices in Canada Compared to the US?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Canada is one of the most expensive countries in the world. If we compare Canadian housing prices to the US prices, prices in Canada are 40% higher, and they\u2019re predicted to continue rising.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While housing prices in the US have also increased over the same period as Canadian housing prices, they\u2019ve only increased by around 27%. These price increases have also seeped into the rental market in both Canada and the US. However, with that in mind, rental prices are still much higher in Canada than they are in the US.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Cheapest Places in Canada to Purchase a Home<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re looking to purchase a home in Canada, the <a href=\"https:\/\/www.springfinancial.ca\/blog\/lifestyle\/cheapest-places-to-live-canada\">cheapest<\/a> province to purchase a home is New Brunswick. Specifically, the cheapest place in New Brunswick is Northern New Brunswick. While the average house price in New Brunswick is in the $300,000 range, some parts of the province are even cheaper.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a close second, though, for the cheapest place to purchase a home in Canada, we have Saskatchewan. While rent is about average in Canada, purchasing a home here is pretty affordable.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The spot for the third-cheapest province to purchase a home in Canada is Newfoundland and Labrador. While other parts of the East Coast can be very expensive, Newfoundland is actually very affordable.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Renting in Canada<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Because of the rising cost of housing, many Canadians can\u2019t afford to purchase a home and end up renting. That said, though, rent is also quite expensive in Canada. As the housing prices increase, so does the cost of rent.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The average rent as of December was $2,063, compared with $ 2,178 in December 2023. However, this is the average for all types of housing. This changes a bit once we look at the breakdown of the different types of housing.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Type of Rental<\/strong><\/td><td>Average Rent<\/td><\/tr><tr><td><strong>Apartment<\/strong><\/td><td>$2,037<\/td><\/tr><tr><td><strong>Condo&nbsp;<\/strong><\/td><td>$2,043<\/td><\/tr><tr><td><strong>House<\/strong><\/td><td>$2,883<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at these numbers, it\u2019s really no surprise that a house is the most expensive. Depending on the size of your family, the cost of rent can even be much higher than these averages, and they just keep rising.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the last two years alone, rent prices have decreased by 7%. It\u2019s not just housing prices that affect the cost of rentals, though; it\u2019s also the demand. Current rental demand is much higher than availability, which continues to drive up prices. Since Canadian housing markets are expected to decline and stabilize in 2026, rent costs should continue to decrease.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Cost of Rent in Canada per Province<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, just like housing prices, rent varies by where you live and the size of the place you\u2019re renting. In major cities, the cost is much higher than that in more rural areas and other cities since these are major markets. Let\u2019s take a look at these prices based on some well-known places throughout the country as of 2026<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>City<\/strong><\/td><td>Average Cost of a 1 Bedroom<\/td><td>Average Cost of a 2 Bedroom<\/td><\/tr><tr><td><strong>Vancouver, BC<\/strong><\/td><td>$2,098<\/td><td>$3,300<\/td><\/tr><tr><td><strong>Toronto, Ontario<\/strong><\/td><td>$2,234<\/td><td>$2,947<\/td><\/tr><tr><td><strong>Montreal, Quebec<\/strong><\/td><td>$1,605<\/td><td>$1,826<\/td><\/tr><tr><td><strong>Calgary, Alberta<\/strong><\/td><td>$1,740<\/td><td>$1,875<\/td><\/tr><tr><td><strong>Edmonton, Alberta<\/strong><\/td><td>$1,143<\/td><td>$1,354<\/td><\/tr><tr><td><strong>Regina, Saskatchewan<\/strong><\/td><td>$1,050<\/td><td>$1,300<\/td><\/tr><tr><td><strong>Halifax, Nova Scotia<\/strong><\/td><td>$2,095<\/td><td>$2,616<\/td><\/tr><tr><td><strong>Fredericton, New Brunswick<\/strong><\/td><td>$1,525<\/td><td>$1,710<\/td><\/tr><tr><td><strong>Lethbridge, Alberta<\/strong><\/td><td>$1,307<\/td><td>$1,582<\/td><\/tr><tr><td><strong>Victoria, BC<\/strong><\/td><td>$2,020<\/td><td>$2,699<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Is it Better to Rent or Buy?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No matter what the Canadian housing market is like, whether you choose to rent or buy depends on your individual situation and preferences. There are downsides to both and positives to both. That said, it used to be that at some point, everyone\u2019s goal was to purchase a home with today\u2019s prices; that isn\u2019t always an option for everyone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, it can be a great goal, depending on your situation and needs. Your choice to rent or buy is based on your individual situation and preference. There are downsides to both and positives to both. That said, it used to be that at some point, everyone\u2019s goal was to purchase a home with today\u2019s prices; that isn\u2019t always an option for everyone. However, it can be a great goal, depending on your situation and needs. goal, depending on your situation and needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you do end up owning a home, you can gain access to something called a home equity line of credit. This can gain you access to the equity in your home, which can be used for renovations, creating laneway housing, making multiplex conversions, or whatever you like.