Skip to main content

The Globe and Mail

Toronto and Vancouver’s lofty home prices, put into historical context

Home prices in Toronto and Vancouver continue to rise at a blistering pace – and both markets remain the two most expensive in Canada.

As one would expect, average prices in both cities run well above the national average. But going back 35 years, has that always been the case? And how have those price gaps fluctuated over time?

First off, here are sales figures released by the Canadian Real Estate Association on Monday. In Greater Vancouver, the average residential sale price was about $947,000 in October, and for Greater Toronto it was roughly $631,000. Excluding both areas, the national average price was just over $339,000.

For Vancouver, it amounts to an average home price that is 2.79 times greater than the national average. The October ratio is Vancouver's second-highest on record, eclipsed only by a peak of 2.91 reached in February of 1995. For 76 consecutive months, Vancouver's price-gap ratio has run above its 35-year average.

It's a different story in Toronto, where the average price is 1.86 times greater than the national average. While Toronto's ratio has been creeping higher for years, it's still well below a peak reached in April of 1989.

Finally, dating back to 1980, the average monthly sale prices in Vancouver and Toronto have always exceeded the national average.

Story continues below advertisement

Report an error Licensing Options

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at