The headline, in one paragraph
Since 2005, Canada's real house prices have more than doubled — up 101%, according to Canada Mortgage and Housing Corporation (CMHC). Over the same period, real prices rose 30% in the United States and 13% in the United Kingdom. Canada's index peaked at 243.6 in 2022 (2005 = 100) and stood at 201.0 in 2025. In other words: prices are still about double where they were in 2005, but they have already come back about 17% from the peak in real terms.
Source: CMHC, “Canada house prices vs peer countries and why we stand apart,” October 2026. Read the CMHC report →
Why it happened — not one event, but a decade of demand outrunning supply
CMHC's point is that Canada's path was not caused by a single boom or a single policy. Three things compounded, year after year:
- Population growth. Canada's population grew 29% from 2005 to 2025, driven in part by migration. More people need more homes, and that demand landed hardest in and around major cities.
- Supply did not keep up. Newly completed homes stayed around 1.2% of the existing housing stock in 2011 and 1.3% in 2022 — above the OECD average, but below Australia's roughly 1.7%, and well below what population growth required.
- Fewer homes per person. Canada has 426 dwellings per 1,000 inhabitants, below the OECD average of 468. When there are fewer homes per person to start with, the same population growth pushes prices harder.
Toronto is part of this story early: CMHC notes affordability pressures first emerged in Vancouver in the early 2000s and in Toronto in the early 2010s, then spread to Ottawa, Montréal, and Halifax.
The number to watch now
CMHC tracks new residents added per housing completion, against a “healthy balance” of about 2. Canada hit nearly 5 new residents per completion in 2023 and 2024 — the sharpest squeeze in the series. In 2025, that ratio fell sharply to about 1.53, which CMHC links to later changes in immigration levels.
That does not mean prices will fall, and it does not mean they will rise. It means the extreme pressure of 2023–2024 has eased, at least for now. Anyone who tells you this report proves prices can only go one way is reading more into it than CMHC wrote.
What it means in Stouffville and York Region
- For buyers: a national shortage does not make every house a good buy at any price. Buy the payment you can carry, on a house priced to the current market — the 2022–2025 correction is proof that even a shortage market reprices.
- For sellers: shortage supports demand for well-priced homes, especially townhouses and family homes near parks, trails, schools, and GO access. It does not rescue an overpriced listing. Price to the market, watch feedback in the first 21–28 days, and adjust if the market tells you to.
- For investors and landlords: fewer homes per person supports occupancy and rent — which is why a well-kept townhouse in Stouffville can lease at $3,300 a month. It is not a guarantee of appreciation, and it is not a reason to skip the numbers: rent, taxes, condo fees, and maintenance still decide whether a property works.
Current opportunities
Two listings that fit this market — a townhouse for families or investors, and a commercial unit for a business owner:
11894 Tenth Line, Stouffville
$899,000 for sale
Also for lease at $3,300 / month
3 bed, 3 bath, over 1,500 sq ft Greenpark townhouse, vacant and easy to show. 1-car garage in the back + driveway, central air, near parks, trails, and schools.
6-100 Ringwood Drive, Stouffville
$815,000 for sale
Also for lease at $22.50 / sq ft + TMI
About 1,481 sq ft commercial / industrial condo, including a roughly 350 sq ft mezzanine, 3 bathrooms, in a professionally managed complex.
General information only, not financial advice. CMHC figures are national, real (inflation-adjusted) house-price indices for 2005–2025, as published by CMHC in October 2026. Local prices, rents, and days on market vary by property, neighbourhood, and timing. Talk to John for numbers specific to your property.
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