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To simplify the task of buying a home in Canada, we dug into real estate data and trends to find the top cities and regions for home buyers this year, based on current home prices and recent price growth.
The pace of price gains in Canada’s real estate market over the past two years can only be described as staggering, as if powered by rocket fuel. Between January 2020 and March 2022, the average home price soared from $504,350 to $795,952, according to Canadian Real Estate Association data, though the average price has started to decline in recent months. The result? Many Canadians have reconsidered where and how they want to live, today and in the future.
Amid the real estate market’s unprecedented growth, some cities and neighbourhoods stand out as offering the greatest value and growth potential. For our 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to reveal the best places to buy and to shine a spotlight on these communities.
Below, you’ll find our ranking of the top places to buy property in Canada, accompanied by an in-depth look at what’s shaping the real estate market in 2022 and what makes the top three areas so attractive. Our report also includes a ranking of the top neighbourhoods across 13 of the country’s most-watched real estate markets, from Halifax to Vancouver (tap or click on the menu above to view those articles).
Rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April.
To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.
The massive lifestyle changes we’ve seen over the past two years—from remote work and virtual school to rotating health restrictions—have changed Canadians’ home-buying priorities. For example, in a 2021 survey by Zoocasa, 32% of buyers in Ontario reported having purchased a home farther from a city centre than they would have previously considered. Of those surveyed, over two-thirds felt that COVID-19 caused suburban and small-town real estate prices to rise at an unsustainable rate.
“The past two years have driven new trends in home-buying psychology, and as the pandemic recedes, we’re moving into a transition period and seeing a more balanced market,” says Lauren Haw, CEO and broker of record at Zoocasa Realty. “Some buyers are returning to city centres as they’re called back to the office, while others are still looking coast-to-coast for the most affordable markets to buy in.”
Looking at a two-year post-pandemic analysis of home prices across Canada, you might be surprised to learn the highest growth rates in home prices are not found in the cities of Vancouver and Toronto, but rather in their surrounding regions, including the Fraser Valley, Hamilton-Burlington and Kitchener-Waterloo. Prices in those regions are punching far above the national average, which as of March 2022 stands at $887,100.
Buyers venturing farther afield to find their dream home have brought some big-city real estate market dynamics with them. In formerly sleepy small towns, out-of-town buyers snapped up available properties, instigated unheard-of bidding wars and paid considerably more than list prices. Things came to a head in December 2021, when Canada’s housing inventory hit a record low of 1.6 months. Homes were selling almost as quickly as they were put on the market.
This is sounding alarm bells for policy makers, prompting governments and the Bank of Canada to take action to cool the real estate market and prevent the much-debated possibility of a “housing bubble.” Some provinces have taken aim at foreign buyers, while Ottawa has put a two-year ban on foreign speculation. The 2022 federal budget also outlined new tax credits and a new tax-sheltered savings plan for first-time buyers, designed to help more people break into the competitive Canadian real estate market.
Moncton is the largest urban centre in the province of New Brunswick, and the Greater Moncton Area—home to almost 145,000 residents—is made up of Moncton, Riverview and Dieppe. This picturesque city sits in the Petitcodiac River Valley and is known as the “hub” of the Maritime provinces, due to its central inland location and its history as a railway and land transportation hub. Moncton features a mix of English and French Acadian cultures, and it is known across the Maritimes for its outdoor adventures, lively culture and heritage festivals. With the largest retail centre in the region, it is also a local shopping destination.
While Greater Moncton may boast the highest benchmark price in New Brunswick, home prices were still below the national average by around $425,000, as of December 2021.
Housing prices have climbed as the region has welcomed an influx of people from outside the province. In 2020, Statistics Canada reported the largest net increase in Ontarians moving to N.B. in 42 years. This trend of interprovincial migration continued into 2021, and in the fourth quarter of 2021, the number of people moving to the province was up 60% year-over-year. New Brunswick has also drawn a large number of people from outside the country. In the fourth quarter of 2021, international immigration jumped 112% over the same period one year before.
