The real estate market over the past two years has been staggering from coast to coast. The average home price in March 2022 was $795,952, an increase of almost 78% from January of 2020. This has led many home buyers to be willing to move to find the best value for their dollar. But where are the best cities and regions to consider moving to is the question?
Zoocasa partnered with MoneySense to publish the 2022 edition of Where to Buy Real Estate in Canada, revealing which real estate markets offer the best price point, value growth, and overall livability.
As the official data analysis and content provider for the feature; Zoocasa ranked neighbourhoods and municipalities across 17 regions from coast to coast using proprietary methodology that takes into account average home prices, price growth over time, as well as neighbourhood characteristics and economics. The findings reveal value and demand conditions in housing markets across the nation, with many changes from last year’s findings.
The Best Municipalities to Buy a Home in
The priorities of homebuyers in Canada have shifted many times over the past two years. Home buyers left the city centres they previously called home and moved to surrounding suburbs, leading to high growth in regions including Fraser Valley, Hamilton-Burlington, and Kitchener-Waterloo. Prices in these regions have soared above the national average in the past two years.
“The past two years have driven new trends in home-buying psychology, and as the pandemic recedes, we’re moving into a transition period and seeing a more balanced market,” says Lauren Haw, CEO and broker of record at Zoocasa Realty. “Some buyers are returning to city centres as they’re called back to the office, while others are still looking coast-to-coast for the most affordable markets to buy in.”
According to the ranking, the following municipalities offer home buyers the greatest value in 2022:
- Greater Moncton: 5 Stars (average 2021 home price: $302,400, 3-year growth: 80%)
- North Bay: 5 Stars (average 2021 home price: $385,100, 3-year growth: 87%)
- Quinte West and Hastings County: 4.4 Stars (average 2021 home price: $547,500, 3-year growth: 96%)
The following municipalities ranked the lowest in terms of value and buying conditions:
- Vancouver: 0 Stars (average 2021 home price: $1,230,200, 3-year growth: 19%)
- Toronto: 0.7 Stars (average 2021 home price: $1,023,029, 3-year growth: 34%)
- Oakville-Milton: 0.9 Stars (average 2021 home price: $1,516,800, 3-year growth: 66%)
While this data takes into consideration home price appreciation over time, dollar value above/below the national average as well local economics there are many owners who couldn’t imagine leaving the area they currently call home. As part of this feature we also determined the best neighbourhoods to live in across key cities in the GTA, Greater Vancouver Area, Halifax, Calgary, and Edmonton. See if your neighbourhood is ranked one of the highest!
