Prices Analytical Series:
New Housing Market Report, 2024: Experimental estimates

Introduction

Statistics Canada has published house price indexes for single-family homes since the 1960s and added condominium apartments in 2017 for major census metropolitan areas (CMAs) across Canada. These price indexes measure changes over time in builders’ selling prices for identical models of new residential dwellings. This report widens Statistics Canada’s coverage of this sector by providing more housing statistics (such as average listing price) and disaggregating by dwelling type.

This report presents high-level housing statistics and insights about the new housing market and informs Canadians, as well as policy makers, in a timely manner. It is important to note that there are no price indexes in the New Housing Market Report. Price indexes measure the price change for the same sample of house models period to period (constant quality) while the averages prices in this report include any reported homes on the market regardless of whether they were included in the previous periods sample. As a result, changes in average prices from one period to another can vary as they do not account for the size, composition or quality of the homes available in each quarter. Therefore, caution is advised when comparing average prices from one period to another. 

The Technical Guide for the New Housing Market Report provides an overview of the methodology behind the program, including the data collection process. Before discussing the results of the program, the following sections provide insight into the new home sector and the report’s initial scope.

Sale to closing date differences between new and resale (existing) homes

One of the key differences between new and resale homes is the time interval from the sale date to the closing date. Generally, when a resale home is sold, the closing date (possession date) is about one to three months after the sale date. For new homes, sales can happen before the house is completed or construction even starts. In many cities, sales of new homes can happen one to four years before the house is finished. Thus, builders anticipate demand for new dwellings well in advance. Builders forecast the types of homes that will be in demand in the future, such as those with office space, fireplaces, larger lots for a pool, or located in specific areas.

For condominium apartment type dwellings (such as multiplexes and high- and low-rise apartment buildings), many financial backers want 60% of units or more to be sold before they offer a loan to a developer.^Note 1 The bulk of condominium apartment units are generally sold (by making an initial deposit or signing a sales contract) before permits are issued and well before construction starts, unlike resale homes (where possession is just a few months from the sale date).

New homes can be hard to price for developers because they are listed before they are built. Developers decide on the list price of a unit based on various factors, including the current state of the market, as well as anticipation of future market conditions (such as future interest rates and labour and material costs).

Purpose of the release

New home price trends can influence investment or policy decisions, which in turn may impact construction activity, employment, and consumer confidence. New dwelling list price data for this report are collected in a reference quarter, regardless of the state of construction (pre-sales, during construction or completed). The list prices collected (or sale price if the list price is unavailable) are used to calculate the average list price (hereafter referred to as the average price) of a dwelling type for a given CMA. The purpose is to capture and provide price statistics, by quarter. This report provides a snapshot of the state of the new housing market and average prices of new homes by dwelling type^Note 2 for various regions across Canada as well as aim to highlight any interesting trends in the market. It also focuses on housing characteristics such as average living areas or the number of rooms in homes, enabling the analysis of regional or temporal differences in housing characteristics.

Initial reporting from the new housing prices program

Statistics Canada collected initial data in seven provinces (British Columbia, Manitoba, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador). The initial data collection focused on the seven provinces to be able to provide insights for a diversity of regions. The project will be expanded to the remaining three provinces in 2026.

Most of the data were captured from the CMAs of Victoria, Vancouver, Abbotsford–Mission, Kamloops, Kelowna, Regina, Saskatoon, Winnipeg, Fredericton, Moncton, Halifax and St. John’s, and the province of Prince Edward Island. Additional data were collected outside these CMAs and have not been published because of small sample sizes, but they could be added in future reports as collection improves.

List and sale prices were collected, as well as other housing characteristics, for single-detached houses, semi-detached houses, row houses and condominium apartment dwellings (including low and high-rise condominium apartments, stacked townhomes, duplexes, and triplexes) in these seven provinces.

Canadian housing market

The population of Canada increased 16.5% from July 2014 to July 2024, with over half (52.1%) of that growth occurring in the last three years (July 2021 to July 2024).^Note 3 Recent population growth across Canada added pressure to supply levels in the new housing market. According to the Canada Mortgage and Housing Corporation (CMHC), housing starts must nearly double to around 430,000 to 480,000 units per year until 2035 to meet projected demand.^Note 4

In addition to supply shortages, growth in construction costs also put upward pressure on new home prices. The cost to construct a residential building in Canada (CMA composite) rose 86.7% from the first quarter of 2017 to the fourth quarter of 2024.^Note 5

Results of Statistics Canada’s new housing prices program

Average price of a new single-detached house

The Vancouver CMA was the most expensive single-detached housing market across all the markets surveyed in the seven provinces, with an average of $1.98 million in the fourth quarter of 2024. Kelowna was the second most expensive housing market ($1.64 million), followed by Victoria ($1.25 million), and Kamloops ($1.16 million). All other regions surveyed reported average prices ranging from $448,200 (St. John’s) to $737,200 (Halifax) in the fourth quarter of 2024. These prices include all taxes such as GST or HST.

Of all dwelling types for sale, the share of single-detached homes (30.4%) completed in 2024 was less than it was ten years ago in 2014 (39.4%).

Data table for Chart 1

Data table for chart 1
Table summary
The information is grouped by Geography (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Geography	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note .. not available for a specific reference period Note: Geographic areas with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
St. John's	469,900	450,500	467,200	448,200
Prince Edward Island	526,400	560,400	576,000	549,800
Halifax	748,400	760,700	759,600	737,200
Fredericton and Moncton	579,700	600,400	596,700	613,400
Winnipeg	590,600	594,200	586,300	595,500
Regina	614,700	608,700	583,600	594,400
Saskatoon	568,900	549,600	567,300	590,600
Kelowna	1,575,900	1,689,600	1,579,600	1,641,800
Kamloops	.. not available for a specific reference period	.. not available for a specific reference period	.. not available for a specific reference period	1,159,500
Vancouver	1,994,200	1,910,700	1,930,200	1,976,500
Victoria	1,218,200	1,262,600	1,249,000	1,248,100

Average price of a new semi-detached house

The average prices for a new semi-detached house in the fourth quarter of 2024 were $1.44 million in Vancouver, $483,400 in the Fredericton and Moncton composite, and $455,900 in Winnipeg. New semi-detached units are becoming unpopular across Canada with only 6.2% of new builds being semi-detached in 2024, compared to 8.4% ten years prior in 2014^Note 6 (excluding rentals).

Data table for Chart 2

Data table for chart 2
Table summary
The information is grouped by Geography (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Geography	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note .. not available for a specific reference period Note: Geographic areas with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
St. John's	399,300	400,200	.. not available for a specific reference period	.. not available for a specific reference period
Fredericton and Moncton	.. not available for a specific reference period	.. not available for a specific reference period	.. not available for a specific reference period	483,400
Winnipeg	.. not available for a specific reference period	459,500	458,900	455,900
Vancouver	1,469,100	1,433,700	1,403,900	1,438,300

Average price of a new row house

Row houses, a more affordable option than single-detached or semi-detached houses, while being spacious enough for families, saw their highest average price in the Vancouver CMA at $1.22 million in the fourth quarter of 2024. Vancouver was followed by the other British Columbia CMAs of Kelowna ($1.19 million), Victoria ($1.05 million), and Abbotsford-Mission ($923,500).

The average price of a row house in Saskatoon, Regina, and Winnipeg were $476,300, $440,700 and $433,100 respectively. The lowest average price was in the Fredericton and Moncton composite at $393,000.

Popularity of row houses has increased in Canada, with 18.3% of completed homes (excluding rentals) in 2024 being row houses, up from 13.6% in 2014.

Data table for Chart 3

Data table for chart 3
Table summary
The information is grouped by Geography (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Geography	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note .. not available for a specific reference period Note: Geographic areas with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
Halifax	695,500	708,700	.. not available for a specific reference period	.. not available for a specific reference period
Fredericton and Moncton	.. not available for a specific reference period	.. not available for a specific reference period	372,900	393,000
Winnipeg	.. not available for a specific reference period	413,000	413,500	433,100
Regina	.. not available for a specific reference period	.. not available for a specific reference period	459,400	440,700
Saskatoon	458,300	446,300	446,500	476,300
Kelowna	1,124,600	1,104,600	1,153,400	1,185,200
Abbotsford–Mission	935,100	916,100	923,500	923,500
Vancouver	1,214,000	1,200,100	1,188,600	1,216,400
Victoria	993,000	964,900	1,025,800	1,049,300

Average price of a new condominium apartment unit

Condominium apartments include low and high-rise condominium apartments, stacked townhomes, and multi-plex’s. Based on the data collected in the fourth quarter of 2024 the highest average price of a new condominium apartment unit was in Vancouver ($1.00 million) followed by Kelowna ($773,000), Kamloops ($687,600), Victoria ($659,700), and Abbotsford-Mission ($613,400).

In Halifax and Winnipeg, the average prices in the fourth quarter of 2024 were $597,700 and $350,000 respectively.

Condominium apartments have become the most prominent dwelling type in Canada, with 45.1% of completed homes (excluding rentals) in 2024 being condominiums apartments, up from 38.6% in 2014.

Data table for Chart 4

Data table for chart 4
Table summary
The information is grouped by Geography (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Geography	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note .. not available for a specific reference period Note: Geographic areas with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
Halifax	548,500	531,800	568,100	597,700
Winnipeg	.. not available for a specific reference period	.. not available for a specific reference period	347,200	350,000
Kelowna	784,600	783,400	760,400	773,000
Kamloops	695,600	700,700	698,500	687,600
Abbotsford–Mission	579,400	627,200	653,000	613,400
Vancouver	1,105,600	1,092,600	1,050,200	1,003,700
Victoria	696,500	660,600	643,200	659,700

Overall, the new housing market was subdued in 2024 compared to 2023. There was a 59% increase in the inventory of completed units that were unsold in the fourth quarter of 2024 compared to the fourth quarter 2023^Note 7 for the 12 geographic areas where data were collected for this report.

Mortgage rates, which are affected by the Bank of Canada policy rate, remained high in the first half of 2024 compared to the previous few years. The Bank of Canada increased its rate from a low of 0.25% in January 2022 to 5.0% in July 2023, and it remained at that level until April 2024. The policy rate started declining in June 2024 and sat at 3.25% in December 2024. Overall, builders across all the regions saw a slower housing market compared to the previous few years.

Victoria housing market

The recent increase in population (seen in table 1) further exacerbated problems with an already tight rental supply, even though 56.3% of new dwellings completed in 2023 and 2024 were purpose-built rentals.^Note 6 To rein in rental price increases, the Government of British Columbia started to take steps to limit the number of dwellings used for short-term rentals. As of May 1, 2024, only principal residences were allowed to be used for short-term rental accommodation, for a maximum period of 90 days per year. This has closed a large incentive for many small investors who tried to cover the cost of their investment property by renting it on a short-term basis, which provided higher returns compared with long-term rental.

Following a push by the Government of British Columbia, Victoria’s municipal council increased the development cost charges (DCCs) it collects from developers on a per unit basis to help cover increased infrastructre costs. This was the first non-inflationary increase since 2018. Rises ranged from 0.9% to 1.9%, depending on the unit type. In practice, this change meant an increase from $6,900 to $24,600 in DCCs per low-density unit for developers in 2024. Medium-density units saw a rise in DCCs from $6,200 to $14,500, while high-density units posted an increase from $3,600 to $10,200.^Note 8

New home prices by dwelling type

The average price of a new single-detached house in Victoria in the fourth quarter of 2024 was $1.25 million and $1.05 million for a new row house. A new condominium apartment unit had an average price of $659,700. The entry-level^Note 9 price for a condominium apartment ranged from $425,000 to $540,000.

Langford, Colwood and Metchosin were popular communities for new single-detached houses in the region because of their relative affordability compared with more central districts in the Greater Victoria area.

In the fourth quarter of 2024, single-detached homes with living areas greater than 2,500 square feet (sq. ft.) were most commonly reported, with 42% of reported units in that range. This was followed by homes in the range of 2,000 to 2,500 sq. ft. (29%).

For row houses the most common range was 1,500 to 2,000 sq. ft. (39%). The large majority (83%) of units in new condominium apartments fell in the range of 500 to 1,000 sq. ft.

Vancouver housing market

Construction costs have risen in Vancouver, increasing 24.2% from the fourth quarter of 2021 to the same quarter of 2024.^Note 5 In addition to construction costs, Vancouver development charges on new condominium apartments are the highest among the largest CMAs in Canada.^Note 10

Recently, Vancouver has experienced a slower housing market, with the amount of unabsorbed inventory (completed but unsold dwellings) up 119.6% in the fourth quarter of 2024 compared with the same quarter of 2023.^Note 7

New home prices by dwelling type

Pre-sales (units sold before construction starts) play a significant part in the Vancouver market. About 60% of units or more—for condominium apartments—need to be sold for developers to get the proper financing for large-scale projects in Vancouver, as reported by several developers. This report publishes data on current pricing (regardless of the stage of construction), which includes pre-sale pricing. Generally, projects in Vancouver can take one to four years to go from pre-sale to completion. The average construction time in Vancouver for single-detached, semi-detached and row houses ranged from 13.8 to 15.4 months; while for apartments, it was 26.4 months, or more than two years.^Note 10

Data table for Chart 5

Data table for chart 5
Table summary
The information is grouped by Dwelling type (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Dwelling type	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Source: Statistics Canada, New Housing Market Report.
Single-detached	1,994,200	1,910,700	1,930,200	1,976,500
Semi-detached house	1,469,100	1,433,700	1,403,900	1,438,300
Row house	1,214,000	1,200,100	1,188,600	1,216,400
Condominium-apartment unit	1,105,600	1,092,600	1,050,200	1,003,700

New single-detached houses primarily concentrated in Langley, Delta, and Maple Ridge

Overall, single-detached houses had the highest average price of all dwelling types in Vancouver. This type of dwelling was mainly reported in Langley, Delta, and Maple Ridge, cities that are further from downtown Vancouver and still have available residential land at lower cost. In the fourth quarter of 2024 the average price for a new single-detached house was $2.19 million in Maple Ridge and $1.98 million in Langley. The lowest average price was reported in Delta, at $1.53 million, where homes had the lowest average living area reported. In addition, single-detached houses represented 13.9% of completions^Note 11 in 2024 in Vancouver.^Note 6

New semi-detached houses

Semi-detached houses had the second-highest average prices among all dwelling types in the Vancouver CMA, at $1.44 million in the fourth quarter of 2024. These houses are less popular for large developers, as most are built either on infill lots in mature neighbourhoods or following the demolition of an existing detached house with a large property. In the collected data, most new semi-detached houses within the Vancouver CMA were in the city of Langley. In addition, 5.2% of the completed dwellings^Note 11 in 2024 in Vancouver were semi-detached houses.^Note 6

New row houses concentrated in Surrey, Langley, and Coquitlam

In the fourth quarter of 2024, the average price of a new row house stood at $1.22 million in the Vancouver CMA. While row houses are sold in almost all cities of the Vancouver CMA, the cities of Surrey, Langley and Coquitlam had the most available for sale in the fourth quarter. All these cities have more areas of low-density housing, allowing for further densification. In terms of average prices, the lowest priced row houses were found in Maple Ridge, at $991,800, while the most expensive were in the city of Vancouver, at $1.89 million. In addition, row houses represented 10.9% of the completed dwellings^Note 11 in 2024 in Vancouver.^Note 6

New condominium apartments

The average price of a condominium apartment unit in Vancouver was $1.00 million in the fourth quarter. The entry-level^Note 9 price for a new condominium apartment ranged from $567,000 to $699,000.

According to the data collected, the highest number of the condominium apartments listed were in Burnaby, Coquitlam, and the city of Vancouver. In terms of prices, the highest average price for a unit in a condominium apartment was reported in West Vancouver, at $2.38 million, with the city of Vancouver posting the second-highest average price, at $1.68 million. The lowest average price was reported in Langley, at $653,000. In terms of reported average living area, units in condominium apartments in West Vancouver were found to have the largest, at 1,263 sq. ft., while those in Surrey had the smallest, at 671 sq. ft. Condominium apartment^Note 12 completions^Note 11 accounted for 70.0% of all dwelling type completions in 2024 in Vancouver.^Note 6

Abbotsford–Mission housing market

The Abbotsford–Mission CMA, located near Vancouver, generally has lower house prices compared to Vancouver. Given that many Abbotsford–Mission residents commute to Vancouver, it offers an option for those looking to enter the housing market while working in the Metro Vancouver area.

The type of dwelling being built in Abbotsford-Mission has changed significantly over the past decade towards units that allow for more density. From 2014 to 2024, the share of single-detached houses among all completed dwellings^Note 11 dropped from 62.6% to 36.7%, while the proportion of row houses and apartments grew from 37.4% to 60.3%.^Note 6 In addition, in 2024 there was a surge in the number of apartment starts^Note 11 compared with the 2023, with a reported increase of 38.8% year over year.

New home prices by dwelling type

The average price of a new row house in Abbotsford–Mission in the fourth quarter of 2024 was $923,500. The average price for a condominium apartment unit was $613,400, significantly less than in Vancouver, which had an average price of $1.00 million. The entry-level^Note 9 price for a new condominium apartment ranged from $461,000 to $497,000.

Data table for Chart 6

Data table for chart 6
Table summary
The information is grouped by Dwelling type (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Dwelling type	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note: Dwelling types with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
Row house	935,100	916,100	923,500	923,500
Condominium-apartment unit	579,400	627,200	653,000	613,400

Higher average prices in the second and third quarters in Abbotsford-Mission are a result of cheaper developments selling out and more expensive developments launching on the market.

Among the units in condominium apartments for which information was collected in the fourth quarter of 2024, 85% had a living area between 500 to 1,000 sq. ft.

Kamloops housing market

Kamloops has experienced a shift towards condominium apartment construction over the past ten years. Apartments represented 13.9% of all housing starts^Note 11 in 2014, while they accounted for over half (58.4%) of all starts in 2024. Single-detached house starts accounted for 68.6% of all starts in 2014 and fell to 28.4% in 2024.^Note 6 This may be as a result of the population growth that has been seen in the CMA in recent years which has increased significantly faster than the number of housing units that were completed as shown in table 1.

New home prices by dwelling type

In the fourth quarter of 2024, the average price of a new single-detached home in Kamloops was $1.16 million. The price for a new condominium apartment in Kamloops was $687,600. The entry-level^Note 9 price for a new condominium apartment ranged from $352,000 to $525,000. Over two thirds (68%) of the condominium apartments in Kamloops for which information was collected in the fourth quarter had a living area of 500 to 1,000 sq. ft. Units with a living area of 1,000 to 1,500 sq. ft. made up 28%, with the remaining above 1,500 sq.ft.

Kelowna housing market

To address housing availability issues, in January 2024 the City of Kelowna amended a bylaw to remove owners’ ability to list non-principal residences as short-term rentals, in line with proposals laid out by the Government of British Columbia.^Note 13

Builders have reported that the Kelowna new house market tends to consist of several custom home builders, by contrast with other markets, like Vancouver and Victoria, where a substantial market share is held by large tract builders.

Condominium apartments were the most affordable option among the dwelling types in Kelowna in the fourth quarter of 2024. Kelowna had a similar age profile as Victoria in 2024, with more than 20% of the population aged 65 or older^Note 14 and condominium apartments are a popular option for retirees. Accordingly, construction in Kelowna focuses on condominium apartments; 73.1% of all new starts^Note 11 in 2024 fell in that category. Compared to 2023, the number of condominium apartment starts (apartment buildings and others) in 2024 rose by 119.0%.^Note 6

New home prices by dwelling type

The average price in the fourth quarter of 2024 was highest for new single-detached houses ($1.64 million), followed by row houses ($1.19 million). The most affordable were condominium apartments ($773,000). The entry-level^Note 9 price for a new condominium apartment unit ranged from $402,000 to $525,000

Data table for Chart 7

Data table for chart 7
Table summary
The information is grouped by Dwelling type (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Dwelling type	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note: Dwelling types with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
Single-detached	1,575,900	1,689,600	1,579,600	1,641,800
Row house	1,124,600	1,104,600	1,153,400	1,185,200
Condominium-apartment unit	784,600	783,400	760,400	773,000

Among units in condominium apartments for which information was collected in the fourth quarter of 2024, the majority (74%) had a living area of 500 to 1,000 sq. ft.

Saskatoon housing market

New home prices in Saskatoon have been impacted by increasing construction costs. The cost for a builder to construct a single-detached house, which is the most common dwelling type in the Saskatoon CMA, increased 4.4% year over year in the fourth quarter of 2024 and was 16.8% higher than three years earlier, in the fourth quarter of 2021.^Note 5

In an effort to improve affordability in the new housing market, the City of Saskatoon submitted the Housing Action Plan as part of its application for the Government of Canada’s Housing Accelerator Fund, which includes initiatives to enable a variety of housing types and increase density. As a result, in February 2024 the Government of Canada and the City of Saskatoon reached an agreement to fast-track 940 housing units over the following three years.

New home prices by dwelling type

Data table for Chart 8

Data table for chart 8
Table summary
The information is grouped by Dwelling type (appearing as row headers), First quarter of 2024, Second quarter of 2024, Third quarter of 2024 and Fourth quarter of 2024, calculated using average price (dollars) units of measure (appearing as column headers).

Dwelling type	First quarter of 2024	Second quarter of 2024	Third quarter of 2024	Fourth quarter of 2024
	average price (dollars)
Note: Dwelling types with insufficient data in a given quarter are excluded. Source: Statistics Canada, New Housing Market Report.
Single-detached	568,900	549,600	567,300	590,600
Row house	458,300	446,300	446,500	476,300

In the fourth quarter of 2024, the average prices for a new single-detached house and row house in Saskatoon were $590,600 and $476,300, respectively.

The entry-level^Note 9 price for a new single-detached house in the fourth quarter of 2024 ranged from $430,000 to $491,000, with living areas ranging from 1,100 to 1,600 sq. ft. People looking to move up to a mid-priced home would have seen houses priced from $491,000 to $671,000, with living areas of 1,100 to 2,300 sq. ft. Three bedrooms were the most frequently reported configuration for single-family detached houses.

Regina housing market

To address tighter housing inventory, in January 2024 Regina City Council approved several changes to the city’s bylaws. Among these, builders were allowed to build up to four units on residential lots within the City’s intensification boundary, as well as allowing up to two units to be built on residential lots outside of the City’s intensification boundary. Other changes increased the building height limit in mid and high density residential and mixed-use zones, and changing parking space minimum requirements.^Note 15

In 2024, single-detached houses made up 58% of all completed dwellings.^Note 11 However, row houses have become more common, as the proportion of row houses among all completed dwellings went from 16% in 2014 to 27% in 2024.^Note 6

In addition to tighter housing inventory, the Regina new housing market has also been impacted by increasing construction costs. The cost for a builder to construct a single-detached house, the most common dwelling type in the Regina CMA, increased 7.0% year over year in the fourth quarter of 2024.^Note 5

New home prices by dwelling type

The average price for a new single-detached house in Regina in the fourth quarter of 2024 was $594,400, while it was $440,700 for a new row house. The entry-level^Note 9 price for a new single-detached house in the fourth quarter ranged from $420,000 to $490,000. People looking to move up to a mid-priced home would have seen houses priced from $490,000 to $670,000.

Half (50%) of the single-detached houses for which information was collected in the fourth quarter were between 1,500 and 2,000 sq. ft., with houses of 1,000 to 1,500 sq. ft. being the second most common (35%).

Winnipeg housing market

To improve the housing inventory, Winnipeg City Council updated a bylaw in July of 2024 to permit higher density in mature neighbourhoods, allowing the construction of detached secondary suites and reducing parking requirements for affordable and multi-family housing.^Note 16 This may further accelerate an already established trend of densification. The proportion of completed single-detached houses among all completed dwellings in Winnipeg went from 51.0% in 2014 to 23.8% in 2024, while that of apartments rose from 32.4% to 62.9% over the same time, for all intended markets (sale and rent).

In addition to tighter housing inventory, the Winnipeg new housing market has also been impacted by increasing construction costs. The cost for a builder to construct a residential building in Winnipeg increased 4.5% year over year in the fourth quarter of 2024 and was 16.5% higher than three years earlier, in the fourth quarter of 2021.^Note 5

New home prices by dwelling type

In Winnipeg, the average price for a new single-detached house in the fourth quarter of 2024 was $595,500, while a semi-detached home was $455,900. Row houses were the next cheapest option at $433,100 followed by condominium apartments at $350,000.

The entry-level^Note 9 price for a new single-detached house in the fourth quarter of 2024 ranged from $363,000 to $479,000. People looking to move up to a mid-priced home would have seen houses priced from $479,000 to $692,000.

The most common living area range for a single-detached house was 1,500 to 2,000 sq. ft. (57%) in the fourth quarter of 2024.

Fredericton and Moncton housing markets

In an effort to improve affordability in the new housing market in Moncton, one of the goals of Moncton’s Community Implementation Plan for Affordable Housing (2019) was to encourage the development of a broad range of housing options. Overall, it aims for a minimum of 50% of housing completions to be multi-residential (including apartments and row houses), and, of these units, a minimum of 50% should be suitable for one- or two-person households.

This encouragement of row housing was seen in the number of housing starts^Note 9 in Moncton. In the fourth quarter of 2021, row houses had the most starts of all dwelling types for the first time ever.^Note 6 This occurred five more times by the fourth quarter of 2024.

However decreased construction activity was observed in the fourth quarters of 2024, compared with the same quarter a year earlier, with the total housing starts^Note 11 in Moncton decreasing 17.0% year over year.

Fredericton however recorded a slight uptick in the number of starts,^Note 11 increasing 2.9% year-over-year in the fourth quarter of 2024.

New home prices by dwelling type

The average price of a single-detached house in the Fredericton and Moncton composite area was $613,400 in the fourth quarter of 2024, while the average price of a semi-detached house was $483,400. The average price for a row house was $393,000.

The entry-level^Note 9 price for a new single-detached house in the fourth quarter of 2024 ranged from $415,000 to $529,000. People looking to move up to a mid-priced home would have seen houses priced from $529,000 to $722,000. Three bedrooms were the most frequently reported configuration for single-family detached houses in the first three quarters of 2024, while four bedrooms were most reported in the fourth quarter.

Halifax housing market

The cost for a builder to construct a single-detached house in Halifax, which is the most common dwelling type in the CMA, increased 3.7% year over year in the fourth quarter of 2024 and was 28.0% higher than three years earlier, in the fourth quarter of 2021.^Note 5

In an attempt to improve affordability and spur construction in Halifax and the province as a whole, the Government of Nova Scotia updated its housing plan in June 2024 to enable increased densification through diversity in housing types. The initiatives in the housing plan include incentivizing more density in residential neighbourhoods, expanding the list of permitted dwelling types in certain residential zones and allowing up to four-unit dwellings in all residential zones within certain areas. The plan also aims to make the permit application process more efficient and less expensive for applicants.

New home prices by dwelling type

The average price of a new single-detached house in Halifax was $737,200 in the fourth quarter of 2024. The entry-level^Note 9 price for a new single-detached house ranged from $413,000 to $606,000, with homes available at various price points. People looking to move up to a mid-priced home would have seen houses priced from $606,000 to $855,000. Three bedrooms were the most frequently reported configuration for single-family detached houses followed closely by four bedrooms. For new condominium apartments, the average price was $597,700.

Prince Edward Island housing market

To keep up with the housing demand from population growth, the province released a five-year housing strategy that included a plan to incentivize the construction of high-density rental projects and review regulations to support variety in housing types and densities.

The new housing market in Prince Edward Island predominately features single-family detached houses, with this dwelling type accounting for half (52.0%) of the starts^Note 11 in 2024.^Note 6 Single-detached houses were followed by semi-detached houses, which accounted for 31.3% of the starts.

A slight change in dwelling type composition was observed in the first half of 2024 with more semi-detached houses started than single-detached houses. This may indicate a subtle shift towards cheaper, higher-density dwellings in the province.

New single-detached home prices

The average price of a single-detached house in Prince Edward Island was $549,800 in the fourth quarter of 2024. The entry-level^Note 9 price for a new single-detached house in the fourth quarter of 2024 ranged from $300,000 to $415,000. People looking to move up to a mid-priced home would have seen houses priced from $415,000 to $670,000. Three bedrooms were the most frequently reported configuration for single-family detached houses.

St. John’s housing market

The cost for a builder to construct a single-detached house in St. John’s, which is the most common dwelling type in the St. John’s CMA, increased 3.1% year-over-year in the fourth quarter of 2024 and was 19.6% higher than three years earlier, in the fourth quarter of 2021.^Note 5

Based on the collected data and information on historical housing starts, single-detached houses have been the most common dwelling type in the CMA. In an effort to stimulate housing growth and improve affordability through densification, St. John’s City Council approved an amendment to the city’s development regulations in June 2024 that would allow for more variety in the types of dwellings that could be built in residential zones. These changes included permitting triplexes, fourplexes, row houses and tiny homes to be built in zones that previously did not allow them, as well as accepting the construction of multiple buildings on a single lot.

