Canadian real estate prices vary dramatically from one province to another, so a national average tells only part of the homebuying story. In June 2026, benchmark prices ranged from the low CAD $300,000s in parts of Atlantic Canada to nearly CAD $900,000 in British Columbia. For buyers, the more useful question is not simply “What does a Canadian home cost?” but “What does a typical home cost in the province I am considering, how quickly are prices changing, and how much cash will I need before closing?” This guide compares all ten provinces using current benchmark prices and explains the mortgage, down-payment and first-time buyer rules that matter in 2026.
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The National Price Picture in June 2026
The latest official CREA package available as of early August covers June 2026Canadian home sales continued to recover in June, rising another 0.5% on a seasonally adjusted month-over-month basis. The national market had 4.8 months of inventory, close to the long-term average of five months and broadly consistent with balanced conditions.
The benchmark was down 3.6% from June 2025 and 0.3% from May 2026.
Benchmark price and average price are not the same thing
The average sale price is affected by the mix of homes sold in a particular month. If more luxury houses sell, the average can rise even without broad market appreciation. The MLS® Home Price Index benchmark is designed to track the value of a typical home more consistently. That is why this guide uses provincial benchmark prices for the main comparison.
Canadian Home Prices by Province in 2026
June 2026 composite benchmark prices, ranked from lowest to highestSwipe sideways to view the full province comparison.
| Province | June 2026 benchmark | Annual change | Approx. minimum down payment at benchmark |
|---|---|---|---|
| New Brunswick | CAD $342,600 | +5.9% | CAD $17,130 |
| Newfoundland and Labrador | CAD $358,000 | +10.8% | CAD $17,900 |
| Prince Edward Island | CAD $383,300 | +1.4% | CAD $19,165 |
| Saskatchewan | CAD $385,900 | +4.8% | CAD $19,295 |
| Manitoba | CAD $398,700 | +3.8% | CAD $19,935 |
| Nova Scotia | CAD $431,700 | −1.3% | CAD $21,585 |
| Alberta | CAD $516,600 | −1.7% | CAD $26,660 |
| Quebec | CAD $550,400 | +4.3% | CAD $30,040 |
| Ontario | CAD $753,300 | −4.6% | CAD $50,330 |
| British Columbia | CAD $887,100 | −5.0% | CAD $63,710 |
The down-payment column applies the federal minimum-down-payment formula to the provincial benchmark price for illustration. A benchmark is not an actual listing price, and lenders can require a larger down payment depending on the property and borrower.
Below CAD $400,000
New Brunswick, Newfoundland and Labrador, Prince Edward Island, Saskatchewan and Manitoba all had provincial benchmarks below CAD $400,000 in June 2026.
CAD $400,000–$600,000
Nova Scotia, Alberta and Quebec occupied the middle tier. This range can still contain major city-level differences, especially between urban centres and smaller communities.
Above CAD $700,000
Ontario and British Columbia remained in a different price category from the rest of Canada despite posting some of the largest annual benchmark declines.
What the 2026 Numbers Mean for Homebuyers
Price direction, inventory and local market composition can matter as much as the headline numberNew Brunswick
New Brunswick was the lowest-priced province in the June benchmark comparison, although prices were still 5.9% higher than a year earlier. That combination—lower absolute prices but continuing annual growth—is important for buyers who are relocating from Ontario or British Columbia and assuming Atlantic prices are static.
Buyer angle: Compare Moncton, Fredericton, Saint John and smaller communities separately. Employment access, property condition, heating systems and rural services can create large differences within the province.
Newfoundland and Labrador
Newfoundland and Labrador posted the strongest annual benchmark increase in Canada at 10.8%. Its benchmark and average sale price both reached record highs in June, with the average sale price at about CAD $375,334.
Buyer angle: The province remains inexpensive relative to Ontario and British Columbia, but strong recent appreciation means buyers should not rely on older affordability assumptions.
Prince Edward Island
PEI’s benchmark reached a record CAD $383,300 and was 1.4% above June 2025. The average sale price was approximately CAD $410,105, while inventory sat around 5.9 months, giving buyers more selection than in the tight Prairie markets.
Buyer angle: Island markets can be influenced by a relatively small number of monthly sales. Inspect wells, septic systems, coastal exposure and insurance considerations where applicable.
Saskatchewan
Saskatchewan’s benchmark reached a record CAD $385,900, up 4.8% year over year. With roughly 2.5 months of supply in June, it was one of the tightest provincial markets in the current comparison.
Buyer angle: A lower benchmark does not necessarily mean buyers have unlimited negotiating power. In tighter Saskatoon and Regina segments, desirable homes can still attract strong competition.
Manitoba
Manitoba’s benchmark was up 3.8% from a year earlier. Its June average sale price reached a record CAD $424,251, showing that the homes changing hands were somewhat more expensive than the benchmark typical-home measure.
