I’ve said many times before that talking about the Canadian real estate market as a whole doesn’t offer much useful insight—and this graph illustrates exactly why.
The blue line represents the seasonally adjusted CREA (Canadian Real Estate Association) composite benchmark for a typical home in Canada. According to this measure, prices peaked around 2022 and have since corrected.
However, if you live anywhere outside of BC and Ontario, your local real estate prices are actually near record highs. That means the so-called “average Canadian home price” trend is largely meaningless for anyone living beyond those two provinces. This is why when you are looking for actionable information, you must dive into the local market data.
