According to the Canadian Real Estate Association, the average home in Canada sold for $640,479 in September this year. This is a 6.6 percent drop in the average house price since September 2021. However, this doesn’t mean that house prices have been dropping all over the country.
So, where are the hottest real estate markets in Canada right now? We looked at the housing markets with the biggest percentage price change between September 2021 and September 2022. What is clear from the results is that more and more Canadians are opting for remote living and that the areas where they choose to buy are the ones where housing is still affordable. If you want to become a homeowner, get in there before the investors buy up everything!
10. Sault Ste. Marie, Ontario
MLS® HPI benchmark price: $291,500
Price change September 2021 to September 2022: 16.4 percent
A housing market in Ontario that’s not only thriving but cheap too? Is it even possible? If you look way, way beyond the GTA, yes, it is. Sault Ste. Marie has the perfect location for anyone who loves being near the water: touching the shores of Lake Superior and only a short drive across the border to where Lake Huron and Lake Michigan meet at the mitten’s fingertips. The surrounding parks help make Sault Ste. Marie an increasingly popular 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-radar spots to own a vacation home in Canada but remote working has made it easier to live here all year round. And why wouldn’t you? Just 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 still seeing a significant drop in house prices earlier this year, the Alberta West housing market – think areas like Slave Lake and those communities in the Rockies that are usually popular for Canadian weekend getaways – seems to be bouncing back. The biggest challenge will be to find the mountain hideout with the perfect view.
7. Yukon Territory
Average house price: $541,363
Price change September 2021 to September 2022: 17.9 percent
Heading north hasn’t been a popular option for anybody looking for a home: It’s expensive and you’re going to be freezing for far too big a part of the year to make living here worth it. And yet, the Yukon housing market is thriving. You don’t have to opt for just Whitehorse, either. Dawson City, for instance, may be small but it’s right on the Klondike Highway and the only thing that could make a heritage home here even more gorgeous would be seeing 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 cheap that it’s well worth investing in real estate here. If you have a million to spare, for instance, you can get a condo in Toronto or a townhouse in Victoria or you can come to Fredericton and get a house with self-contained apartment unit and entire motel attached, mere steps from the river. And with the universities here, you’ll never have a problem finding renters.
5. Highland, Nova Scotia
MLS® HPI benchmark price: $220,100
Price change September 2021 to September 2022: 18.8 percent
Nova Scotia’s Highland region is perfect if you want to get away from it all but can’t decide between mountains or seaside. There are small towns dotted throughout this part of the province and you’ll also find plenty of homes that are almost in the middle of nowhere. They’re still dirt cheap too but judging by how prices have been soaring, 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
Within less than an hour’s drive from Halifax you’ll find a magic world of lighthouses, sandy beaches, charming hotels like the Ivy House Inn in Lunenburg, and more lobster than you could eat in a lifetime. It’s no wonder that Nova Scotia’s South Shore is so popular with tourists. If you want to call yourself a local instead, houses here are still very affordable too but you shouldn’t wait too long to get in on the action.
3. Greater Moncton, New Brunswick
MLS® HPI benchmark price: $321,600
Price change September 2021 to September 2022: 19.6 percent
With its short commutes, beautiful scenery and outdoorsy spots, and a population nearly half of whom are bilingual, Moncton is one of the best places to live as a single woman in Canada. The low housing prices mean that you don’t have to be part of a couple to afford a place of your own either. However, prices have been soaring since the pandemic started 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 impacts of Covid-19 on the Canadian housing market has been that people have been flocking 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? Nova Scotia’s Northern Region or the Sunrise Trail – along the Northumberland Strait – offers you just that, along with 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 need to run to the mortgage broker and put down your down payment right now. Yarmouth might get even hotter soon as fans discover Mandy Rennehan’s sweet little hometown. Want to know what’s so special about the place? Trading Up with Mandy Rennehan will show you since the series was filmed here.