Buyer angle: Winnipeg dominates the provincial market, but property taxes, heating costs, foundation condition and neighbourhood-level resale demand should be included in the affordability calculation.
Nova Scotia
Nova Scotia’s benchmark was 1.3% lower than June 2025 and fell 2.2% from May. The average sale price was about CAD $481,384, while Halifax remained considerably more expensive than the provincial benchmark.
Buyer angle: Buyers should separate Halifax Regional Municipality from smaller communities. Commuting distance, well and septic systems, oil heating and property insurance can materially change total ownership costs.
Alberta
Alberta’s benchmark was 1.7% below a year earlier, yet its June average sale price of about CAD $541,778 was 3.2% higher year over year. This is a good example of why average and benchmark prices can move in different directions.
Buyer angle: Inventory was relatively tight at about 2.8 months. Calgary, Edmonton and smaller Alberta markets should be compared independently because their price levels and supply conditions differ substantially.
Quebec
Quebec’s benchmark rose 4.3% year over year to CAD $550,400. The province’s average sale price reached a record CAD $568,942, while Montréal’s average price was considerably higher than the provincial figure.
Buyer angle: Buyers should budget for Quebec-specific notarial and property-transfer costs and compare Montréal, Québec City and smaller regional markets separately.
Ontario
Ontario’s benchmark was 4.6% lower than June 2025, one of the steepest annual declines among the provinces. The average sale price was about CAD $831,595, reflecting the strong influence of higher-priced Greater Toronto Area transactions.
Buyer angle: Ontario cannot be treated as one market. Toronto, Ottawa, Hamilton, London, Windsor, Sudbury and smaller communities can sit hundreds of thousands of dollars apart.
British Columbia
British Columbia remained Canada’s most expensive province by benchmark price even after a 5.0% annual decline. The June average sale price was about CAD $946,878. With roughly 6.4 months of supply, BC also offered more buyer choice than most major provincial markets.
Buyer angle: Metro Vancouver strongly influences provincial price perceptions. Vancouver Island, the Interior, northern BC and smaller communities can have very different price and inventory conditions.
Minimum Down Payment Rules in Canada for 2026
The minimum is based on the actual purchase price, not the provincial benchmarkFor homes priced at CAD $500,000 or less, the minimum down payment is 5%. For homes above CAD $500,000 but below CAD $1.5 million, buyers need 5% of the first CAD $500,000 plus 10% of the portion above CAD $500,000. Homes priced at CAD $1.5 million or more require at least 20% down.
When the down payment is below 20%, buyers will typically need mortgage loan insurance. The federal insured-mortgage purchase-price ceiling is CAD $1.5 million. A lender may still require more than the statutory minimum depending on credit, income, property type or other risk factors.
The 2026 Stress Test Can Limit Your Buying Budget
Being able to make the payment is not the same as qualifying for the mortgageQualify at the higher of your contract rate plus 2% or 5.25%
OSFI’s current minimum qualifying rate for uninsured mortgages remains the greater of those two figures at federally regulated lenders.
CMHC uses about 39% as the gross-debt-service ceiling
Mortgage principal and interest, property taxes, heating and applicable condominium or site costs are considered when assessing housing affordability.
Total debt should generally stay around 44% or below
Car loans, lines of credit, credit cards and other debt can reduce the mortgage amount a buyer qualifies for even when the down payment is ready.
Available on insured mortgages for first-time buyers and buyers of new builds
The federal expansion that took effect in December 2024 allows eligible first-time buyers and all purchasers of new builds to use a 30-year insured amortization, subject to mortgage-insurance requirements.
Get Pre-Approved Before Comparing Provinces by Price
A CAD $400,000 home in Manitoba or Saskatchewan may look inexpensive next to Ontario or British Columbia, but the mortgage still has to fit your income and debts. A pre-approval gives you a practical ceiling before you spend money on travel, inspections or offers.
Budget 1.5% to 4% for Closing Costs
Legal, transfer, inspection, tax and title costs vary by province and municipalityThe Financial Consumer Agency of Canada and CMHC recommend preparing for closing costs of approximately 1.5% to 4% of the purchase price. These costs can include legal or notarial fees, land or property transfer taxes, title insurance, inspection costs, property-tax adjustments and other transaction expenses.
Do not assume the same closing-cost structure applies everywhere. British Columbia, Ontario, Quebec and the Atlantic provinces use different transfer-tax, registration and legal systems, and some cities add municipal taxes or rebates of their own.
Homebuyer Programs Available in 2026
Federal savings and tax programs can be combined when eligibility conditions are metFirst Home Savings Account
An FHSA gives eligible first-time buyers CAD $8,000 of contribution room in the first year the account is opened, with a general lifetime contribution limit of CAD $40,000. Qualifying withdrawals for a first home can be tax-free.
