A lot can change in a decade. In 2016, the average price of a detached home in London, Ontario, was less than $290,000. Now, that same type of home averages almost $680,000. Meanwhile, someone who owned a condo in Edmonton for the past ten years saw their property value rise by less than $2,000, which is hardly enough to cover a single month’s mortgage payment in many places.
Zoocasa analyzed detached and condo prices in nine major Canadian regions from 2016 to 2026, revealing where the biggest gains and setbacks happened for buyers.
Which Ontario city had the highest home price growth over the last 10 years?
London and St. Thomas dominated the detached market. Prices jumped 137.2% over the decade, from $286,308 to $679,205, meaning a 2016 buyer’s home gained nearly $393,000 in equity. The bulk of that growth came early: prices surged 121.8% in the first five years, reaching $634,951 by 2021. The second half added just 7.0%, suggesting the market is now stabilizing after its explosive run.
Ottawa also delivered strong returns with a 105.2% decade gain, climbing from $386,839 to $793,874. Most of the growth was front-loaded, a 75.1% increase in the first half, followed by 17.2% in the second.
Mississauga posted a 68.9% decade gain, rising from $852,888 to $1,440,435, while Toronto came in at 50.5%, from $848,999 to $1,277,915. Both GTA markets surged in the first half but have been declining since 2021.
In the condo market, Mississauga led the province with a 78.8% decade gain, followed by London & St. Thomas at 65.7%, and Toronto at 63.6% as the best return on investment. However, Mississauga is also the only Ontario market where condo prices have dropped since 2021.
Are condos a better investment than houses in Canada?
It depends on the city, specifically, how affordable detached homes are.
In markets where houses were still within reach, such as London, Ottawa, Montreal, Calgary, and Edmonton, detached homes outperformed condos by a wide margin. Calgary shows it most clearly: detached up 37.5%, condos just 7.5%.
But in Canada’s two most expensive markets, condos came out ahead. Toronto condos gained 63.6%, while detached homes gained 50.5%. In Greater Vancouver, the gap was even wider. Condo prices increased by 40.1%, detached just 13.1%. When house prices push buyers toward condos, that concentrated demand drives stronger percentage returns.
Between 2021 and 2026, Victoria’s condo market significantly outpaced detached homes, seeing a 36.2% increase compared to just 14.8%. This suggests that the trend toward higher-density living is migrating to other expensive B.C. regions.
Why did Montreal home prices skyrocket after 2021?
Montreal was the decade’s ultimate late bloomer. After a quiet five-year stretch where detached home prices grew by a modest 15.5%, the market exploded between 2021 and 2026. Prices nearly doubled, surging 90.1% to $615,000, the most explosive second-half growth among the regions studied. The condo market mirrored this ‘slow-then-fast’ trajectory, following a sleepy 21.8% gain with a powerful 47.6% jump to $428,000
The decade totals, 119.6% for detached, 79.8% for condos, make Montreal the second-best detached market after London & St. Thomas and a top-three condo market nationally.
What changed? Montreal entered the decade as one of Canada’s most affordable major markets. As remote work expanded and buyers from pricier provinces sought better value, that affordability turned into a demand magnet. Strong population growth and a tightening rental market added further pressure, pushing more renters toward ownership. Buyers who held through the slow early years are now sitting on some of the strongest gains in the country.
Are condos a good investment in Victoria, BC?
Victoria delivered the most consistent returns of any Western Canadian market and the strongest condo performance in the entire study.
Victoria’s condo market nearly doubled, gaining 99.5% over ten years from $334,775 to $667,906. Unlike most markets where condo momentum stalled after 2021, Victoria’s growth was sustained across both halves of the decade (46.5% then 36.2%). Detached prices rose 83.8% from $696,368 to $1,280,146, with growth front-loaded but never dipping into negative territory the way Toronto and Mississauga did.
Victoria is also one of only two markets where condos outperformed detached homes from 2021 to 2026 (+36.2% vs. +14.8%). The other is Toronto. However, Toronto’s condo lead came because detached prices fell, while Victoria’s came because condo demand stayed genuinely strong.
The contrast with Greater Vancouver is notable: Vancouver’s detached market returned just 13.1% and its condos 40.1%, less than half of Victoria’s condo gains. Victoria offered stronger returns at a lower entry price across both property types.
Are condo prices dropping in Calgary and Edmonton?
Both condo markets in Alberta’s two biggest cities essentially flatlined. Edmonton condos gained just 0.9% over the full decade, from $224,022 to $226,000. Calgary’s was only slightly better at 7.5%, rising from $280,088 to $301,200. Both markets dipped in the first half and only partly recovered after 2021.
The reason comes down to supply and affordability. With abundant land and detached homes still within reach (Calgary’s average is under $725,000), fewer buyers are priced into the condo market, removing the scarcity-driven pressure that fuelled gains in Central Canada and B.C.
Detached homes told a different story. Both cities saw strong second-half recoveries, Calgary up 29.5% to $724,000, Edmonton up 30.2% to $557,000, though both still rank in the bottom half for the decade overall.
Did detached or condo prices recover faster after 2021?
Detached homes outpaced condos in seven of nine markets from 2021 to 2026, with Montreal’s 90.1% gain leading the way. However, condos outperformed in Victoria and Toronto, the two markets where rising detached prices pushed more buyers toward apartments.
Mississauga was the only region where both property types lost ground, though detached homes held up slightly better. London & St. Thomas was essentially flat across both types, suggesting that the market has plateaued after its explosive early-decade run.
The takeaway: In cities where affordability pushed more buyers toward condos, that demand showed up in prices. In cities where houses were still within reach, detached homes continued to pull ahead.
