10 Hottest Real Estate Markets in Canada Right Now

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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The Saamis Tepee just outside of Medicine Hat, Alberta

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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.

Brightly coloured homes by the seaside in Lunenberg, Nova Scotia

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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.

A quaint downtown street in Antigonish, Nova Scotia

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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.

A lighthouse on a hill overlooking the ocean in Gilbert's Cove, Nova Scotia

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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.

A beachside area in Cape Breton, Nova Scotia with a few houses and cliffs in the background

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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.

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Mauricie, Quebec

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.

The riverside skyline in Trois-Rivières, Quebec

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Trois-Rivières, Quebec

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.

A pond and fountain with a bridge in Red Deer, Alberta's Bower Ponds park

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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.

An aerial shot of Portage La Prairie, Manitoba

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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.

An overhead view of the Royal Tyrrell Museum in Drumheller, Alberta

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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.