22 Canadian Cities with the Fastest Rising Home Prices

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The Canadian housing market has been a roller coaster, and recently, the ride seems to be climbing at an almost vertical pace in certain cities. From bustling metropolitan areas to smaller communities that were once overlooked, prices have been moving upward in ways that catch both buyers and policymakers off guard. Here are 22 Canadian cities with the fastest-rising home prices.

Toronto, ON

Two-bedroom condo values have climbed from pandemic-era levels despite a mid-cycle pullback. A clean comparison is TRREB’s condo-apartment averages: City of Toronto averaged about $645k in Q4-2020, while the GTA’s Q2-2025 condo-apartment average sat near $717k. The intervening run-up and 2022–23 correction make the path bumpy, but the baseline-to-now step-up is still evident, helped by immigration, transit-oriented demand, and a still-tight downtown resale pool. Buyers face higher fees, stricter stress tests, and a widening resale/pre-construction price gap that emerged in 2022—resulting in a higher 2025 landing zone for most two-bedroom stock compared to late-2020 starting points.

Vancouver, BC

Greater Vancouver’s apartment benchmark is a reliable proxy for two-bedroom condos. The apartment MLS® HPI benchmark was approximately $683k in July 2020 and is currently around $744k in July 2025. The market surged into early 2022, then eased with rising interest rates, but condo pricing held steadier than that of detached housing. A constrained geography, relentless amenity appeal, and substantial immigration keep two-bedroom demand resilient, especially in transit-served submarkets (Brentwood, Surrey City Centre, Oakridge). Investors are more price-sensitive due to carrying costs, yet end-users sustain core demand—bottom line: a modest but durable step-up from 2020 to 2025 for typical two-bedroom apartments.

Montréal, QC

Montréal’s condo median has increased significantly since 2020. Province-wide numbers help frame it: QPAREB data show the Montréal CMA condo median at nearly $305k in 2020, advancing to roughly $425k by mid-2025. That gain reflects migration to ownership during low-rate years, a renovation cycle that refreshed older stock, and a durable preference for two-bedroom layouts among families and work-from-home buyers. Activity cooled with rate hikes, but the post-2020 elevation stuck. Price tolerance now depends on fees, location, and parking. New supply timelines remain long in central boroughs, quietly supporting resale values for practical, two-bedroom inventory.

Ottawa, ON

Ottawa’s condo segment has been steadier than many assume. The average condo price in 2020 was approximately $361k, and the apartment benchmark is expected to reach $412k in mid-2025, representing a measured rise that has withstood federal/public-sector hiring pauses, as well as a balanced resale pool. Two-bedrooms around rapid transit (Confederation Line) and the inner-urban core (Centretown, Hintonburg, Westboro) command premiums for size and light. New-build fees and delayed completions prompted more buyers to opt for resales, thereby anchoring values. The gap to freehold widened most in 2021–22, but condo affordability relative to larger homes remains the primary draw, preserving the step-up from 2020 to 2025 for typical two-bedroom units.

Calgary, AB

Calgary transitioned from a prolonged slump from 2015 to 2019 to national-leading growth. For two-bedrooms, the apartment benchmark sits near $330k in July 2025, up from roughly the mid-$200s in 2020 (CREB charts and contemporaneous forecasts pegged 2020 condo benchmarks near the $240k–$260k mark). Affordability, interprovincial migration, and a diversified job base (tech/film/logistics) supported a stronger recovery in larger condos, with inner-city concrete drawing newcomers who want space without six-figure renos. The premium for renovated, air-conditioned stock widened in 2024–25—resulting in a pronounced multi-year lift from the 2020 troughs to the present benchmarks for typical two-bedroom apartments.

Edmonton, AB

Edmonton’s two-bedroom condo values have been remarkably stable, then quietly firmer in 2024–25. RAE data show 2020 condo averages hovering just above $210k, with mid-2025 averages ranging from $210k– $215k and a rising sales pace. That’s a small nominal gain compared to 2020, but the affordability gap to freehold has widened, bringing more first-time buyers into larger condo layouts. Downtown’s amenity rebuild and suburban TOD nodes (Century Park, Clearview) have improved demand for two-bedroom units with covered parking. Investor math improved with rising rents, nudging prices off the floor. Growth is less dramatic than Calgary’s, yet 2025 is clearly above 2020’s baseline.