\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springfinancial.ca\/apply-now?SID=blog&amp;utm_source=blog&amp;utm_medium=inlinebanner&amp;utm_content=average-home-prices-in-canada\"><img decoding=\"async\" style=\"--smush-placeholder-width: 1500px; --smush-placeholder-aspect-ratio: 1500\/581;display: block; margin-left: auto; margin-right: auto;\" data-src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Positives and Negatives of Purchasing<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to purchasing a home, the main appeal is that you build equity and invest in yourself. With every payment, you\u2019re putting money into your own investment until you eventually own the whole thing. That said, though, the return on your investment can take a while to accumulate.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to investing in a home, the longer you keep it, the higher your return will generally be. It also gives you more stability and flexibility than renting. It also gives you more privacy, since you can make more of your own decisions and don&rsquo;t have to deal with a landlord. However, it can be more expensive in the short term. With ongoing maintenance costs, the cost of your mortgage and insurance costs that you usually wouldn\u2019t pay as a renter. This leaves you with less disposable income.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Positives and Negatives of Renting&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to renting in Canada, it can often be cheaper because many services and their costs are included in the rent. The landlord is responsible for all maintenance costs, and your flexibility depends on your lease agreement. When you own, you\u2019re committed to a place until you decide to sell. When renting, you can give notice and leave as long as your lease agreement allows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there are some downsides to renting as well. When you pay rent, the money goes to the landlord, not to you, so you aren\u2019t building any equity; your landlord is. This means that the landlord is the boss. It\u2019s a gamble whether you get a good landlord, and this can lead to issues, even eviction. If you own, you don\u2019t have to risk this.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While you do have to consider interest rates when it comes to your mortgage payments, when renting, landlords can hike your rent, which can also affect your budget. While there are laws they have to follow, going through tenancy boards to invoke your rights can be daunting.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Purchasing Your First Home in Canada<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If purchasing a home in Canada in 2026 is on your mind, there are ways you can make it more affordable. However, you still have to be approved for a mortgage. Banks and lenders will do this using insured and uninsured stress tests. However, if you\u2019re a f<a href=\"https:\/\/www.springfinancial.ca\/blog\/tax-tips\/first-time-home-buyers-tax-credit-canada\">irst-time homeowner<\/a>, lenders usually want you to be insured by the Canada Mortgage and Housing Corporation.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reason that <a href=\"https:\/\/www.cmhc-schl.gc.ca\/\">CMHC<\/a> insurance is not just an advantage to lenders but also to purchasers is that, as a first-time home buyer, it allows you to purchase a home with as little as 5% down. CMHC insurance works like this: if your home is less than $500,000, you only need 5% down. If the purchase price is over $500,000, you pay 5% on the amount under $500,000 and 10% on the amount over $500,000. If the purchase price of the home exceeds $1,500,000, you aren\u2019t eligible for CMHC insurance and must make the required 20% down payment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, there is a cost with CMHC insurance. The cost is charged to your lender, but they usually pass it on to the buyer. As the buyer, you can add it to your mortgage amount or pay it in full up front. It\u2019s important to remember, though, that the cost of the home isn\u2019t the only qualification required to get approved for CMHC insurance. You must also meet the credit score requirement of 600. If more than one person is purchasing the home, then only one buyer must meet this credit score requirement.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Changes to CMHC Rules For First-Time Home Buyers?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Canada, CMHC rules allow you to purchase a home with less than the 20% required down payment. That said, you do have to be a first-time home buyer to be eligible for this insurance. Until recently, only home purchases up to a million dollars were eligible for this insurance. However, that has changed.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of August 2024, you can now purchase homes up to $1.5 million with a smaller down payment. You can also get 30-year amortization mortgages on new builds, plus they\u2019re now available to all homebuyers, not just first-time home buyers, providing buyers with the ability to afford a home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Overall Cost of Purchasing a Home in Canada<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re purchasing a home in Canada, it\u2019s important to consider more than just the purchase cost. According to the Canadian Real Estate Association, you also need to consider costs such as property taxes, personal condo insurance, home insurance, and your annual and monthly bills. You also need to consider strata insurance and strata property fees.