According to the Canadian Real Estate Association, the average home in Canada sold for $644,945 in October this year. This is a 1.8 per cent increase in the average house price since October 2022. While this doesn’t sound like a dramatic increase overall, there are some markets across the country that showed extraordinary growth compared to the same time last year.
Between October 2022 and October 2023, we identified the housing markets with the most significant price growth. So, what are the hottest real estate markets in Canada at the moment? Nova Scotia leads with four markets where the average price of a home grew at least 13 per cent year over year. Alberta follows closely with three markets that grew between 12 per cent and 43 per cent from last year. Read on to learn more about the top 10 real estate markets and what makes them so appealing.
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Medicine Hat, Alberta
MLS® HPI benchmark price: $351,940
Price change October 2022 to October 2023: 12 per cent
The Medicine Hat housing market is one of the hottest in Canada for a number of reasons. In addition to a low cost of living, this small city offers great employment opportunities in agriculture, petrochemicals, the film and culinary industries, education and health care. With an average of 330 sunny days per year, it is also the sunniest city in Canada.
South Shore, Nova Scotia
MLS® HPI benchmark price: $307,000
Price change October 2022 to October 2023: 13.9 per cent
Making the top ten once again this year is Nova Scotia’s South Shore. Beaches, lighthouses, historic inns and fresh seafood are just some of the reasons why towns like Lunenberg and Chester are so captivating. The region is also about an hour’s drive from Halifax so city amenities are close by.
Highland, Nova Scotia
MLS® HPI benchmark price: $244,700
Price change October 2022 to October 2023: 14.1 per cent
Back again this year is Nova Scotia’s Highland region with its mix of small towns, seaside villages along the Northumberland Strait and remote hillside properties. Prices are still affordable compared to many other places across Canada but it may not be that way for long if they continue to grow as they have in recent years.
Annapolis Valley, Nova Scotia
MLS® HPI benchmark price: $316,800
Price change October 2022 to October 2023: 15.4 per cent
People are drawn to Annapolis Valley, Nova Scotia for its picturesque landscapes and charming rural living. The region boasts fertile farmlands, producing a variety of agricultural products and wines. The proximity to the Bay of Fundy and its tides, as well as historic sites such as Annapolis Royal, contribute to the area’s unique appeal.
Cape Breton, Nova Scotia
MLS® HPI benchmark price: $206,800
Price change October 2022 to October 2023: 15.8 per cent
In 2023, Cape Breton, Nova Scotia continued to attract new residents. Whether you’re looking for a summer vacation home or year-round, remote coastal living, this is the place to be.
MLS® HPI benchmark price: $262,200
Price change October 2022 to October 2023: 16.3 per cent
The housing market in Mauricie, Quebec is experiencing significant growth due to a combination of factors. The region’s affordability compared to larger urban areas, like Montreal, is a key driver for homebuyers seeking an economical yet picturesque area. Additionally, Mauricie’s natural beauty, abundance of outdoor recreation options and cultural attractions have contributed to its rising popularity.
MLS® HPI benchmark price: $334.380
Price change October 2022 to October 2023: 21.8 per cent
The low cost of living and housing prices that are well below the national average are just two of the reasons why Trois-Rivières is an attractive option. It’s also one of Canada’s oldest cities and home to a rich cultural heritage, a vibrant downtown area and a lively arts scene.
Central Alberta, Alberta
MLS® HPI benchmark price: $395,482
Price change October 2022 to October 2023: 22.2 per cent
Central Alberta, which includes Red Deer and the areas between Calgary and Edmonton, have shown a lot of growth over the past year. The region is attractive to potential homeowners because it offers all of the amenities of big city living in a more relaxed setting. Plus, it’s close to nature preserves, national parks, lakes and mountains.
Portage La Prairie, Manitoba
MLS® HPI benchmark price: $238,029
Price change October 2022 to October 2023: 28.7 per cent
While Alberta, Nova Scotia and Quebec dominated the top 10 this year, Portage La Prairie, Manitoba takes the second highest spot. Homebuyers are enticed by its affordable real estate market, the city’s welcoming atmosphere and its location along the Trans-Canada Highway.
South Central, Alberta
MLS® HPI benchmark price: $303,216
Price change October 2022 to October 2023: 42.8 per cent
Canada’s hottest real estate market in 2023 is South Central, Alberta, with a 42.8 per cent increase in home prices compared to the same time last year. The area, which includes Drumheller and Hanna, boasts low housing costs, low taxes, the awe-inspiring Badlands and easy access to Calgary.