Canada's average home price in 2027: $694,000 according to CREA, and why Quebec does better

Forecast · 2027 · Canadian average price · Sources read September 6, 2026

Three agencies, four forecasts, a $40,000 gap: here is what the numbers actually say for 2027, and why Quebec is not Canada.

Canada's average home price should reach $694,164 in 2027, up 1.1 % from 2026, according to the Canadian Real Estate Association's July 2026 revision; its January forecast said $714,991 (+2.3 %). CMHC forecast $705,000 in January, then cut 2026 to $675,200 in July ahead of a "modest recovery" in 2027 and 2028. Sales should rebound 3.7 % in 2027 to 480,567 transactions. Quebec does better than the average: +5.2 % year over year in July 2026 per CREA, +5 % on the single-family median in 2026 per the QPAREB, "modest" but positive gains per CMHC while the national figure slips. No agency forecasts a crash: gains below inflation in Canada, a stabilization in Quebec in 2027.

The 2027 forecasts, agency by agency

The most quoted figure, $694,000, comes from CREA's July revision; the $715,000 comes from its January forecast, before the revision. In between, the association found that sales were falling faster than expected in Quebec and Atlantic Canada, two regions facing "the dual headwinds of the sharp reduction in population growth and historic supply shortages." CREA adds that price gains will be held "below inflation pretty much across the board." Only Ontario is expected to see sales rise in 2026 versus 2025.

Why Quebec beats the Canadian average

The Canadian average is pulled down by Toronto and Vancouver, where unsold new condos weigh on prices. Quebec is in another phase of the cycle:

• CREA, July 2026: Quebec's average price is up 5.2 % year over year, against +1.1 % forecast for Canada in 2026; only Saskatchewan (+5.5 %) does better.
• QPAREB, 2026 forecast: provincial sales down 6 % (about 95,700 transactions), but the single-family median up 5 %. In July 2026 the single-family home sold for $505,000 (+3 %), the 2-to-5-unit plex for $690,000 (+8 %) and the condo for $396,504 (-1 %), with 41,166 active listings (+19 %) and a sales-to-new-listings ratio of 66 %, still a seller's market.
• CMHC, July 2026: Quebec should see "modest price increases" thanks to balanced market conditions while most Canadian markets decline in 2026. Kevin Hughes, CMHC senior economist, on the declining markets: "Price declines have not yet been enough to bring demand back to the market." That is not Quebec's situation.
• Desjardins: demand was expected to soften in 2026 and existing-home prices should "stabilize" in 2027, except in Quebec City, where demand remains very strong. Quebec's economy would grow 0.4 % in 2026 and 1.4 % in 2027.

The mechanism is simple: Quebec built less than Ontario and British Columbia over 2021-2025, its prices started lower, and its 2024-2025 recovery (+67 % over five years per the QPAREB) produced no glut of new condos outside downtown Montreal. Our Quebec 2027 forecast goes through the indicators.

What $694,000 means, and does not mean, for you

The Canadian average sets the price of no house. It blends a $1.29 million Toronto detached with a $250,000 Shawinigan bungalow. What matters to a Brossard seller or a Longueuil buyer is the local trend: our South Shore monthly report and the island of Montreal report. Three readings:

• Selling in 2027: a national +1.1 % is a gain below inflation; in Quebec, the stabilization Desjardins expects means the price is made by the quality of the marketing, not by the market.
• Buying in 2027: Canadian sales should rebound 3.7 %, meaning more competition in spring 2027 than in 2026. Waiting costs rent and appreciation; the honest calculation is in should you buy in 2026 or wait until 2027.
• Renewing a mortgage: price forecasts matter less than rate forecasts; see the Bank of Canada rate in 2027.

Frequently asked questions

What will the average home price be in Canada in 2027?

$694,164 per CREA's July 2026 revision (+1.1 % over 2026), $714,991 per its January 2026 forecast, $705,000 per CMHC's January outlook. All are national averages, pulled up by Ontario and British Columbia.

Will home prices fall in Canada in 2027?

None of the three agencies forecasts a decline in 2027: CREA sees +1.1 %, CMHC a "modest recovery" after a slightly negative 2026 ($675,200 versus $679,543 in 2025). The 2026 declines are concentrated in Toronto and Vancouver condos.

Does Quebec follow the Canadian trend?

No. In July 2026 Quebec prices were up 5.2 % year over year while Canada was aiming at +1.1 % for the year; the QPAREB forecasts +5 % on single-family homes in 2026 and CMHC modest gains in 2027 while most Canadian markets decline. Quebec has less new-build surplus and a more persistent supply shortage.

Sources

• Canadian Real Estate Association (CREA), CREA Revises Resale Housing Market Forecast, July 15, 2026, and the January 2026 update.
• CMHC, Housing Market Outlook, January 15, 2026, and the summer update reported on July 22, 2026.
• APCHQ, 2026-2027 forecasts for Quebec's construction and housing sector, February 11, 2026.
• Desjardins Economic Studies: Bank of Canada decision of September 2, 2026 (Randall Bartlett) and economic forecasts of August 20, 2026.
• RBC Economics, Housing affordability, March 31, 2026 (Robert Hogue).
• QPAREB (APCIQ), July and August 2026 statistics and Q2 2026 review (Charles Brant).
• Royal LePage, 2026 forecast (December 2025); nesto market reviews of February 9 and August 19, 2026; Bank of Canada announcement of September 2, 2026.

Also available in French: version française de ce guide.

Published September 6, 2026 by the Loaa & Manseur team, the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 according to the official RE/MAX ranking. Tell us about your project.