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Home Affordability Reports

How Have Prices Evolved in Canada’s Top Markets Since 2019?

Angela Serednicki by Angela Serednicki
May 6, 2024
in Affordability Reports, Alberta, Canada, Ontario
Reading Time: 4 mins read
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When planning your financial future, five-year plans are an excellent tool for tracking both short-term and long-term goals, providing ample flexibility and time to make necessary adjustments. Since real estate is typically the largest investment you’ll make, it’s crucial to monitor the changes in equity growth within five-year periods, especially following the significant price fluctuations that occurred nationwide during the pandemic.

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.  

So exactly how much has housing affordability changed in the past five years? To find out, Zoocasa analyzed composite benchmark home prices in 19 Canadian cities from 2019 to 2024, sourced from the Canadian Real Estate Association.

Affordable Housing Analysis: Superior Returns on the East Coast

Over the past five years, real estate markets with notable affordability have consistently demonstrated the highest returns on investment.

Greater Moncton holds the leading position for affordable housing, with the average home price rising by 110%, from $169,000 in March 2019 to $355,100 in March 2024—a significant gain of $186,100. Following closely, the Halifax-Dartmouth area recorded the second-largest increase, with house prices surging 79% from $295,300 to $529,600, equalling to growth of $234,300. 

  • Related: The East Coast Advantage: A Five-Year Analysis of Affordable Real Estate Trends in Canada’s Eastern Provinces 

Among the various markets analyzed, St John’s, Newfoundland showed the lowest five-year growth among the top performers, yet it still achieved a growth rate of 24%, increasing from $270,400 in March 2019 to $335,000 in March 2024.

In fact, an East Coast city topped our recent list of the best places to buy real estate in Canada in 2024. 

Ontario Market Performance Since Spring 2019

Cities in Ontario have also experienced substantial growth. The London & St. Thomas, Niagara Region, Kitchener-Waterloo, and Ottawa all saw benchmark prices surpassing 50% since March 2019.

  • Read: Bought Your Toronto Condo 5 Years Ago? Here’s How Much Equity You’ve Built

Additionally, the Greater Toronto area, Guelph, and the Hamilton–Burlington region recorded growth rates slightly above the national benchmark, with home prices increasing from a whopping 46% to 49%.

Exploring Alberta’s Housing Market Trends

Calgary experienced a 40% increase in price change since March 2019, from $414,400 to $580,400. Edmonton experienced the least amount of growth in price changes of all markets analyzed for a 12.2 percent increase, from $343,900 to $385,900. Looking at Alberta’s price changes in the past five years is particularly noteworthy because of the increase in interprovincial migration seen in recent years. 

  • Related: Here’s What First Time Home Buyers Will Pay in Closing Costs in Alberta 

According to Statistics Canada, Alberta set a national record by gaining 55,107 people through interprovincial migration, mainly from Ontario and British Columbia, home to provinces that have some of the most expensive housing markets in the country. This trend suggests that Alberta is becoming an increasingly attractive destination for Canadians seeking affordability. 

Planning your next move? Whether you’re planning to relocate or looking for a place close to home, we can help! Give us a call today to speak to a Realtor who can help make your homeownership dreams a reality. 

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Angela Serednicki

Angela Serednicki

Angela Serednicki is a Public Relations and Content Specialist at Zoocasa. Having resided in different Toronto neighbourhoods for over a decade, she has gained an intimate understanding of and a passion for exploring the city’s changing real estate scene. In her journalism career, Angela has written for some of Canada’s best, including Maclean’s, Canadian Business, Money Sense, Reader’s Digest, and various others.

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