House price index
Canada's property price index has held on a plateau since 2023, showing only marginal fluctuations. It entered this phase after the moderate decline seen in 2022. In 2025, however, the ratchet effect could no longer support a weakening market, and the index began to fall.
Number of real estate transactions
Transaction volumes display a contradictory form of stagnation, a pattern that is inherently atypical. It nevertheless underlines the underlying weakness of the market and points to a negative outlook.
Price per square metre
The trend in the average price per square metre likewise reflects the stagnation prevailing in the market.
Price per square metre by city
In the largest cities prices rose in 2025, yet they remain substantially below the levels of the pivotal year 2023. The market looks like an unstable system exposed to inconsistent and at times irrational regulation.
A broader sample of 10 cities rounds out the overall picture.
Rental yield
The highest rental yield is recorded in Calgary, averaging above 6%, which points to strong buyer interest in the region and a relative shortage of supply. In 2025, however, Edmonton, the region's second major city, began converging on similar yield levels.
Canada's real estate market currently looks broadly pessimistic, with notable exceptions in Calgary and Edmonton. Growth in this region (Alberta) is driven by a more favourable tax environment, including the absence of several taxes levied elsewhere, as well as by more affordable housing compared with Vancouver and Toronto. This has made Alberta a key destination for internal migration.
The population inflow into Calgary reached approximately 5% in 2024, driving a sharp rise in rents. In 2025 migration flows into Alberta contracted by roughly 20%, but they are expected to remain positive in 2026–2028, preserving the region's appeal both for pre-construction investors and for buy-to-let investors. Against a backdrop of rising prices and strong rental demand, the effective average return on invested capital is forecast to reach 7–7.5% per annum by 2026. The greatest potential lies in townhouses and multi-unit rental properties.
Canada possessed exceptionally strong economic potential at the start of the twenty-first century, yet its current property market reflects the cost of past policy mistakes and missed opportunities.
A meaningful return to growth would require substantial structural reforms and a strategic pivot towards long-term national priorities, an outcome that appears unlikely under current domestic and external conditions.
For the time being, Canada is not among the most attractive markets for investment.
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