The 2023 Canadian real estate market was heavily impacted by the Bank of Canada’s decision to hike interest rates three times, bringing the overnight lending rate to a 20-year high of 5.0%. Higher borrowing costs led to fewer home sales, which in turn allowed many real estate markets to balance their inventory. Now that some mortgage rates are decreasing in anticipation of Bank of Canada rate cuts, several regional markets are showing signs of heating up. With a potential rebound on the horizon, where is the best place to buy a home in Canada this year?
Zoocasa partnered with MoneySense.ca to publish the 2024 edition of Where to Buy Real Estate in Canada, revealing which real estate markets offer the best prices, value, growth, and livability which were scored in a ranking.
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As the official data analysis and content provider for the feature, Zooocasa ranked real estate markets and neighbourhoods from coast to coast using a proprietary methodology that factors in average home prices, price growth over time, and neighbourhood characteristics and economics data. The findings reveal that homebuyers will find the greatest value in Atlantic Canadian housing markets this year.
The Top Ranked Cities to Buy a Home In
Despite the majority of housing markets finishing the year with annual price declines in benchmark prices, housing affordability remains a significant hurdle across Canada. Fortunately, there are still several cities that offer value for buyers and are priced more affordably. Saint John and Calgary are two such cities; both have experienced one-year price growth of 3% or more and have average prices of at least $200,000 below the national average.
According to the ranking, the following municipalities offer home buyers the greatest value in 2024:
- Greater Moncton: 4.68 Stars (benchmark 2023 home price: $328,383, 3-year price growth: 69%)
- Saint John: 4.36 Stars (benchmark 2023 home price: $286,592, 3-year price growth: 48%)
- Sault Ste. Marie: 4.31 Stars (benchmark 2023 home price: $283,192, 3-year price growth: 58%)
The following municipalities ranked the lowest in terms of value and buying conditions:
- Greater Vancouver: 1.35 Stars (benchmark 2023 home price: $1,177,483, 3-year price growth: 25%)
- Mississauga: 1.13 Stars (benchmark 2023 home price: $1,088,217, 3-year price growth: 23%)
- Oakville-Milton: 0.83 Stars (benchmark 2023 home price: $1,289,633, 3-year price growth: 31%)
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.
Browse Listings in Canada's 2024 Best Places to Buy Real Estate:
Greater Moncton
5 Chesed
Property details:
- 3 beds, 2 baths
- Detached
- Walking and Transit scores N/A
This 3-bedroom raised ranch home features several modern updates including new roof shingles, a back patio sliding door with built-in blinds, and an updated 4-pc bathroom. The main living area serves as a welcoming central hub and features a spacious layout with large windows and a heat pump.
View the listing here.
195 Francfort
Property details:
- 3 beds, 1 bath
- Semi-detached
- Walking score 29/Transit score 23
This sleek, modern semi-detached home is nestled in one of the most sought-after areas of Moncton. Boasting two mini-split heat pumps, an attached single garage, a stylish kitchen, and a primary bedroom with spa-like amenities, this two-storey home offers modern living at its finest.
View the listing here.
Saint John
6 Duchess Street
Property details:
- 4 beds, 1 bath,
- Detached
- Walking score 48/Transit score 30
This bright bungalow is just steps away from Seaside Elementary, scenic beaches, parks, and other amenities. The home features a spacious living room with a striking half-vaulted ceiling and a new wood fireplace, a primary bedroom with a walk-in closet, and a versatile basement.
View the listing here.
30 Borosha Road
Property details:
- 3 beds, 1 bath
- Detached
- Walking and Transit scores N/A
This charming 3-bedroom home boasts over $70k in recent upgrades including a stunning new kitchen, a fully renovated bathroom, and a new roofing system. The home is conveniently located within a short drive to Mispec Beach, local shopping, and Uptown.
View the listing here.
Sault Ste. Marie
190 Mcgregor Ave
Property details:
- 2 beds, 1 bath
- Detached
- Walking and Transit scores N/A
This 2-bedroom home with a classic brick exterior has a cozy interior with original hardwood floors, a spacious eat-in kitchen, and updated windows. The expansive backyard offers a private wood deck with a privacy screen - making it a perfect haven for singles or a young couple.
View the listing here.
44 Danby Rd
Property details:
- 4 beds, 2 baths
- Detached
- Walking score 45/Transit score 23
This exquisite all-brick home features a fully updated and custom interior including a modern kitchen with granite countertops, spacious living areas, and a large primary bedroom with ensuite privileges. Enjoy the outdoors in the property's heated above-ground pool or relax on the well-maintained concrete patio.
View the listing here.
If you're looking to get into the real estate market this year, give us a call! From mortgages to closing costs, one of our experienced real estate agents can guide you through the home buying process.
