{"id":26471,"date":"2024-01-03T06:00:00","date_gmt":"2024-01-03T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26471"},"modified":"2024-01-08T09:05:45","modified_gmt":"2024-01-08T14:05:45","slug":"2023-real-estate-top-trends-most-searched-for-cities","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/2023-real-estate-top-trends-most-searched-for-cities\/","title":{"rendered":"2023 Wrapped Real Estate Edition: Top Trends and Most Searched-For Cities"},"content":{"rendered":"\n<p>The economic conditions of a market largely determine real estate trends, and due to the Bank of Canada\u2019s three interest rate hikes in 2023, the Canadian real estate market was in a state of uncertainty for much of the year. But high borrowing costs didn\u2019t stop homebuyers and sellers from entering the market, rather they redirected where homebuyers were looking. So which cities emerged as the most searched-for and which housing market trends defined the year? Keep reading for Zoocasa\u2019s year-in-review analysis of 2023.<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"777\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10.png\" alt=\"\" class=\"wp-image-26472\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10-232x300.png 232w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10-750x971.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10-768x994.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-10-1187x1536.png 1187w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Homebuyers Looked Outside of the GTA For Economic Relief<\/h1>\n\n\n\n<p>As the most populous city in Canada, it\u2019s no surprise that <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> took the top spot for the most searched-for city in 2023 on the Zoocasa website. But as Toronto home prices climbed, with the benchmark price reaching a peak in 2023 of $1,171,300, homebuyers expanded their search beyond the Greater Toronto Area.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London<\/a> came out as the second-most searched-for city in 2023, signaling a shift in homebuyer priorities towards affordability over proximity to Toronto. The benchmark price (not seasonally adjusted) in London &amp; St. Thomas in November 2023, according to the Canadian Real Estate Association (CREA), was $577,400 &#8211; over $500,000 less than the GTA\u2019s November benchmark. Homebuyers in London also benefited from more choices as compared to other Ontario cities, with the city experiencing a <a href=\"https:\/\/www.lstar.ca\/sites\/default\/files\/pdfs\/Monthly%20MLS%C2%AE%20Statistics\/November-2023\/Residential-Market-Activity-Report-for-LSTAR_November-2023.PDF\" target=\"_blank\" rel=\"noreferrer noopener\">5.9% year-over-year increase in new listings<\/a> in November 2023.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/maximizing-year-end-tax-savings-for-homeowners-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Year-End Tax Savings: Maximizing Benefits for Homeowners<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/guelph-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Guelph<\/a>, <a href=\"https:\/\/www.zoocasa.com\/barrie-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Barrie<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/st-catharines-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. Catharines<\/a> rounded out the most-searched-for cities list as buyers priced out of the GTA looked for homes better suited to their budgets. Of the three, St. Catharines had the most affordable benchmark price (not seasonally adjusted) at $584,200 in November 2023 according to the Niagara Association of Realtors. Niagara Region is also one of the few regions in the country to be in a <a href=\"https:\/\/www.zoocasa.com\/blog\/buyers-sellers-markets-canada-winter-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">buyer\u2019s market<\/a>, giving homebuyers an edge with lower competition and more room for negotiation.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"777\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13.png\" alt=\"\" class=\"wp-image-26473\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13-232x300.png 232w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13-750x971.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13-768x994.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-13-1187x1536.png 1187w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>For homebuyers determined to live in the GTA, Peel and Halton Region reigned supreme. <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a> was the most searched-for city in the GTA, followed by Hamilton, Oakville, <a href=\"https:\/\/www.zoocasa.com\/oshawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oshawa<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a>. Zoocasa, in partnership with Moneysense, ranked Mississauga\u2019s City Centre and Downtown Brampton as the third and fifth <a href=\"https:\/\/www.moneysense.ca\/spend\/real-estate\/where-to-buy-real-estate-in-canada-peel-region\/\" target=\"_blank\" rel=\"noreferrer noopener\">best places to buy real estate in Peel Region<\/a> in 2023 thanks to their impressive 5-year price growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"777\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14.png\" alt=\"\" class=\"wp-image-26474\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14-232x300.png 232w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14-750x971.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14-768x994.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-14-1187x1536.png 1187w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>When it came to home searches outside of Ontario, <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a> stole the show. Housing demand in Calgary was boosted by record-high interprovincial migration and continued price appreciation, which allowed homebuyers to build equity faster. For those who sought even more affordable home prices, <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a> and <a href=\"https:\/\/www.zoocasa.com\/moncton-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Moncton<\/a> were the way to go and took the third and fifth spots respectively in the most-searched-for cities outside of Ontario list. Both cities boast benchmark prices below $370,000 and <a href=\"https:\/\/www.zoocasa.com\/blog\/top-canadian-cities-to-buy-in-real-estate-in-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Moncton was ranked as the best place to buy real estate in 2023<\/a> by Zoocasa and Moneysense.