The first half of 2024 was marked by slower-than-expected sales activity and a large uptick in the number of properties for sale. In many markets, this surge in new listings has kept prices stabilized, but in some markets, home prices have managed to soar. Now that we are more than halfway through the year, which cities have experienced the most price gains so far in 2024?
To find out where home prices are increasing the most, Zoocasa analyzed benchmark price data for 26 major markets across Canada and compared how prices have changed since January 2024 for single-family homes and condo apartments. Benchmark price data was sourced from the Canadian Real Estate Association (CREA).
2024’s Top Markets for Single-Family Home Prices in Canada
Among 26 cities, only three experienced a more than 10% increase in the benchmark single-family home price since January: North Bay, Sault Ste. Marie, and Sudbury. Unlike many other cities in Canada, these Northern Ontario cities haven’t seen as much of a surge in new listings, possibly driving up competition and prices.
According to CREA, new listings in June were 11.2% below the five-year average in Sault Ste. Marie, 6.6% below the five-year average in Sudbury, and 9.5% below the five-year average in North Bay.
Earlier this year, Sault Ste. Marie ranked in our top three best places to buy real estate in Canada, thanks in part to its consistent price growth and affordability. Since January, the benchmark price for single-family homes has risen by 12.6%, climbing from $270,900 to $305,000.
Outside of Northern Ontario, the Prairies have experienced the next largest price gains for single-family homes this year. Since January, the single-family home price has increased by 9.8% in Edmonton, 9% in Winnipeg, and 8.4% in Saskatoon. Despite these increases, prices remain affordable, staying below $500,000.
Single-Family and Condo Prices On The Rise Despite A Quiet Spring Market
Many buyers paused their homebuying plans in the spring, awaiting further interest rate cuts. However, this did not slow price growth in most markets. Since January, the majority of markets experienced a more than 5% increase in single-family home prices, including in Greater Vancouver and Greater Toronto.
However, benchmark condo prices have not increased as much as single-family home prices. Out of 23 condo markets, 13 markets have experienced less than a 2.5% increase in the benchmark condo price since January.
Five markets experienced less than a 1% increase in their condo benchmark prices: Hamilton-Burlington, Ottawa, Niagara Region, Windsor-Essex, and Winnipeg. For first-time buyers, this could present an opportunity to enter the housing market at a more affordable price point, especially in Ontario. At $385,900, the benchmark condo price in Windsor-Essex is the lowest in Ontario, followed by London and St. Thomas with a benchmark price of $388,600.
Notably, the most affordable condo markets in the country are also experiencing the most significant price growth. Saint John, Edmonton, and Saskatoon condos experienced the largest price gains since January, rising by 13.9%, 13.1%, and 10.8%, respectively. In these cities, condo price growth outpaces single-family home prices, signaling a growing demand for these more affordable property types.
Condo price growth also outpaced single-family home price growth in London and St Thomas, Calgary, and Regina. A recent Zoocasa survey of over 1,100 homebuyers revealed that 42.3% of respondents cited rising home prices as their primary concern in the current market. This concern may be driving a shift in demand towards more affordable property types, such as condos, thereby contributing to their increasing prices.
Are you in the market for a new home? Give us a call today! One of our experienced real estate agents can guide you through the homebuying process.
