The median home price is $776,400. Here’s what that buys across Canada

It’s a little misleading to ask what the average home costs in Canada: there are so many types, markets and submarkets that the answer makes little statistical sense. Still, the Canadian Real Estate Association does its best with a measure called the National Composite MLS Home Price Index, which tries to suss out where the market overall is going by looking at sales and listings from real estate boards across the country. The latest figures from June show four months of slowly deflating home prices, but they also set a benchmark of $776,400 for single-family detached homes prices across the country.

CREA’s numbers show these types of homes are still historically quite expensive, but still lower than when the pandemic-era boom rocketed prices to a peak of $951,200 in 2022. Since then, the trend has been down to the point where CREA’s national numbers say these homes are now about 18 per cent lower than their peak.