The Toronto skyline in Canada

Canada Home Prices

Canada Home Prices

Home Prices Index in Canada

The economy recorded average house price growth of 7.4% in the decade to 2022. In 2022, house price growth in Canada was 11.4%.

Canada Home Prices Chart

Note: This chart displays Home Prices Index (ann. var. %) for Canada from 2014 to 2023.
Source: Teranet.

Canada Home Prices Data

2018 2019 2020 2021 2022
Home Prices Index (ann. var. %) 3.6 1.5 6.5 14.7 11.3

House prices fall in November; housing starts decline

According to the Teranet-National Bank House Price Index, house prices dropped 0.9% in November, following the 1.0% fall in October. This marked the third straight monthly decline and likely reflected in part the effect of high interest rates. On an annual basis, house prices increased 3.2% in November, up from October’s +2.7% reading. Meanwhile, housing starts decreased 22% in November from October, and in October–November averaged lower than in Q3, boding poorly for residential investment in the quarter.

On housing starts, TD Economics’ Rishi Sondhi said: “[The] data is consistent with our view that starts will trend lower moving forward, as past weakness in home sales flow through to new supply. However, we're anticipating some bounce-back took place in December, consistent with rising permit issuance in recent months. Government actions (such as eliminating the GST on purpose-built rental building) coupled with robust population growth will likely keep the level of starts elevated through 2024, even with the anticipated downtrend.”

Latest Global Housing News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest