Halifax, GTA and Saskatoon Lead 30-Year Home Price Growth: RE/MAX Canada Report
Affordability barriers rising even as home ownership remains Canada’s key wealth driver
TORONTO — A new RE/MAX Canada Housing Market Drivers Report finds that home ownership has delivered exceptional returns over the past three decades — but warns that affordability challenges, supply shortages, and rising population growth are making ownership increasingly out of reach for younger Canadians.
In an analysis of nine major Canadian urban centres, the report shows that Halifax, the Greater Toronto Area, and Saskatoon recorded the highest percentage increases in average home prices between 1994 and 2024, ranging from 377 per cent to 460 per cent. Halifax led the nation with a 460 per cent increase and a compounded annual growth rate (CAGR) of 5.91 per cent, followed by the GTA (436.2 per cent, 5.76 per cent CAGR) and Saskatoon (377 per cent, 5.35 per cent CAGR).
RE/MAX Canada President Don Kottick said the findings reaffirm that home ownership continues to be one of the most reliable paths to wealth accumulation for Canadians, despite cyclical downturns.
“Each generation of Canadian homeowners — from Baby Boomers to Gen Z — has faced its challenges and obstacles,” Kottick said in the report. “Today’s trade barriers, high interest rates and stringent lending policies may be overwhelming, but this too shall pass… buyers may look back and realize that this period represented the best opportunity in recent years to get into the market at a reduced price point.”
Affordability and supply remain central challenges
According to the report, average home prices have consistently outpaced wage growth, making it increasingly difficult for first-time buyers to enter the market. Chronic supply shortages and the cancellation of new construction projects are expected to further tighten conditions.
In the Greater Toronto Area, average home prices rose from roughly $209,000 in 1994 to $1.12 million in 2024, while household income increased just 34.6 per cent over the same period, from $97,300 to $131,000. The GTA’s home ownership rate has also declined, falling from 68.3 per cent in 2011 to 65.1 per cent in 2021, underscoring the widening affordability gap.
Halifax, now one of Canada’s fastest-growing markets, experienced unprecedented population growth during the pandemic years, pushing the average home price to $579,521 in 2024. Saskatoon’s housing values also surged nearly fourfold, buoyed by migration, strong employment, and proactive municipal planning to support higher-density housing.
Population growth outpaces housing supply
Between 1994 and 2024, Canada’s population surged across all major metropolitan areas, led by Calgary (+120.8 per cent), Edmonton (+86.8 per cent), and Toronto (+68.1 per cent). Meanwhile, housing construction has failed to keep pace. The Canada Mortgage and Housing Corporation (CMHC) recently warned that national housing starts must double — to as many as 480,000 units per year — to restore affordability over the next decade.
In the GTA, new home sales in July 2025 were the lowest in decades, according to the Building Industry and Land Development Association (BILD). The trend reflects national challenges: limited housing supply, high financing costs, and cautious investor sentiment.
Policy shifts and future solutions
RE/MAX Canada’s report calls for coordinated action among governments and private industry to support first-time buyers and increase supply. The recommendations include easing the federal mortgage stress test, extending amortization periods, and removing land transfer taxes or sales taxes for purchases below certain thresholds.
The study also highlights Build Canada Homes, a new federal agency expected to begin overseeing modular housing construction on public lands in 2026. The program has $13 billion in funding earmarked to deliver up to 45,000 homes in six major cities, including Toronto and Ottawa.
A long-term cycle of resilience
Despite current market challenges, RE/MAX’s long-term data shows that housing markets historically rebound strongly after economic downturns. The report concludes that Canada’s real estate cycle — from recovery to expansion — remains intact, with home ownership continuing to play a central role in household wealth and stability.
“Affordability, population growth and supply shortages are the recurring themes shaping residential housing in Canada,” Kottick noted. “Governments and private-sector players share a great responsibility in ensuring sustainable urban development and preserving the dream of home ownership for future generations.”
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