Canada’s Housing Market: High Prices, But Still a Global Bargain
When it comes to real estate, Canada is no stranger to steep prices—especially in urban hot spots like Vancouver and Toronto. But how do our housing costs stack up on a global scale?
A recent Price Per Square Foot Survey (2024) shared via Visual Capitalist reveals a surprising truth: while housing in Canada is undeniably expensive by local standards, it remains significantly more affordable than in some of the world’s most exclusive markets.
How Canadian Cities Compare to Global Luxury Hubs
In Vancouver—the country’s most expensive market—the average price for a detached home clocks in at US$9,089 per square meter (approximately US$845 per square foot). Montreal, another key city, isn’t far behind at US$7,619 per square meter (US$708 per square foot).
Now compare that to global titans like:
- Hong Kong, often leading the list of the priciest cities
- New York City, where luxury real estate hits jaw-dropping levels
- London, a perennial favorite for international investors
In these cities, property values can soar well beyond what Canadians are used to, underscoring a critical point: Canada’s housing market, while challenging for many locals, is still more accessible than top-tier global destinations.
Putting Affordability Into Perspective
The data offers a nuanced view of Canada’s real estate landscape. Yes, housing affordability remains a major concern, particularly for first-time buyers. But when you zoom out and compare it to the global luxury market, Canada doesn’t top the charts—it sits somewhere in the middle.
This context is essential not only for homebuyers but also for investors, policymakers, and developers seeking to better understand Canada’s place in the international real estate scene.