Victoria, BC

Victoria’s condo benchmark was near $530k in mid-2020 and fluctuated around $550k–$563k in mid-2025, representing a modest net increase. The city experienced a surge in 2021–22, followed by a controlled cooling-off period with financing costs; yet, two-bedroom units with decent square footage (900–1,100 sq. ft.) remain scarce, and strata bylaws increasingly value quiet, well-managed buildings—supportive of pricing. Retiree/remote-worker demand keeps inner-harbour and Fairfield/Jubilee addresses bid, while Langford/Colwood captures value shoppers. Overall, 2025 levels are comfortably above those of 2020, even though the past 18 months felt relatively flat.

Halifax, NS

Halifax’s two-bedroom ownership cost jumped as the metro grew. The apartment benchmark is about $480k–$483k in mid-2025, with average condo resales around $495k in July 2025. In 2020, typical two-bedroom condos traded closer to the mid-$300s, and some were available for under $300k outside the peninsula, values that are rare today. Construction lags, substantial immigration and student inflows, and a persistent shift toward rent-to-own supported the step-up. Buyers now weigh fees and heat/power inclusions more carefully, but the gain for two-bedroom homes from 2020 to 2025 is unambiguous across the HRM.

Winnipeg, MB

Winnipeg’s condo market rose gradually off a low base. The board reports that 2020 condo averages are near $240k, with July 2025 averaging about $285k and a record high set this spring. Two-bedroom units in mature neighborhoods (River Heights, Osborne Village) benefited from downsizers trading space for simplicity. At the same time, first-time buyers used condos to enter the market as detached home values continued to rise. The price trajectory is steady rather than spiky, but the change from 2020 to 2025 is meaningful in real dollars, especially for well-managed, mid-rise buildings with parking.

Québec City, QC

Québec City’s condo medians accelerated in 2024–25 after a slower earlier cycle. Regional releases show double-digit year-over-year condo gains recently; typical two-bedroom units that traded closer to the low-$200s in 2020 now sell for roughly the high-$200s to low-$300s, depending on the area/finish, with plex-heavy districts pulling pricing up around services. Inventory remains tight, days on market have shortened, and overbidding has cropped up in select segments. While single-family homes led the surge, the two-bedroom condo market rang clearly above 2020 levels, particularly near tramway plans and central corridors.

Kitchener–Waterloo–Cambridge, ON

The region’s condo averages point to higher post-2020 landing zones despite 2024–25 softness. Apartment-style condos averaged approximately $390k in 2020; July 2025 averages sit near $416k, with balanced conditions and longer days on market. A significant structural shift occurred in 2021–22, as freehold detached properties surged beyond many buyers’ budgets; two-bedroom condos became the practical “space + budget” option. Today, prices are well above 2020 but below the 2022 peak, with tech employment and LRT access supporting larger layouts in Uptown Waterloo, Downtown Kitchener, and along the ION.

London–St. Thomas, ON

Two-bedroom condo affordability still stands out here, even after a multi-year upswing. LSTAR data show that 2025 condo averages are roughly in the mid-$300s (approximately $366k in July 2025), while 2020 apartment-type averages were significantly lower (in the low-to-mid-$300s, depending on the month). The pandemic years pulled a wave of GTA migrants into Middlesex/Elgin, lifting all property types, and condos followed, especially newer, elevator buildings with parking and reasonable fees. The market gave back some of its 2022 froth, but typical two-bedroom values remain above 2020 benchmarks.

Hamilton–Burlington, ON

Hamilton’s two-bedroom condos rode the GO-Rail/amenity renaissance. In 2020, many livable two-bedroom units were transacted in the mid-$300s to low-$400s; by 2025, comparable resale stock often sat in the mid-$400s (higher for renovated cores). Burlington commanded a premium throughout. The city’s 2021–22 surge and 2023–24 normalization left prices below peak but above 2020 levels, with fee levels and building age now decisive factors in buyer choice. Additionally, the affordability trade-off with GTA freeholds and ongoing intensification downtown supports the two-bedroom segment even as rates temper bidding wars.

Durham Region (Oshawa/Whitby/Ajax), ON

Durham’s 2020 condo-apartment base served as an entry point for GTA buyers, often priced in the low $400s for practical two-bedroom resale units. By 2025, comparable stock typically ranges from the upper $400s to the low $500s, depending on fees, renovation quality, and proximity to train access. Oshawa’s intensification around the core and Whitby/Ajax proximity to GO improved two-bedroom liquidity. While detached volatility grabbed headlines, the condo ladder shows a higher “floor” than in 2020, with frequent demand from first-time buyers. Additionally, fee transparency and special-assessment risk now shape negotiations more than they did in 2021, but the price step-up remains intact region-wide.