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For this reason, it\u2019s recommended that you spend no more than 32% of your monthly income on your mortgage. Not only does this help with affordability challenges, but your property values can change, which means your annual tax amounts will fluctuate.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Average Closing Costs?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re purchasing a home, other costs are factored in and included in your closing cost breakdown. Some of these costs include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lawyer and notary fees<\/li>\n\n\n\n<li>Home inspection costs<\/li>\n\n\n\n<li>Appraisal fees<\/li>\n\n\n\n<li>Title insurance<\/li>\n\n\n\n<li>Mortgage default insurance premiums<\/li>\n\n\n\n<li>Property tax amounts<\/li>\n\n\n\n<li>Well and septic inspections<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For all of these extra costs, it\u2019s reasonable to expect them to cost anywhere from 1% to 4% of your home purchase price. For example, if you purchase a home for $400,000, your closing costs can range anywhere from $1,000 to $4,000. However, depending on the purchase, you may still be eligible for land transfer tax rebates and GST new housing rebates, which can help reduce your total cost.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is the FHSA, and Who Can Open an Account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re saving for your first home, a good way to do so tax-free is with a First Home Savings Account or FHSA, which is a registered account through the federal government. With this account, those ages 18-71 can save up to $8,000 per year and up to $40,000 over a lifetime, tax-free. However, these funds must be used to purchase your first home. If not, you will be taxed on them.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you open your account, you have a maximum of 15 years to purchase your first home, or until you turn 71. If you don\u2019t use the funds, you can take them out and pay the taxes, or convert them to an RRSP, where they can still be used to purchase a home under the Home Buyers Plan.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">First-Time Home Buyers and the Home Buyers Plan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re purchasing your first home, and you have an RRSP, you\u2019re eligible to use the Home Buyers Plan withdrawal. With this, you can take out up to $60,000 per person without paying any withholding taxes, as long as it\u2019s used toward the purchase of your first home. There will be some documentation required to prove this.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Besides being a first-time home rule under the specified definition, there are two other requirements that you must meet. These requirements include that the home must be your permanent residence for at least a year after your purchase, and that the funds must remain in your RRSP for a minimum of 90 days before they can be withdrawn.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keep in mind that these funds don\u2019t just have to be used to purchase a traditional home. They can also be used for pre construction deposit structures and assignment sales. These are great options for people who don\u2019t want to search through months of inventory to get what they\u2019re looking for.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is the Foreign Buyers Ban?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, there is still a ban on foreign buyers in Canada that is set to expire in 2027. This prevents commercial enterprises that aren\u2019t controlled in Canada, as well as those whose owners aren\u2019t Canadian citizens or permanent residents, from buying certain residential properties.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This was implemented to slow price growth in Canada, as home prices were becoming unaffordable for Canadians. It was also reducing the supply of new listings, giving Canadians much less inventory to choose from. As of now, we don\u2019t know what will happen in 2027. What we do know is that Canada has reduced their immigration targets.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Price Per Square Foot Works<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you purchase a home in Canada\u2019s housing market, one of the first things you&rsquo;re going to notice is the price per square foot on the listing. This will help you compare months of inventory since this amount shows how the price is calculated based on the size.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benchmark Versus Average Prices<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re comparing prices, it\u2019s important to understand the distinction between benchmark prices and average prices. The benchmark price is the estimated cost of a typical standard home in a certain area. The average price is the total of all of the home sales divided by the number sold.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While neither number is wrong, if you are looking to see what your home possibly could cost, the benchmark price is usually more accurate. However, the average can also tell you how expensive the area is and if it may meet your budget.