Following a slowdown in sales activity toward the end of 2023, the year began with optimism in the air and an increase in sales in many major markets. According to the Canadian Real Estate Association, national home sales were up 12.9% month-over-month and 22% year-over-year in January. However, this also means that competition is already heating up for those who are patiently awaiting the spring market.
So where can motivated buyers find home prices below the national average? Zoocasa analyzed average single-family home prices in 20 markets across Canada to determine which are below the national average and where the most growth is happening.
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Buyers Continue Supporting British Columbia’s High Prices
Beautiful British Columbia continues to be one of the most expensive provinces to buy a single-family home in Canada, and buyers are willing to pay the price. Three out of the top four highest-priced markets in our national analysis are Vancouver, Fraser Valley, and Victoria.
The highest-priced single-family home is in Greater Vancouver, at $1,943,200, it is a whopping 195% more expensive than the national average.
Meanwhile, Fraser Valley has the second-highest average price for single-family homes, costing an average of $1,460,500. It also experienced a 38% surge in house sales, marking the most substantial year-over-year increase among all markets analyzed.
In Victoria, the average price for a single-family home is $1,115,300 and sales are up by 22% compared to last year. The only other comparative housing market outside of British Columbia is in Greater Toronto, where the price of a single-family home is $1,270,200. Year-over-year, demand has increased significantly in Canada’s major markets, prompting a boost in average prices. Buyers can expect that the most in-demand markets will only heat up from here.
The Most Affordable Markets for Single-Family Homes in Canada
Regina stands out as the most affordable city on the list, boasting an average single-family home price of $318,600. This is nearly 52% lower than the national average price for a single home. It’s affordability likely explains why sales have increased significantly in the Saskatchewan capital, up by 32% year-over-year.
Saint John is ranked as second most affordable, boasting an average home price of $343,500. Additionally, it has seen a notable 4.5% increase in prices.
Winnipeg also stands out as one of the top three markets in terms of affordability, with the average price of $350,000. Impressively, there has been a year-over-year increase of 12.8% in house sales and a 2.3% rise in annual price growth.
Housing Markets for Equity Potential in Spring 2024
Sudbury is recognized for its affordability within the Ontario market. In January, the average price for a single-family home in the city was $428,400, which is $230,995 lower than the national average. Moreover, Sudbury saw a notable 22% surge in house sales year-over-year, accompanied by an annual price growth rate of 12%, indicating the potential for buyers to capitalize on equity growth in the upcoming spring season.
The Calgary real estate market continues its steady growth with a significant increase in the sales of houses, accompanied by moderate prices. As per the latest data, the average cost of a single-family home in January is $640,500, which shows a yearly price growth rate of almost 12%. Sales have followed suit, with a spike in sales of 35% compared to this time last year. Although prices in this major market are still $19,000 below the national benchmark, they’ve been increasing quickly.
Planning to enter one of these markets this spring? It’s important to speak with a local realtor who is familiar with your local real estate market. Give us a call today to discuss your home-buying plans.