Niagara Region, ON

Niagara’s two-bedroom condos were priced at approachable levels in 2020, often in the high $200s to mid-$300s, with larger St. Catharines/Welland stock filling the market. Tourism recovery, remote-work shifts, and intensified Hamilton spillover put upward pressure on practical condos through 2021–22. By 2025, typical two-bedroom resales commonly transact in the mid-$300s to low-$400s, with higher prices for newer builds. The area’s price narrative since 2020 is less about speculation and more about steady in-migration and retirees trading detached upkeep for elevator living, leaving a clear 2020→2025 uplift despite 2023–24 volatility.

Guelph & District, ON

Guelph’s condo market is small but quality-oriented; many two-bedroom units are newer, featuring efficient layouts and designs. In 2020, it wasn’t unusual to see two-bedroom homes in the high $300s; by 2025, well-maintained resales often settle in the mid-$400s, and newer buildings typically cross $500k. The university’s stable housing demand, combined with substantial local incomes, helped drive the climb. Condo fees and parking/storage policy impact valuation more than in 2020 as buyers scrutinize holding costs under higher rates. Even so, 2025 marks a higher plateau than 2020 for practical two-bedroom stock in the city and nearby townships.

Kelowna (Central Okanagan), BC

Kelowna saw one of the sharpest two-bedroom escalations. The condo/apartment benchmark in the Central Okanagan sits around $505k–$517k in mid-2025, versus approximately $360k–$380k back in 2020. A lifestyle shift during the years of remote work, combined with constrained concrete supply, pushed larger layouts higher. Lake-adjacent addresses and buildings with resort-style amenities command premiums; elevators/AC/, and parking are decisive factors for two-bedroom units in hot summers. While monthly numbers wobble with tourism seasonality, the 2020→2025 move for typical two-bedrooms is decisively up.

Saskatoon, SK

Saskatoon’s two-bedroom condo values ground higher from a long plateau. Typical 2020 two-bedroom resales could sell for around the low-$200s; by 2025, renovated units near the river or university often list in the mid-$200s to low-$300s. Newer builds with underground parking, improved soundproofing, and modest fees are now available, separate from older walk-ups. Additionally, as job growth expanded (agri-food, mining services, tech), demand for ownership shifted back to condos. The city remains price-competitive nationally, but the 2020 baseline is clearly below the current realities of 2025 for practical, two-bedroom stock.

Regina, SK

Regina’s condo market followed Saskatoon’s cadence with a smaller amplitude. Two-bedroom resales that moved sub-$220k in 2020 now often require mid-$200s if renovated and well-located. Inventory sits deeper than in boom provinces, but fee-healthy buildings and heated parking get quick attention. Post-2020 momentum centered on first-time buyers priced out of detached homes and downsizers prioritizing lock-and-leave properties. Conditions remain balanced, and while gains aren’t spectacular, 2025 levels exceed 2020 norms for the city’s most functional two-bedroom options.

Ottawa–Gatineau (QC side), QC

Across the river from Ottawa, Gatineau’s two-bedroom condos benefited from buyers arbitraging price gaps and staking claims near bridges and future transit. 2020 transactions often cleared mid-$200s; by 2025, many comparable two-bedrooms settle low-to-mid-$300s. Fee control and parking (especially indoor) have a greater influence on final prices than they did in 2020. However, the cross-provincial buyer flow established in 2021–22 remains durable, so even with higher rates, condo pricing remains above 2020 norms, with renovated stock absorbing demand first.

Moncton, NB

Moncton absorbed significant interprovincial migration, especially in 2021–22. In 2020, two-bedroom condos frequently traded in the low $200s; by 2025, typical resales ranged from mid-$200s to low-$300s, depending on the building’s age and fees. Investors chased rent yields while end-users prioritized space/value over headline appreciation. Today’s market is calmer than at its peak, but the pandemic-era repricing has left a higher floor for practical two-bedroom homes. Proximity to hospitals and universities, as well as parking and storage, tilts prices higher, while older walk-ups see the lightest gains.

St. John’s, NL

St. John’s two-bedroom condo values showed late-cycle firmness. Many 2020 resales cleared the high $100s to low $200s; in 2025, comparable units often need to sell in the low-to-mid $200s (with higher prices for renovated downtown addresses). Oil-and-gas stabilization, resilient public-sector employment, and rising rents steadied the condo ladder. The segment remains highly building-specific: fees, reserve studies, and heating type (electric vs. heat-pump) drive bids. Still, relative to 2020’s baseline, two-bedroom pricing is higher and more liquid, especially for buildings with elevators and secure parking.

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