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"777\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17.png\" alt=\"\" class=\"wp-image-26483\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17-232x300.png 232w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17-750x971.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17-768x994.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-17-1187x1536.png 1187w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>So who was driving most of these home searches in 2023? Home searchers came from high-priced cities with larger populations, potentially driven to look outside of their current cities because of rising mortgage costs. Given that most home searchers came from Toronto, we can assume that most Toronto home searchers were looking to buy a home in one of the top 5 most-searched-for cities: Toronto, London, Guelph, Barrie, and St. Catharines. As for home searchers from Montreal, they were likely searching for a home within Ontario. According to <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=1710002201&amp;pickMembers%5B0%5D=1.5&amp;cubeTimeFrame.startYear=2018+%2F+2019&amp;cubeTimeFrame.endYear=2022+%2F+2023&amp;referencePeriods=20180101%2C20220101\" target=\"_blank\" rel=\"noreferrer noopener\">Stats Can<\/a>, the most popular province for those from Quebec to move to is Ontario, with 18,049 Quebecers moving to Ontario in 2022\/2023.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/5-challenges-to-buying-home-in-winter\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>5 Challenges to Consider When Buying a Home in Winter<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"777\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16.png\" alt=\"\" class=\"wp-image-26476\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16-232x300.png 232w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16-750x971.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16-768x994.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Real-Estate-Wrapped-16-1187x1536.png 1187w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">The Top 5 Housing Market Trends of 2023<\/h1>\n\n\n\n<p>The 2023 housing market experienced a rollercoaster of changes, yet it was primarily defined by five pivotal trends. The 5-year fixed mortgage rate climbed throughout 2023 and peaked at <a href=\"https:\/\/www.ratehub.ca\/5-year-fixed-mortgage-rate-history\" target=\"_blank\" rel=\"noreferrer noopener\">5.24%<\/a> in September. This continuous climb gave buyers and sellers some hesitation in entering the market, with many stepping off to the sidelines in the fall after the Bank of Canada hiked the overnight lending rate to 5% in July. This has resulted in more balanced market conditions and has given a boost to the housing supply.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/2024-canadian-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Will Home Prices Bottom Out in 2024? Zoocasa\u2019s Four Housing Market Predictions<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>In connection with rising mortgage rates, condos were in demand most of the year, with buyers drawn to their more affordable prices. However, as the Canadian population grew at a record pace, surpassing 40,000,000, housing demand increased and pushed condo prices to unreachable levels for some. This increased demand also created inventory challenges for most of the country, however now that buyer activity is slowing down, <a href=\"https:\/\/www.zoocasa.com\/blog\/how-much-inventory-grew-gta-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">supply levels are rebounding<\/a> in some key markets such as the GTA. The build-up in housing supply is desperately needed, especially after many pre-con projects were scaled back this year or even canceled due to high borrowing costs.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re looking to enter one of these markets, it\u2019s important to speak with a local real estate agent who can give you specific information and guidance about the local real estate market. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to discuss your home-buying plans.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Need help navigating the real estate market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The economic conditions of a market largely determine real estate trends, and due to the Bank of Canada\u2019s three interest rate hikes in 2023, the Canadian real estate market was in a state of uncertainty for much of the year. But high borrowing costs didn\u2019t stop homebuyers and sellers from entering the market, rather they [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":26478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[76,1111,1167,1160,113],"tags":[],"class_list":["post-26471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-canada","category-just-for-fun","category-market-insights","category-selling-your-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2023 Wrapped Real Estate Edition: Top Trends and Most Searched-For Cities | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Find out which Canadian cities home searchers were looking at most and which cities most home searchers came from in Zoocasa\u2019s year-in-review real estate analysis of 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/2023-real-estate-top-trends-most-searched-for-cities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023 Wrapped Real Estate Edition: Top Trends and Most Searched-For Cities | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Find out which Canadian cities home searchers were looking at most and which cities most home searchers came from in Zoocasa\u2019s year-in-review real estate analysis of 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/2023-real-estate-top-trends-most-searched-for-cities\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" 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