Alberta crowned best province for prospective homeowners
On average, the cost of buying a house in Alberta has risen by only 76%, excluding inflation, between 2006 and 2024.
The study examined the average price of homes in each Canadian province to determine the best price for prospective homeowners.
In contrast, Ontario is Canada’s most expensive province for homeowners, with property prices rising by 203% excluding inflation between 2006 and 2024.
New data has uncovered Canada’s most desirable provinces for future homeowners.
The research, conducted by the real estate experts of calgaryhomes.ca, examined data on the average price of composite properties, including one- and two-single-family homes, townhouses and apartments, from the Canadian Real Estate Association (CREA). The provinces with the lowest percentage increase, not including inflation, in average costs between 2006 and 2024 were named the best places for aspiring homeowners.
Alberta takes the crown as the best province for homeowners in Canada. According to the study, the province’s average property price rose from $289,558 to $509,100 between 2006 and 2024. In total, this is a 76% rise excluding inflation, or 19% including inflation, 50% below the national average of 151%. Alberta’s apartments had the lowest price increase during this time, totalling 65% excluding inflation, or 12% including inflation.
Newfoundland and Labrador rank as Canada’s second most affordable province for prospective homebuyers. The average price of composite homes—which include everything from single-family homes to townhouses—increased from $137,033 to $291,600. This is a $154,567 rise, 113% excluding inflation, or 44% including inflation, and 25% below the national benchmark in Canada. The property type with the lowest increase in average pricing, totalling 111% excluding inflation, or 43% including inflation, is two-storey single-family homes.
In third place, with an average price increase of $170,583, is New Brunswick. The study shows that the average cost to buy a composite home rose from $129,817 to $300,400 from 2006 to 2024. As such, the province saw a 131% price increase excluding inflation, or 57% including inflation, which is 13% less than Canada’s average. At 123% excluding inflation, and 58% including inflation, one-storey single-family homes saw the lowest percentage increase in price.
In contrast, Ontario is Canada’s least desirable province for prospective homebuyers. The study has determined this based on the average price for composite housing increasing by $582,567, or from $286,333 to $868,900, between 2006 and 2024. This equates to a 203% price increase excluding inflation, 105% including inflation, and 34% above the average across Canada’s provinces. Ontario’s townhouses display the highest price increase during this time at 243% excluding inflation, or 132% including inflation.
According to the study, Prince Edward Island is the second-worst province, with the price of housing soaring by 178% excluding inflation, or 88% including inflation. As such, the province’s house prices are rising 18% above the national average. Between 2006 and 2024, two-storey single-family homes saw the steepest increase, totalling 199% excluding inflation, or 102% including inflation. Moreover, the average price to buy a composite home rose from $127,950 to $355,900, which is a $227,950 increase.
Nova Scotia follows in third place, with average property prices rising 169% excluding inflation between 2006 and 2024, or 82% including inflation, which is 12% above Canada’s average. Overall, this is considered a rise from $153,433 to $412,900. The property type with the highest increase in average pricing, totalling 180% excluding inflation, or 90% including inflation, is one-storey single-family homes.
Canada’s fourth least desirable province for future homeowners, with average property prices rising 165% excluding inflation, or 79% including inflation, is Saskatchewan. British Columbia follows in fifth with average property prices rising 164% excluding inflation between 2006 and 2024, or 79% including inflation. With property prices increasing 162% excluding inflation, or 77% including inflation, Quebec is the sixth-worst province for prospective homebuyers in 2024.
A spokesperson for calgaryhomes.ca has commented on the findings: "Research from Statista indicates that 443,511 homes were sold across Canada in 2023, with projections showing this number will rise to 489,661 by the end of 2024. As the Canadian real estate market continues to experience robust activity, this study provides valuable insights into the provinces experiencing the most significant increases in composite home prices, including a range of property types, from one- and two-storey single-family homes to townhouses and apartments.
“Based on this analysis, Alberta has been identified as the top province for prospective homeowners. From 2006 to 2024, Alberta recorded the most modest increase in average property prices, rising at a rate 63% slower than Ontario, the province with the highest price growth. This data can help aspiring homebuyers to make informed decisions about where to establish roots and embrace the exceptional quality of life that Canada offers."