Report shows: Families continue to look for affordable housing as 'burbs and detached houses keep housing prices stable in 2024

Notable exceptions: Communities where families can find affordable housing

Now in it's eighth year, the Annual Price per Square Foot survey from Century 21 examines the price of housing for almost 50 communities across Canada, dating back to 2018.

In 2024, the result of this survey shows that Canadian housing prices were generally stable in the first half of 2024. The notable exceptions highlight the need for growing households to find affordable housing that meets their needs.

British Columbia highlights

Though housing prices in BC were stable, overall, in the first half of 2024, there were several Lower Mainland suburbs that experienced prices increases — even as the average Vancouver condo price fell (albeit modestly). This trend highlights the ongoing need for growing households — families and larger multi-generational homes — to find affordable housing that meets their needs.

For instance, Vancouver's east side — a community attached to less desirable urban problems, such as property crime and drugs — experienced an almost 18% price increase with square foot prices, now hovering around $977. This was a rebound from the price decrease in 2023 — and well below the price per square foot of Vancouver's sought-after west side and downtown communities.

The municipalities of West Vancouver, North Vancouver, Burnaby, Richmond, Delta and White Rock/South Surrey also experienced price per square foot increases in 2024 – most of them modest, and a rebound from last year’s declines.

In the Fraser Valley area, which includes Langley, Mission and Abbotsford, housing prices remained stable.

One notable difference was BC's Kelowna housing market. In recent years, this area experienced a surge of buying interest that helped push prices into historical highs. It appears this surge of interest is finally starting to cool and prices are stable. (Data on Vernon, BC was a new addition to this annual report, this year, and per square foot rates are slightly less than price per square foot rates found in Kelowna, BC.)

Quebec highlights

After several years of sharp increases in the price of Montreal condos, average sale prices began to drop in 2024 — with an approximately 11% decline in the first half of 2024.

Emphasizing the need for growing families to find suitable housing, the price of detached homes in the Montreal area rose during the same time (and approximately by the same amount) — highlighting the need of younger folks looking to find more space without moving out of the major metro area.

Ontario highlights

Housing prices across Ontario were relatively stable in 2024, with the exception of the double-digit drop in the price of detached homes in Windsor, ON. This decrease follows the Windsor, ON housing demand in 2023 — and the declines helps return this city's housing prices to their more typical range (that was seen during the 2020 to 2022 real estate seasons).

The Greater Toronto Area (GTA) saw little change, with the Toronto downtown condo market dipping by roughly 4.5%. Perhaps more notable, is that the ongoing decline in condo prices in Toronto is a continuation of the sharp declines condo owners faced in 2023.

While Sault Ste. Marie, ON was new to the survey, this Ontario municipality boasted the lowest price per square foot (PPSF) in the province for both condos and detached homes.

Highlight for the prairie provinces

Overall, prices in the prairie provinces were up — albeit moderate increases in the single digits. The exception was Regina, SK, where condo prices experienced a large 16% gain in the first half of 2024.

Condo prices rose in the larger cities — again, highlighting the growth of families looking to set down roots. Only Brandon, MB condos trended downwards, but at a very modest 0.85%.

By and large, prairie province housing prices remain among the most affordable in Canada.

Alberta highlights

Alberta bucked the national trend, with prices increasing briskly in numerous markets.

Alberta's housing price increase highlights the impact of inter-provincial migration — Canadians moving to Alberta, in particular smaller communities where property prices remain moderate. Calgary prices continues to grow, with young professionals pushing condo prices up 17% in 2023.

Even with these increases, Alberta housing prices still remain well below higher priced provinces, such as BC, Ontario and Quebec.

Empower your investments with Qtrade

Discover Qtrade's award-winning platform and take control of your financial future. With user-friendly tools, expert insights, and low fees, investing has never been easier.

Start Trading Today

Comparing price per square foot (PPSF) across Canada

Inventory and interest rates continue to be a factor when it comes to regional and national housing price averages.

“Ultimately, we don’t know what the next six months holds for our housing prices, but it’s important not to get too focused on any single year and look at each data point within the larger context of ever-evolving trends,” Shyiak said. “That’s why this survey becomes more valuable year-over-year, because it allows us to see the big picture of Canadian housing.”

10 most expensive markets per square foot in Canada

• Vancouver West, detached homes – $1,161 per square foot
• Downtown Vancouver, condos – $1,113 per square foot
• West Vancouver, detached homes – $1,037 per square foot
• Vancouver East, detached homes – $977 per square foot
• Montreal downtown and southwestern, detached homes – $972 per square foot
• North Vancouver, detached homes – $937 per square foot
• Burnaby, detached homes – $900 per square foot
• Vancouver, detached homes – $890 per square foot
• Richmond, detached homes $831 per square foot
• Markham, detached homes $822 per square foot

Read More: Is it possible to live in BC without going broke? Find the cheapest places to live in BC in 2024

Survey methodology

The Century 21: Canada’s annual survey examines data on the price per square foot (PPSF) of properties. The survey gathers and compares sales data from its franchises across Canada from January 1 to June 30 of each year. By looking at the price per square foot at the same time each year the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey compares 2023 prices with this year’s results.

1. Century 21: Price Per Square Foot Survey 2024 (July 23, 2024)

—with files from Nicolas Sokic