CostAs of 2026, Vancouver and Toronto remain Canada's most expensive major markets by a clear margin, with the Prairies and Atlantic Canada offering the most accessible average pricing among major cities — a gap wide enough to meaningfully change the down payment and closing costs required in each.
The current spread, illustratively
Approximate average home price by market, 2026
| Vancouver | Highest among major markets |
| Toronto | Second-highest |
| Ottawa, Montreal | Mid-range |
| Calgary, Edmonton | Below the Ontario/BC average |
| Halifax, Winnipeg, Saskatoon, Regina | Among the most accessible major markets |
These are directional comparisons, not precise current figures — see our specific Toronto, Vancouver, Calgary, Edmonton, and Montreal updates for more detail on each.
What that means for closing costs, not just the down payment
A higher home price doesn't just mean a bigger down payment — it also generally means higher land transfer tax (since most provinces use percentage-based or bracket-based tax) and higher CMHC insurance premiums in dollar terms, compounding the total cash needed to close in higher-priced markets on top of the sticker price gap itself.
Why the gap matters beyond the sticker price
The same income and down payment can put meaningfully different types of homes within reach depending on the city, which is exactly why generic national affordability commentary is often less useful than looking at your specific target market. See what your own numbers support on the affordability calculator, and your total closing costs for any specific city on the closing cost calculator.