Canada Real Estate Services Market Size

Statistics for the 2023 & 2024 Canada Real Estate Services market size, created by Mordor Intelligence™ Industry Reports. Canada Real Estate Services size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Canada Real Estate Services Industry

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Canada Real Estate Services Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 29.43 Billion
Market Size (2029) USD 37.56 Billion
CAGR (2024 - 2029) 5.00 %
Market Concentration Low

Major Players

Canada Real Estate Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Canada Real Estate Services Market Analysis

The Canada Real Estate Services Market size is estimated at USD 29.43 billion in 2024, and is expected to reach USD 37.56 billion by 2029, growing at a CAGR of 5% during the forecast period (2024-2029).

  • In the second quarter of 2022, RBC's aggregate affordability metric reached a new high (60.0%) nationally, as well as in Victoria (67.6%), Vancouver (90.2%), and Toronto (83.0%). Smaller markets in Ontario (including Hamilton, London, St. Catharines, Kitchener-Waterloo-Cambridge, and Windsor) and British Columbia (including Kelowna) also attained their lowest levels of affordability in history, based on the mortgage carrying cost to family income ratio.
  • Ottawa (RBC composite affordability of 48.5%) and Halifax (41.3%) reached previous highs. While the situation isn't as bad in other parts of the country—in fact, many markets in Alberta and Saskatchewan, as well as some in Atlantic Canada, appear to be decently priced—the rapidly deteriorating trend is widespread. A spike in RBC's indicator indicates a lack of affordability.
  • Higher mortgage rates have yet to have their full impact. Further expected, Bank of Canada rate hikes will put additional upward pressure on ownership expenses in the second half of 2022. Buying a typical property in Canada costs an extra USD 380 per month in the second quarter (or 5.9% of household income), with higher mortgage rates accounting for USD 230 (3.5 percentage points). Buyers in Vancouver (up 8.1 percentage points as a share of income), Toronto (up 8.1 percentage points), Victoria (up 6.7 percentage points), and Ottawa and Halifax (both up 4.8 percentage points) saw the greatest increases.
  • According to the Canadian Real Estate Association, the average selling price of a home sold on the MLS system in April 2022 was USD 716,000. This is the fourth monthly gain in a row, with a total increase of more than USD 100,000 since the beginning of the year.
  • Much of the bounce is due to an increase in sales in the Greater Toronto Area and British Columbia's Lower Mainland, two areas of the country that experienced both the greatest gains during the early days of COVID-19 and the greatest decline once interest rates rose.
  • When those two areas are excluded, the national average price falls by more than USD 144,000 to an average house price of USD 572,000 in cities other than Toronto and Vancouver.

Canada Real Estate Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)