Housing prices rise slower than the national average
A new study has revealed the top provinces in Canada for prospective homeowners, based on property price increases over the last two decades.
The data, compiled by real estate experts at calgaryhomes.ca, analyzed the average price of various housing types across Canada to identify the provinces where housing costs have risen the least.
The most affordable place for homebuyers
While some provinces have seen sharp increases in housing prices, three stand out for their relatively moderate price growth: Alberta, Newfoundland and Labrador, and New Brunswick. These provinces offer the best opportunities for homebuyers in 2024, especially compared to skyrocketing costs in places like Ontario.
Alberta ranks as the most affordable province for prospective homebuyers, according to the study. Between 2006 and 2024, the average property price in Alberta rose from $289,558 to $509,100, a 76% increase when inflation is excluded. Even when accounting for inflation, the increase is just 19%—far below the national average price hike of 151%.
Among different property types, apartments in Alberta saw the smallest price increase, with a 65% rise excluding inflation, or only 12% when inflation is included.
Newfoundland and Labrador ranked second for affordability, with a price increase that still lags behind the national average. Between 2006 and 2024, the average price for homes rose from $137,033 to $291,600. This is a 113% increase excluding inflation, and 44% when inflation is considered – 25% lower than the national benchmark.
In this province, two-storey single-family homes saw the most modest price increases, rising by 111% excluding inflation, or 43% with inflation taken into account.
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New Brunswick also offers relatively affordable housing compared to many other parts of Canada. From 2006 to 2024, the average home price in New Brunswick increased from $129,817 to $300,400, reflecting a 131% rise excluding inflation, and 57% when adjusted for inflation. This remains 13% below Canada’s overall average.
One-storey single-family homes in New Brunswick saw the smallest price increase, rising by 123% excluding inflation, or 58% with inflation considered.
Least affordable provinces
On the opposite end of the spectrum, Ontario ranked as the least affordable province for homebuyers in 2024.
The study found that average home prices in Ontario skyrocketed from $286,333 to $868,900 between 2006 and 2024, a massive 203% increase excluding inflation (105% including inflation). Ontario’s townhouses saw the highest price growth, with a 243% increase, making it the province with the steepest price hikes.
Prince Edward Island and Nova Scotia ranked among the least affordable provinces, with price increases well above the national average.
“From 2006 to 2024, Alberta recorded the most modest increase in average property prices, rising at a rate 63% slower than Ontario, the province with the highest price growth,” a spokesperson for calgaryhomes.ca said in the report. “This data can help aspiring homebuyers to make informed decisions about where to establish roots and embrace the exceptional quality of life that Canada offers."
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