Here’s the Average Price of a Home in Each Canadian Province
While Capital Mortgages primarily services the Ontario region, many of our clients like to ask us how far their money would go in Canada’s various provinces. To help you get an idea of what you could afford across the country, we turned to data from the Canadian Real Estate Association’s National Price Map. For some people, the price difference across provinces when it comes to residential real estate is reason alone to consider a move! But the truth is, the cost of being a homeowner is rising rapidly across the nation as a whole. The average price of a Canadian home as of January 2020 was $504,358, an 11.2% increase from $453.612 in January 2019.
Given how quickly prices are rising, we suggest you do all that you can to work towards buying your first property to keep up with the Canadian real estate market’s rapid inflation rate. The question is, where would you like to buy based on the figures below? Would you consider a cross-country move if it meant saving hundreds of thousands of dollars on your home?
British Columbia
The average price of a home in January 2020: $728,044
The average price of a home in January 2019: $664,633
Y/Y % Change: 9.5%
Alberta
The average price of a home in January 2020: $375,649
The average price of a home in January 2019: $361,131
Y/Y % Change: 4.0%
Saskatchewan
The average price of a home in January 2020: $264,061
The average price of a home in January 2019: $266,550
Y/Y % Change: -0.9%
Manitoba
The average price of a home in January 2020: $277,670
The average price of a home in January 2019: $267,314
Y/Y % Change: 3.9%
Ontario
The average price of a home in January 2020: $627,855
The average price of a home in January 2019: $549,671
Y/Y % Change: 14.2%
Quebec
The average price of a home in January 2020: $338,091
The average price of a home in January 2019: $306,073
Y/Y % Change: 10.5%
New Brunswick
The average price of a home in January 2020: $167,281
The average price of a home in January 2019: $162,520
Y/Y % Change: 2.9%
Nova Scotia
The average price of a home in January 2020: $257,528
The average price of a home in January 2019: $237,678
Y/Y % Change: 8.4%
Prince Edward Island
The average price of a home in January 2020: $259,122
The average price of a home in January 2019: $210,317
Y/Y % Change: 23.2%
Newfoundland & Labrador
The average price of a home in January 2020: $229,885
The average price of a home in January 2019: $251,719
Y/Y % Change: -8.7%
Yukon
The average price of a home in January 2020: $382,484
The average price of a home in January 2019: $338,561
Y/Y % Change: 13.0%
Northwest Territories
The average price of a home in January 2020: $309,071
The average price of a home in January 2019: $225,343
Y/Y % Change: 37.2%