Most Expensive Housing markets in Canada

Top 10 Cities  : Most Expensive Housing markets in Canada

Introduction

Canada’s real estate market is as diverse as its landscape, with some cities standing out for their high-end, luxury housing markets. Here are the top 10 cities to buy the most expensive houses in Canada, supported by historical data and recent market trends.

The Most Expensive Cities

1. Oakville-Milton, ON: With an average home price of $1,393,608 in 2022, Oakville-Milton tops the list of the most expensive cities in Canada¹.
2. Greater Vancouver, BC: Known for its stunning landscapes and high standard of living, Greater Vancouver had an average home price of $1,199,542².
3. Greater Toronto, ON: As Canada’s largest city, Toronto boasts a vibrant real estate market with an average home price of $1,195,950².
4. Mississauga, ON: Just outside of Toronto, Mississauga had an average home price of $1,184,692².
5. Lower Mainland, BC: This region, which includes cities like Surrey and Burnaby, had an average home price of $1,143,233².
6. Victoria, BC: Known for its mild climate and outdoor activities, Victoria had an average home price of over $1,000,000¹.
7. Richmond Hill, ON: This city north of Toronto is known for its high-quality schools and had an average home price of over $1,000,000¹.
8. Markham, ON: Another city in the Greater Toronto Area, Markham is known for its tech industry and had an average home price of over $1,000,000¹.
9. Vaughan, ON: Known for attractions like Canada’s Wonderland, Vaughan had an average home price of over $1,000,000¹.
10. Burnaby, BC: Part of the Lower Mainland, Burnaby is known for its parks and shopping and had an average home price of over $1,000,000¹.

Price Trends

• The benchmark condo/apartment price in Canada increased by 1.4% year-over-year to $535,400 in November 2023³.
• The benchmark townhouse/row/multiplex price in Canada increased by 1.2% year-over-year to $667,800 in November 2023³.
• The benchmark single-family home price in Canada increased by 1.0% year-over-year to $788,200 in November 2023³.

Please note that these are average or median prices and actual prices can vary based on the specific location, size, and other factors of the property. For the most accurate and up-to-date information, it’s best to consult with a local real estate professional or use online real estate platforms.

Conclusion

While property prices in Canada can be high in some areas, these cities stand out for their luxury real estate markets. Whether you’re looking for a high-end condo in downtown Toronto or a spacious detached house in Greater Vancouver, these cities offer some of the most expensive properties in Canada. As always, it’s important to conduct thorough research and consider your personal circumstances before making a decision.