Canada’s Hottest Real Estate Markets Right Now
In September of this year, the average home in Canada sold for $640,479, according to the Canadian Real Estate Association. The average house price has fallen by 6.6 percent since September 2021. However, this does not imply that home prices have been falling across the country.
So, where are Canada’s hottest real estate markets right now? We examined the housing markets that experienced the greatest percentage price change between September 2021 and September 2022. The findings show that an increasing number of Canadians prefer remote living and that the areas where they choose to buy are those where housing is still affordable. Get in before the investors buy everything if you want to be a homeowner!
10. Sault Ste. Marie, Ontario
MLS® HPI benchmark price: $291,500
Price change from September 2021 to September 2022: 16.4 percent
A thriving housing market in Ontario that is also affordable? Is it even conceivable? Yes, if you look far, far beyond the GTA. Sault Ste. Marie is in an ideal location for anyone who enjoys being near water: it is located on the shores of Lake Superior and is only a short drive across the border to where Lake Huron and Lake Michigan meet at the mitten’s fingertips. The surrounding parks contribute to Sault Ste. Marie’s growing popularity as a tourist destination.
9. Cape Breton, Nova Scotia
MLS® HPI benchmark price: $188,600
Price change September 2021 to September 2022: 17.2 percent
Cape Breton Island has some of the best off-the-beaten-path locations in Canada for owning a vacation home, but remote working has made it possible to live here all year. And why wouldn’t you? Take a look at those coastal views.
8. Alberta West, Alberta
Average house price: $424,793
Price change September 2021 to September 2022: 17.7 percent
After experiencing a significant drop in house prices earlier this year, the Alberta West housing market – think Slave Lake and communities in the Rockies that are typically popular for Canadian weekend getaways – appears to be bouncing back. The most difficult task will be to locate the mountain hideaway with the best view.
7. Yukon Territory
Average house price: $541,363
Price change September 2021 to September 2022: 17.9 percent
Going north has not been a popular option for anyone looking for a home: It’s expensive, and you’ll be freezing for far too much of the year to make it worthwhile to live here. Nonetheless, the Yukon housing market is thriving. You are not limited to Whitehorse. Dawson City, for example, may be small, but it’s right on the Klondike Highway, and the only thing that could make a heritage home here more beautiful would be to see it under the Northern Lights.
6. Fredericton Area, New Brunswick
Average house price: $290,100
Price change September 2021 to September 2022: 18 percent
The Fredericton area, which includes several small communities along the Saint John River, is still so inexpensive that investing in real estate here is well worth it. If you have a million dollars to spare, you could buy a condo in Toronto or a townhouse in Victoria, or you could come to Fredericton and buy a house with a self-contained apartment unit and an entire motel attached, just steps from the river. And with all of the universities in the area, you’ll never have a shortage of renters.
5. Highland, Nova Scotia
MLS® HPI benchmark price: $220,100
Price change September 2021 to September 2022: 18.8 percent
If you want to get away from it all but can’t decide between mountains and seaside, Nova Scotia’s Highland region is ideal. There are small towns dotted throughout this part of the province, as well as many homes that are practically in the middle of nowhere. They’re still dirt cheap, but judging by how quickly prices have risen, the secret’s out.
4. South Shore, Nova Scotia
MLS® HPI benchmark price: $284,000
Price change September 2021 to September 2022: 19.5 percent
A magical world of lighthouses, sandy beaches, charming hotels like the Ivy House Inn in Lunenburg, and more lobster than you could eat in a lifetime awaits you less than an hour’s drive from Halifax. It’s no surprise that tourists flock to Nova Scotia’s South Shore. If you prefer to be referred to as a local, houses in the area are still very affordable, but you should act quickly.
3. Greater Moncton, New Brunswick
MLS® HPI benchmark price: $321,600
Price change September 2021 to September 2022: 19.6 percent
Moncton is one of the best places in Canada to live as a single woman, with short commutes, beautiful scenery and outdoor activities, and a population that is nearly half bilingual. Because of the low housing prices, you don’t even have to be part of a couple to afford a place of your own. However, prices have risen since the pandemic began and other Canadians discovered this part of the country.
2. Northern Nova Scotia (Sunrise Trail)
MLS® HPI benchmark price: $216,200
Price change September 2021 to September 2022: 19.9 percent
One of the effects of Covid-19 on the Canadian housing market has been an influx of people to Atlantic Canada. After all, when you can work from home, why wouldn’t you want to live near some of the warmest waters for a quick dip during your lunch break? The Sunrise Trail in Nova Scotia’s Northern Region, which runs along the Northumberland Strait, provides just that, as well as dirt-cheap real estate that you’ll pay off in no time.
1. Yarmouth, Nova Scotia
MLS® HPI benchmark price: $212,200
Price change from September 2021 to September 2022: 21.7 percent
If you want to get into Canada’s hottest real estate market, you should go to a mortgage broker right now and put down your down payment. Yarmouth may soon become even more popular as fans discover Mandy Rennehan’s sweet little hometown. Want to know what makes this location so unique? Since the series was filmed here, Trading Up with Mandy Rennehan will show you.
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