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? <\/p>\n\n\n\n
Zoocasa partnered with MoneySense to publish the 2023 edition of Where to Buy Real Estate in Canada<\/a>, revealing which real estate markets offer the best prices, value, growth and livability which were scored in a ranking system.<\/p>\n\n\n\n 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.<\/a><\/p>\n\n\n\n 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. <\/p>\n\n\nThe Top Ranked Cities to Buy a Home in<\/h2>\n\n\n\n