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Looking to Buy Residential Property?

Looking to Buy Residential Property?

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%

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