New single-detached home prices

The average price of a new single-detached house in St. John’s was $448,200 in the fourth quarter of 2024. The entry-level^Note 9 price for a new single-detached house ranged from $360,000 to $388,000. People looking to move up to a mid-priced home would have seen houses priced from $388,000 to $487,000. Three bedrooms were the most frequently reported configuration for single-family detached houses. Builders reported construction times for single-detached houses ranging from six months to a year.

Modular constructed homes in New Brunswick and Nova Scotia

Modular construction is gaining traction in the housing construction industry. Modular is a form of construction where homes are built in sections (modules) in an indoor factory and then delivered to the building site, where they are assembled onto the already poured foundation, unlike traditional homes, which are built on the site. Some homes are already complete when they arrive at the site, with siding, kitchen appliances, flooring, etc.

As the need for more homes increases and as more regions revise their residential zonings to allow for modular construction, these dwellings may play a growing role in the coming years, as they are faster to build compared to conventionally built homes on site.

Builder’s reported prices for modular constructed homes exclude the cost of land, as well as any costs associated with site preparation (excavation and fill), utility connections, or exterior features (driveway and landscaping).

New Brunswick modular constructed homes

The majority (63%) of single-detached modular constructed homes sold in New Brunswick in 2024 were in the price range of $100,000 to $200,000. Homes in this range had an average living area 1,157 sq. ft. costing an average of $122 per square foot. Three-bedroom homes were the most frequently reported configuration in this price range.

Lower priced modular constructed homes under $100,000 had average living areas of 792 sq. ft and a price per square foot of $108. Two-bedroom homes were most common in this lower price range.

Modular constructed homes in the range of $200,000 to $300,000 had an average living area of 1270 sq. ft. and costed an average of $203 per square foot. Three-bedroom homes were the most frequently reported configuration in this price range.

Nova Scotia modular constructed homes

In Nova Scotia in 2024, modular constructed homes in the price range of $100,000 to $200,000 were most reported with 45% of homes reported within this range. Homes in this range had an average living area of 1,086 sq. ft. costing an average of $150 per square foot.

Lower priced modular constructed homes under $100,000 were primarily bachelor style, with the majority (65%) of the reported homes being bachelor units. Homes in this price range having an average living area of 357 sq. ft.

Modular constructed homes in the range of $200,000 to $300,000 had an average living area of 1,174 sq. ft. and costed an average of $234 per square foot. Homes in the range of $300,000 to $500,000 had an average living area of 1,200 sq. ft. and costed an average of $286 per square foot. Homes priced over $500,000 had an average living area of 2,318 sq. ft. and costed an average of $310 per square foot

Two-bedroom homes were the most frequently reported configuration in Nova Scotia in 2024.

Acknowledgments

Statistics Canada acknowledges the contributions of builders and developers to the data collection, and thanks Altus Group for sharing high-level statistics that supported validation and analysis. Statistics Canada also appreciates the collaboration of the Canadian Home Builders’ Association (CHBA) and its regional affiliates, whose engagement helped enhance insights into the new home market.

Appendix A – Collection rates

The collection rate is defined as the percentage of units in the frame of builders for whom data has been collected in a given period

Confirming whether a builder/developer (hereafter referred to as a “reporting unit”) was in scope was not possible in all cases. For this reason, two frames were created to get an accurate picture of the active builders and developers in the housing market.

The first frame, referenced as the “Confirmed” frame, is smaller and includes all reporting units that were confirmed to be in scope. The second frame, the “Partially confirmed” frame, is larger and includes all the reporting units from the confirmed frame as well as reporting units that were confirmed to have historically been active in the market but were not confirmed to be active in 2024.

Each reporting unit is equally weighted in the collection rate, weights are not assigned based on level of activity in the market. For example, a large-scale builder who builds residential subdivisions is counted the same as a custom home builder who may only build one to two homes per year.

A collection rate is calculated for each geographical area. The collection rates for the year 2024 are provided in the table below.