Canadian City Real Estate Price Comparison

Published on September 30, 2025 and written by Cyril Jarnias

The Canadian real estate market fascinates as much as it worries. Between soaring prices in some cities and relative stability in others, the Maple Leaf country’s property landscape presents a contrasting picture. Let’s dive into the dynamics driving this key sector of the Canadian economy, comparing prices across major metropolitan areas and outlining future outlooks for the coming years.

The Great Price Divide: A Closer Look at Canadian Metropolises

The Canadian real estate market is characterized by strong regional disparities. Price gaps between major cities reflect not only their economic appeal but also local housing and urban planning policies.

Vancouver: The Undisputed Champion of High Prices

Vancouver maintains its reputation as Canada’s most expensive city. In 2024, the median price for a residential property stands at $1,189,700 CAD. This West Coast metropolis attracts investors worldwide, particularly due to its exceptional living environment between sea and mountains. However, this appeal comes at a cost: many residents struggle to find housing, fueling a debate on housing affordability.

Toronto: The Ontario Metropolis Close Behind Vancouver

As the country’s second most expensive city, Toronto shows a median price of $1,078,900 CAD for a residential property. As Canada’s economic and financial hub, Ontario’s capital attracts many professionals and immigrants, maintaining strong pressure on real estate prices. The city faces challenges similar to Vancouver’s in terms of housing accessibility.

Montreal: The Affordable Alternative?

Long considered an affordable alternative to Vancouver and Toronto’s overheated markets, Montreal has seen its prices rise significantly in recent years. The median price for a residential property now reaches $545,000 CAD. Although significantly lower than the top two cities in the ranking, this price level remains high relative to the average income of Montreal households.

Calgary: The Appeal of the Alberta Market

Calgary stands out with relatively more affordable prices, with a median of $520,000 CAD for a residential property. Alberta’s economic capital benefits from a dynamic job market, particularly due to the oil industry, while offering more accessible housing than in the major metropolises of the country’s east and west.

Ottawa: The Federal Capital Holds Its Own

Ottawa, home to the federal government, presents a relatively stable real estate market. The median price for a residential property stands at $632,000 CAD. The city benefits from a diversified economy and a high employment rate, supporting real estate demand without causing price surges comparable to those seen in Toronto or Vancouver.

What Horizons for Canadian Real Estate?

The future evolution of real estate prices in Canada will depend on many factors, both economic and demographic as well as political. Here are some trends that could shape the market in the coming years.

Expected Moderation in the Tightest Markets

Experts agree that Vancouver and Toronto markets, after years of skyrocketing increases, could enter a period of moderation. Measures taken by governments to curb speculation and improve housing accessibility should help stabilize prices. However, structurally strong demand in these cities should prevent any significant long-term decline.

Opportunities in Secondary Cities

Medium-sized cities like Quebec City, Halifax, or Winnipeg could see their appeal increase. Offering better value for money and often benefiting from appreciated quality of life, these cities are attracting more Canadians seeking affordable housing. This trend could intensify with the growth of remote work, allowing many professionals to move away from major urban centers.

The Impact of Immigration on Demand

Canada maintains an ambitious immigration policy, aiming to welcome over 400,000 new permanent residents annually. This massive influx of new inhabitants should support housing demand, particularly in major cities that are primary destinations for immigrants. This factor could contribute to maintaining upward pressure on prices in certain markets.

The Challenge of New Construction

To meet growing demand, Canada will need to address the challenge of new construction. Federal and provincial governments have announced ambitious plans to increase housing supply. The success of these initiatives will be crucial for long-term price stability. However, constraints related to material costs and labor availability could hinder these efforts.

The Influence of Interest Rates

The evolution of interest rates will play a key role in real estate market dynamics. After a period of increases aimed at fighting inflation, stabilization or a decrease in rates could revive demand and support prices. Conversely, maintaining high rates could help moderate price growth by making borrowing more expensive.

Conclusion: A Market Seeking Balance

The Canadian real estate market stands at a crossroads. Between the need to preserve the appeal of major metropolises and the imperative to guarantee housing access for all, challenges are numerous. Price disparities between cities reflect the country’s economic and cultural diversity but also raise questions of equity and social cohesion.

In this context, investors and individuals must remain attentive to market developments. Opportunities exist, particularly in secondary cities offering a good balance between quality of life and housing costs. However, caution remains advised, especially in the tightest markets where correction risks cannot be entirely ruled out.

The future of the Canadian real estate market will largely depend on public authorities’ ability to implement effective policies to increase housing supply while preserving cities’ appeal. The challenge is significant but crucial for the country’s economic and social future.