Patrick Rocca NOTL Real Estate

MARKET INSIGHT FOR THE WEEK ENDING DECEMBER 19th, 2025

Home prices in Canada have recorded some of the most dramatic increases, even as values continue to climb in most major cities across North America.



A new report reinforces what many homebuyers already suspect: Canadian housing prices have been rising sharply for the last two decades. Drawing on data from Zillow, Visual Capitalist examined price trends in both the U.S. and Canada, with several Canadian cities emerging as clear standouts.



The analysis looked at home prices in the top 25 North American cities and found that, on average, prices increased by 92 per cent between 2005 and 2025, nearly doubling over a 20-year span.



At first glance, one might expect high-cost markets such as New York, Los Angeles, or San Francisco to lead the way. Over the same period, prices in those cities rose by 59 per cent, 73 per cent, and 79 per cent, respectively. San Francisco remains the most expensive housing market in North America, with the average home priced at $1,556,179.



Despite their high prices, these cities did not rank among the top five for the fastest pace of price growth.



Instead, the report notes that “The top three fastest-appreciating cities are all in Canada. Vancouver leads with a 175 per cent increase since 2005, followed by Montreal at 167 per cent and Toronto with a 165 per cent rise.”



Canada’s largest urban centres continue to post the strongest housing markets in North America, driven by strong demand from foreign buyers and rapid population growth.



Statistics Canada estimates the country’s population reached 41,651,653 as of July 1, 2025. Together, these pressures have contributed to ongoing housing shortages in cities such as Toronto and Vancouver.



In the United States, the cities experiencing the fastest growth in home prices include Dallas, Charlotte, Denver, Seattle, Houston, and Atlanta.



Below is a look at how much prices have climbed in North America’s five fastest-growing housing markets, along with what buyers can expect to pay for a home today. All prices are listed in Canadian dollars.”





5. Charlotte, N.C:



Average home price in July 2005: $228,621
Average home price in July 2025: $535,746
Percentage increase: 134 per cent


4. Dallas, Texas:



Average home price in July 2005: $228,643
Average home price in July 2025: $508,201
Percentage increase: 139 per cent


3. Toronto, Ont:



Average home price in July 2005: $369,098
Average home price in July 2025: $976,445
Percentage increase: 164 per cent


2. Montreal, Que:



Average home price in July 2005: $214,862
Average home price in July 2025: $574,307
Percentage increase: 167 per cent


1. Vancouver, B.C:



Average home price in July 2005: $421,495
Average home price in July 2025: $1,159,707
Percentage increase: 175 per cent