Canadian cities overtake major U.S. cities for fastest-rising home prices | Daily Hive

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Home prices in Canada have seen some of the steepest growth, even as prices continue to rise across most major North American cities.

A new report confirms what many buyers already know about home prices in Canada: they’ve been continuing to surge for the past two decades. Using data from Zillow, Visual Capitalist analyzed how prices have shifted in the U.S. and Canada, and several Canadian cities stand out.

The report compared home prices across the top 25 North American cities and found that, on average, prices rose by 92 per cent between 2005 and 2025, nearly doubling over two decades.

It would be easy to assume that expensive markets like New York, Los Angeles, or San Francisco would top the list, where over 20 years, prices rose by 59 per cent, 73 per cent, and 79 per cent, respectively. And when it comes to the priciest real estate in North America, San Francisco is still the most expensive, where the average home costs $1,556,179.

While prices remain high in those cities, they didn’t make the top five for the fastest-growing home prices.

In fact, the report states, “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 major cities have the hottest real estate markets in all of North America due to high demand from foreign buyers and a fast-growing population. According to Statistics Canada, the population of Canada reached an estimated 41,651,653 people on July 1, 2025. Combined, those factors have led to housing shortages in cities like Toronto and Vancouver.

In the U.S., the top cities with the fastest-surging home prices are Dallas, Charlotte, Denver, Seattle, Houston, and Atlanta.

Here’s how much prices have increased in North America’s five fastest-growing housing markets and how much it’s going to cost you to buy a home today. Prices are listed in CAD.