24 In recent years, Toronto and Vancouver have seen price growth in single-family houses outpace multiples (mainly condos) by a factor of two to three. About a third of the Canadian housing stock is in Toronto, Montréal and Vancouver so this change is significant. Outside of Canada’s big three cities, condos are only now becoming as important as single-family homes.
Given these supply constraints, the increasing urbanization of Canada’s population is putting upward pressure on Canadian house prices.