Canadian real estate was dominated by the impact of rising interest rates in 2022. After record price highs in many major markets across the country in the first few months of the year, the heightened cost of borrowing brought them down as sales and new listings dwindled in many regional markets. Having hit a national price peak of $874,100 in March last year, prices have dropped to $709,000 a year later, a fall of 18.8%. However, with some regional markets on the rise again, buyers are left wondering: where is the best place in Canada to buy a home?
As the official data analysis and content provider for the feature, Zoocasa ranked neighbourhoods and municipalities 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 some changes from last year but a similar set of front runners.
The Top Ranked Cities to Buy a Home in
With the higher cost of borrowing as well as the general cost of living increasing, greater affordability is a key factor of the typical Canadian home search. As interest rates grew, so did the desire to buy real estate in more affordable markets. There are still many Canadian markets that offer value for buyers and are priced more affordably. Take Sault Ste. Marie and Halifax-Dartmouth for example – each experienced one-year price growth of more than 20% with benchmark prices of $292,208 and $506,625 respectively.
According to the ranking, the following municipalities offer home buyers the greatest value in 2023:
While the data takes home price appreciation, dollar value compared to the national average and local economics into account, many homebuyers will be more interested in finding the right neighbourhood for them and their family. As part of this feature, we analyzed the neighbourhoods that would be best to live in across many key cities in Canada including the GTA, Vancouver, Halifax, Calgary, and Edmonton.
This home has undergone many renovations recently. The main floor features a ton of charm, with a cozy living room leading into the office space in the back. The basement also has plenty of space for a gym.
This open-concept home opens into the living room, which immediately flows into the dining space and kitchen. The home has seen plenty of upgrades recently, including a new coat of paint, light fixtures, counter tops and kitchen sinks, and has a private backyard.
This charming two-and-a-half-storey home is great for a family or as a rental opportunity. The main floor has a spacious living room leading right into the kitchen space, with a separate space for a dining room, a perfect place to host family and friends for entertainment.
This home allows for not just a family to live in, but with space in the basement, there is room for a tenant or extended family. The kitchen and the living room offer immediate access from one to the other. The basement is currently split into a second living space and a laundry room, with a fully fenced backyard outside.
This spacious bungalow has a kitchen and dining area flooded with natural light. The main floor living room is the perfect space for larger gatherings. The downstairs offers potential rental income with a summer kitchen, bedroom and rec room.
Daniel is Zoocasa's Content Marketing Specialist, creating content to help Canadians make informed decisions on the real estate market. Outside of Zoocasa, he is an avid watcher of sports including football (soccer), cricket, basketball and F1, as well as a big fan of science fiction books.