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are There Penalties for Breaking Your Mortgage Early?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you get your mortgage pre-approval, the mortgage term and whether it\u2019s open or closed are important factors to consider. This is because you can pay off an open mortgage early without a penalty, but you can\u2019t with a closed mortgage. In fact, here\u2019s a list of all of the things you should consider when getting a mortgage.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Are you selling a home and eligible for a portable mortgage?<\/li>\n\n\n\n<li>What is the rate hold period?<\/li>\n\n\n\n<li>Is it better to go with fixed or variable rates?<\/li>\n\n\n\n<li>What&rsquo;s the mortgage term length?<\/li>\n\n\n\n<li>What\u2019s the amortization schedule?<\/li>\n\n\n\n<li>Do you have prepayment privileges?<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">With a closed mortgage, you have roughly 4 months before your mortgage term ends to renew or pay it off with no penalties. Open mortgages can be paid off at any time with no penalties.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a closed variable-rate mortgage, the penalty is equal to 3 months&rsquo; worth of interest on your remaining balance. With fixed-rate mortgages, the penalty is the greater of 3 months&rsquo; interest or the interest rate differential.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Budget in Your First Year of Home Ownership<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you purchase a home, your first-year homeownership budget will be important. There are going to be additional costs associated with owning that you may have never considered, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Moving cost estimates<\/li>\n\n\n\n<li>Utility fees<\/li>\n\n\n\n<li>Emergency repair funds<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To cover any additional costs that arise, you\u2019ll need a budget. The best way to do this is to calculate your necessary expenses and see what you have leftover. Once you\u2019ve done that, then you can divide up the rest of your funds into savings and ways to cover any additional expenses that may come up.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reasons to Get a Real Estate Agent When Purchasing a Home<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While you don\u2019t need a real estate agent to purchase a home, it is recommended. It doesn\u2019t cost you anything, since the seller pays for it, and it can help protect your home purchase and guide you through the process. Some things that licensed professionals help with include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Insurance binder requirements<\/li>\n\n\n\n<li>Co-ownership arrangements<\/li>\n\n\n\n<li>Rent-to-own agreements<\/li>\n\n\n\n<li>Bidding war tactics<\/li>\n\n\n\n<li>Conditional offer clauses<\/li>\n\n\n\n<li>Seller property disclosure<\/li>\n\n\n\n<li>Negotiations using days on market stats<\/li>\n\n\n\n<li>Zoning reform and secondary suite income<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With rising interest rates and soaring housing prices, many Canadians are finding it more difficult than ever to purchase a home. That said, though, while the cost of housing is expensive, it all depends on where you live. Only some places have unrealistic pricing expectations, too.<\/p>\n","protected":false},"author":23,"featured_media":4250,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[63],"tags":[],"class_list":["post-4253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Average Home Prices in Canada 2026 - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/fr\/blog\/lifestyle\/average-home-prices-in-canada\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Average Home Prices in Canada 2026 - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"With rising interest rates and soaring housing prices, many Canadians are finding it more difficult than ever to purchase a home. That said, though, while the cost of housing is expensive, it all depends on where you live. Only some places have unrealistic pricing expectations, too.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/springfinancial.ca\/fr\/blog\/lifestyle\/average-home-prices-in-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"Spring Financial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/springfinancial\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-03T18:21:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2024\/03\/Average-home-prices-in-Canada.png\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"381\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jessica Steer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jessica Steer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"19 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/\"},\"author\":{\"name\":\"Jessica Steer\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/#\\\/schema\\\/person\\\/33a6ea920a4b1c4924d6b2de718e5c2b\"},\"headline\":\"The Average Home Prices in Canada 2026\",\"datePublished\":\"2026-09-03T18:21:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/\"},\"wordCount\":4117,\"publisher\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/springfinancial.ca\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Average-home-prices-in-Canada.png\",\"articleSection\":[\"Lifestyle\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/\",\"url\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/lifestyle\\\/average-home-prices-in-canada\\\/\",\"name\":\"The Average Home Prices in Canada 2026 - 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