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Ranked: Canada’s Housing Markets, by Price Growth in 2023

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See this visualization first on the Voronoi app.

A bar chart ranking the various Canada housing markets by percentage price growth between September 2022–2023.

Ranked: Canada’s Housing Markets By Price Growth in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Between 2010 and 2022, real Canadian housing prices jumped 90%, making Canada one of the most expensive and unaffordable housing markets in the world.

We visualize the average price of housing across Canada’s provinces and territories in 2023 (excluding Nunavut), based on data from the Canada Real Estate Association (CREA).

The data visualized above is a mix of averages provided by provincial organizations to CREA as well as benchmarks found using CREA’s MLS® HPI tool. Data from the MLS tool is labeled with an asterisk in the below table, and the methodology behind how it is calculated can be found here.

ℹ️ A “benchmark home” is one whose attributes are typical of homes traded in the area where it’s located, and provides a more accurate price as it accounts for hidden attributes, like above-ground-living-area square footage, presence of unfinished basements, etc.

All prices in this article are in Canadian dollars (CAD). The chart above adds in the U.S. dollar (USD) equivalent based on a 0.74 CAD/USD conversion rate.

One Canadian Housing Market is Not Slowing Down

The average price of a house in the Northwest Territories (NWT) comfortably crossed half a million dollars in September, 2023, a 40% jump from $385,500 a year earlier.

However a house in NWT still costs below the country-wide average of $640,000.

Here’s how the rest of Canada’s housing markets did between September 2022–23, ranked by percentage price growth.

RankProvince / TerritoryAverage House Price
(Sept 2022, CAD)
Average House Price
(Sept 2023, CAD)
YoY Change
1Northwest Territories$385,492$561,080+46%
2Novia Scotia*$370,000$398,000+8%
3Quebec$470,108$499,911+6%
4Alberta$425,132$450,105+6%
5British Columbia$922,152$969,306+5%
6Manitoba$335,488$351,445+5%
7Newfoundland
& Labrador
$285,100$295,400+4%
8New Brunswick*$280,600$292,600+4%
9Ontario$835,848$851,756+2%
10Prince Edward Island*$362,300$365,200+1%
11Saskatchewan*$324,500$328,000+1%
12Yukon$541,363$531,609-2%

Note: *Data from MLS® HPI tool. Other data are average prices. Nunavut data not available from the source.

The price boom in NWT, which picked up pace during the pandemic, is due to a lack of supply and new construction. The territory has also seen greater wildfire risk over the years—in 2023, nearly 70% of the population faced displacement due to encroaching fires. Over the long, hot summer, wildfires wiped out towns and forced the entire city of Yellowknife (population 20,000) to evacuate for three weeks.

The federal government has promised the construction of 50 new affordable homes to mitigate some of the destruction.

While no other housing market has mirrored what’s happening in NWT, every one of them, except the Yukon has seen some sort of price growth.

For British Columbia, and Ontario—the country’s most expensive regions—prices are closer to $1 million than not. Their biggest cities, Vancouver and Toronto routinely feature in annual reports on real estate bubbles around the world.

However, both regions have recently seen a housing supply surge which may cause prices to drop as much as 10% in 2024—still leaving them 15% higher than before the pandemic.

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Ranked: U.S. Cities with the Highest Rent in 2024

NYC tops the list with an average monthly cost of $4,200 for a one-bedroom apartment.

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This graphic shows the top 15 American cities with the highest rental costs as of May 2024.

Ranked: U.S. Cities with the Highest Rent in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Rental prices have surged in several American cities in recent years. Factors such as inflation, a limited housing inventory, a changing workforce, and barriers to homeownership have all contributed to the increase in rent costs.

This graphic shows the top 10 American cities with the highest rental costs as of May 2024, according to the Zumper National Rent Index. Prices are for 1-bedroom units.

NYC Prices: $4,200 for One-Bedroom

New York tops the list with an average monthly cost of $4,200 for a one-bedroom apartment. Not only is it expensive, but due to high demand, living in the Big Apple can be competitive.

While half of all renters in the U.S. spend more than 30% of their income on rent, residents in New York can spend more than 40% of their income renting a place.

RankingCityPrice in 2024Price in 2023YOY change
1New York, NY$4,200$3,78011.1%
2Jersey City, NJ$3,330$3,1814.7%
3San Francisco, CA$2,950$3,001-1.7%
4Boston, MA$2,830$2,7004.8%
5Miami, FL$2,770$2,900-4.5%
6San Jose, CA$2,570$2,630-2.3%
7Arlington, VA$2,380$2,2993.5%
8San Diego, CA$2,370$2,401-1.3%
9Washington, DC$2,300$2,371-3.0%
9Los Angeles, CA$2,300$2,421-5.0%

Across the Hudson River, Jersey City ranks second, with one-bedroom suites priced at $3,330.

On the West Coast, San Francisco leads with $2,950 for a one-bedroom unit. Four of the 10 most expensive cities to rent are in California.

According to a study by Harvard University, the pandemic has intensified the housing affordability crisis in the United States. While high-end market supply may offer some relief to middle and higher-income renters, lower-income households will continue to struggle due to high construction costs and market dynamics.

What are the most valuable housing markets in the United States? We ranked housing markets in this chart to find out.

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