10 Most Expensive Places to Live in Canada

If you dream of buying a home in one of Canada’s most sought-after locations, you’re in for a surprise. Living in many of Canada’s big cities comes at a steep price. While mortgage rates have eased, it may not make a huge difference, especially regarding your down payment.

According to the latest Canadian Real Estate Association (CREA) data, the national average home price reached $676,640 (December 2024). That’s a 2.5 per cent year-over-year increase. Single-family detached homes averaged $855,900, while condos sold for $592,700 in the final quarter of 2024. But these numbers don’t tell the whole story. Prices in Canada’s most desirable locations are much higher than the national average.

Let’s take a look at the ten most expensive places to live in Canada. From breathtaking waterfront properties to high-rise penthouses with big-city amenities, these are Canada’s most expensive places to live.

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1 / 10

Markham, ON

Average home price: $1,262,533

Located north of Toronto, Markham is a mix of suburban appeal and city conveniences, with a hefty price tag. Markham is known for its tech space, highly regarded schools and diverse food scene. Prices have soared, however, making it one of the most expensive places in the country.

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Oakville, ON

Average home price: $1,227,700

Oakville is a magnet for luxury homebuyers with a scenic waterfront, renowned golf courses and upscale neighborhoods. This affluent community offers a high quality of life, easy access to Toronto and a strong sense of exclusivity—reflected in its sky-high real estate prices.

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3 / 10

Metro Vancouver, BC

Average home price: $1,171,500

No surprise here — living in one of Canada’s most stunning regions comes with a big price tag. With its breathtaking mountain views, oceanfront properties and world-class amenities, Metro Vancouver remains one of the country’s most expensive places to call home. High demand combined with limited space keeps real estate prices among the steepest in the country.

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4 / 10

Toronto, ON

Average home price: $1,061,900

As Canada’s largest metropolitan area, the Greater Toronto Area (GTA) is a hub of culture, business and opportunity. But living here doesn’t come cheap. From million-dollar condos in the downtown core to sprawling estates in the suburbs, home prices remain among the highest in the country. With relentless demand and a fast-paced market, affording a piece of Toronto life requires deep pockets (and wealthy parents).

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5 / 10

Victoria, BC

Average home price: $869,400

Oceanside beauty and a mild climate make the BC capital a top choice for buyers. With its historic charm, funky arts scene and laid-back West Coast lifestyle, Victoria’s desirability keeps real estate prices high. Limited land and steady demand mean buyers pay a premium to call this Vancouver Island city home.

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Hamilton, ON

Average home price: $798,600

Once an industrial hub, Hamilton has transformed into a sought-after destination for those seeking a balance of city life and outdoor space. Its growing arts scene, waterfront redevelopment and closeness to Toronto have increased housing costs, making it one of the priciest places to settle in Ontario and the entire country.

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7 / 10

Kelowna, BC

Average home price: $651,800

The Okanagan Valley’s wine country and resort-style living are anything but cheap. With its gorgeous lake views, thriving food scene and year-round outdoor recreation, Kelowna has become a hotspot for luxury buyers and retirees. High demand and limited supply combine to keep prices high.

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8 / 10

Ottawa, ON

Average home price: $645,800

Our National Capital Region offers a mix of historic charm, government prestige and vibrant neighbourhoods. Affordability is another story. A strong job market, top-tier schools and desirable communities have increased home prices, making Ottawa one of the country’s most expensive places to live.

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9 / 10

Calgary, AB

Average home price: $572,400

A thriving economy, breathtaking Rocky Mountain views and a dynamic downtown. Calgary has a lot to offer, which is why it’s become one of the highest-priced housing markets in the country. The strong energy sector, growing tech scene and comfortable neighbourhoods keep demand high, making it one of Canada’s most expensive places to live.

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10 / 10

Montréal, QC

Average home price: $542,900

A city of rich history, European charm and vibrant culture, Montréal also comes with high real estate prices. Cozy neighbourhoods, a thriving tech sector and a strong rental market have pushed housing prices higher, making Montréal one of the costliest places to buy in the country.