So exactly how much has housing affordability changed in the past decade? To find out, Zoocasa analyzed single-family home prices in 19 Canadian cities from 2013 to 2023. Benchmark prices were sourced from the Canadian Real Estate Association in December of each year analyzed. <\/p>\n\n\n\n Though single-family home prices are the highest in Toronto<\/a> and Vancouver<\/a>, neither claim the top spot for price growth in terms of percentages. London & St. Thomas<\/a> took the crown, with the benchmark single-family home price rising by 178% from $221,800 in 2013 to $616,700 in 2023. That translates to a $394,900 increase in 10 years. Some of this price growth was likely driven by priced-out GTA buyers moving into comparably more affordable markets, including London & St. Thomas, Niagara Region, Kitchener-Waterloo, and Guelph & District, which all experienced rapid price growth in the past decade. <\/p>\n\n\n\n The price of a single-family home in Niagara Region<\/a> shot up by 174% from 2013 to 2023, while in Kitchener-Waterloo<\/a> the price of a single-family home increased by 159%. That comes out to a $399,900 increase in price in Niagara Region and a $490,200 increase in price in Kitchener-Waterloo. <\/p>\n\n\n\n However, outside of Greater Toronto, Guelph & District<\/a> single-family homes experienced the largest price increase in Ontario over the past ten years, rising by $516,700. In Greater Toronto, the benchmark price of a single-family home increased by $685,500 from 2013 to 2023. During the early pandemic, low interest rates catalyzed a surge in the real estate market, pushing GTA single-family home prices above $1,000,000 for the first time, with the current benchmark sitting at $1,273,300. <\/p>\n\n\n\n All of this price growth is good for current homeowners who want to build equity, however, for those looking to enter the market for the first time, cities with moderate price growth could present a more attractive option. Single-family homes in Regina<\/a> experienced the most stability over ten years, with the benchmark price increasing by just $18,800. St. John\u2019s<\/a> and Edmonton<\/a> followed with a ten-year price increase of $48,000 and $49,900 respectively. The only other city to experience less than a 20% price increase was Saskatoon <\/a>at 19.2%. <\/p>\n\n\n\n Despite having the most expensive single-family benchmark price of $1,964,400, Greater Vancouver single-family homes experienced an 84.5% increase in price over ten years. That is just shy of the national benchmark, which experienced an 86.8% increase in price from $417,100 in 2013 to $779,100 in 2023. Other cities that experienced a 10-year change in price less than the national benchmark\u2019s change include Quebec CMA, Calgary<\/a>, and Winnipeg. <\/p>\n\n\n![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-278-3.png\")
<\/figure>\n\n\n\nSingle-Family Home Prices More than Doubled in Southern Ontario<\/h1>\n\n\n\n
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Home Prices the Most Stable in the Prairies<\/h1>\n\n\n\n