CANADA
Home prices in Canada continue to rise at a steady pace, with the national average hitting $656,625 in October 2023. This represents a 2% year-over-year increase and a 0.2% month-over-month increase. While this growth is moderate, it defies many expectations of a decrease in home prices and shows that the Canadian real estate market remains strong and resilient.
Breaking down these numbers by province, we can see that British Columbia continues to have the highest average home price at $968,786. This represents a 4% year-over-year increase and a 0.2% month-over-month increase. Neighboring Alberta also saw strong growth, with an average home price of $455,891, a 6% year-over-year increase and a 0.2% month-over-month increase.
In the Atlantic provinces, Nova Scotia saw the largest monthly increase in average home prices at $419,717, an 8% year-over-year increase and a 4.5% month-over-month increase. New Brunswick also experienced strong growth with an average home price of $299,508, a 12% year-over-year increase and a 4% month-over-month increase, the largest annual increase in prices.
Home prices remain higher year-over-year in nine out of ten Canadian provinces, while home prices are down monthly in four out of ten provinces. Let’s dive deeper into the latest Canada housing market update for October 2023.