FHSA InformationHome Buyers’ Plan
The HBP currently allows an eligible buyer to withdraw up to CAD $60,000 from RRSPs to buy or build a qualifying home. Eligible couples can each use their own limit, and the HBP can be combined with a qualifying FHSA withdrawal.
Home Buyers’ PlanFirst-Time Home Buyers’ GST/HST Rebate
Eligible first-time buyers of newly built or substantially renovated homes can recover up to CAD $50,000 of the GST or federal HST portion. The rebate is 100% on qualifying new homes up to CAD $1 million and phases out between CAD $1 million and CAD $1.5 million.
GST/HST RebateFederal Home Buyers’ Amount
Eligible buyers may also claim the federal home buyers’ amount, which can provide a non-refundable tax credit of up to CAD $1,500. Provincial incentives may exist separately.
Homeowner Tax MeasuresOntario has an additional 2026 new-home rebate
Ontario’s first-time home buyers’ rebate can provide eligible buyers with up to CAD $80,000 of the provincial HST portion on a qualifying new or substantially renovated first home. It follows the eligibility framework for the federal first-time home buyers’ GST/HST rebate.
What to Compare Before Moving for Cheaper Real Estate
A lower house price does not automatically mean a lower total cost of ownershipProperty tax
Municipal property taxes differ widely. Compare the actual annual bill on properties you are considering, not just provincial averages.
Heating and climate
Oil, propane, electric and natural-gas heating costs vary by region and property efficiency. Harsh winters can materially change monthly ownership costs.
Insurance
Flood, wildfire, coastal exposure, older wiring, oil tanks and rural fire protection can affect premiums or insurability.
Employment and income
A CAD $350,000 home is not more affordable if relocating reduces household income or creates a long, expensive commute.
Condo or strata fees
For apartments and townhouses, review monthly fees, reserve funds, special assessments, insurance and building condition.
Resale liquidity
Smaller communities may have lower prices but fewer buyers. Consider how long comparable properties stay on the market.
Inspection risks
Foundation, moisture, roofing, septic, wells, heating equipment and older electrical systems can turn a low purchase price into a costly project.
Transfer taxes and rebates
Land or property transfer taxes and first-time buyer rebates differ by province and sometimes by municipality. Confirm them before making an offer.
Frequently Asked Questions
Quick answers based on the latest June 2026 housing dataWhich Canadian province has the cheapest benchmark home price in 2026?
New Brunswick had the lowest June 2026 provincial benchmark in the current comparison at approximately CAD $342,600, followed by Newfoundland and Labrador at CAD $358,000.
Which province has the most expensive real estate?
British Columbia had the highest June 2026 provincial benchmark at approximately CAD $887,100, followed by Ontario at CAD $753,300.
Are Canadian home prices falling in 2026?
Not everywhere. The national composite benchmark was down 3.6% year over year in June, with declines in British Columbia, Ontario, Alberta and Nova Scotia. Quebec, Manitoba, Saskatchewan, PEI, New Brunswick and Newfoundland and Labrador were higher than a year earlier.
How much is the minimum down payment on a CAD $700,000 home?
The federal minimum is CAD $45,000: 5% of the first CAD $500,000, which is CAD $25,000, plus 10% of the remaining CAD $200,000, which is CAD $20,000.
Do I need mortgage insurance with a 10% down payment?
Typically yes. When the down payment is less than 20% of the purchase price, mortgage loan insurance is generally required, subject to the applicable eligibility rules.
What is the mortgage stress test in Canada in 2026?
For uninsured mortgages at federally regulated lenders, the current minimum qualifying rate is the greater of the mortgage contract rate plus 2 percentage points or 5.25%.
How much should I save for closing costs?
Federal consumer guidance recommends planning for approximately 1.5% to 4% of the purchase price in closing costs, in addition to the down payment.
Can I use an FHSA and the Home Buyers’ Plan together?
Yes. An eligible buyer can make a qualifying FHSA withdrawal and an HBP withdrawal for the same qualifying home when all conditions for both programs are met.
Use Provincial Prices to Narrow the Search—Then Analyse the Local Market
The province table is a useful starting point, but the property you can comfortably afford depends on your income, mortgage qualification, closing costs and the specific city or community where you plan to buy.
Check CREA’s National Price MapData and verification: June 2026 national housing statistics from the Canadian Real Estate Association; provincial benchmark figures from June 2026 CREA MLS® HPI market data; federal down-payment guidance from the Financial Consumer Agency of Canada; mortgage stress-test guidance from OSFI; homebuying-cost guidance from FCAC and CMHC; and current FHSA, Home Buyers’ Plan and first-time home buyers’ GST/HST rebate information from the Government of Canada and Canada Revenue Agency. Benchmark and average prices are market indicators, not valuations of individual homes. This article provides general information and is not mortgage, legal, tax or investment advice.