Average resale house prices Canada 2011-2023, with a forecast until 2025, by province

The average resale house price in Canada was forecast to decline to about 783,100 Canadian dollars in 2024, according to a January forecast. In 2023, house prices fell for the first time since 2019. One of the reasons for the price correction was the notable decline in transaction activity. This trend is expected to continue in 2024 and reverse in 2025. British Columbia, which is the most expensive province for housing, is projected to see the average house price reach 1.15 million Canadian dollars in 2025.

Affordability in Vancouver

Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2023, the city topped the ranking for least affordable housing market in Canada, with the average homeownership cost outweighing the average household income. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices.

Victoria housing market

The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.6 million Canadian dollars in 2022.