Newcomers are drawn by the abundant space, accessible nature and greater affordability, as well as New Brunswick’s reputation for friendly communities and its opportunities to buy larger properties with oceanfront views. Then there’s the fact that working from home has made commuting obsolete for some workers. All of this has helped increase the value of Greater Moncton’s residential benchmark price by over 98% in the past five years.
The unemployment rate in N.B. has steadily declined in the past 18 months, down from a peak of almost 12% in July 2020. In April 2022, it stood at around 7.5%, 2.3% above the national average. However, you’ll still find many opportunities in agriculture, construction, trade services, professional and scientific services, education, health care, information and cultural services, hospitality and food services, and public administration. Greater Moncton’s tourism sector, popular for its mix of outdoor adventures and urban experiences, is on the rebound from COVID-19 restrictions.
Moncton’s housing market saw continued price increases into the early months of 2022. In the first quarter, the benchmark price in Moncton rose 7.9%, crossing the half-a-million-dollar mark in March 2022 across all home types. A buyer can snag an average condo in the Moncton area for just over $400,000. That’s after prices skyrocketed 58% in 12 months, but it’s still $220,000 below the national average, making this a very affordable option for first-time buyers.
As the spring and summer real estate market gets into full swing, Moncton’s affordability will continue to make it an attractive destination for local and out-of-province buyers seeking the comforts of home—especially with prices at historical highs in areas like Toronto and Vancouver.
View Zoocasa real estate listings in Greater Moncton.
Known as the “Gateway to the North,” North Bay is located on Lake Nipissing in northeastern Ontario. It is known for its open spaces, forest trails and convenient transportation access—North Bay has a train station and an airport, and it’s on the Trans-Canada Highway. North Bay is located only 125 km from Sudbury and just under 350 km from Toronto, making it easy to access the kind of amenities and services often only found in larger city centres.
Offering access to high-speed networks and a growing number of remote-work opportunities, North Bay is labelling itself as one of the best places to do “work from anywhere.” The city has a population of around 52,662. The larger regional population of 112,000 includes residents within the districts of Nipissing, Parry Sound, Timmins, Temiskaming Shores and Cobalt.
Bundle up if you’re planning to move to North Bay. It’s a little chillier than more southern areas, with an average winter temperature of -14 C. The average summer temp is just 23 C.
The benchmark price of a home in North Bay has grown a whopping 88% in the past five years. With a benchmark price of $385,100 in December 2021, houses were still priced roughly $343,000 below the national average and almost $640,000 less than what buyers could expect to pay in Toronto. This has made North Bay a viable option for those willing to go farther north for an opportunity to get onto the property ladder. The city’s official website notes that North Bay offers a range of real estate opportunities, “from condo-by-the-lake living, to modern executive-style dwellings, to old-world Victorian housing.”
In 2021, North Bay’s housing market saw exciting growth, with composite benchmark home prices increasing by 42%. That’s the highest growth rate in Ontario; on a national level, it’s matched only by rising home prices in Chilliwack, B.C.
North Bay can be a great place to live if you enjoy the outdoors and want both big-city amenities and that small-community feel. Even with downward pressures on home prices like high inflation, rising interest rates and new government policy, North Bay has experienced exponential growth in the first quarter of 2022. The city saw prices increase by nearly 7% in March and 17% in the past three months. By the end of March 2022, the benchmark home price reached $451,700.
That said, North Bay is unlikely to keep seeing double-digit growth every quarter. In fact, prices are already starting to balance or come down in certain areas. As employers start to call employees back to the office in greater numbers, time will tell whether North Bay remains one of the fastest-moving real estate markets in Canada.
View Zoocasa real estate listings in North Bay.
Hastings County is the second largest county in Ontario, spanning from the Bay of Quinte to Algonquin Park. It comprises 14 member municipalities, whose lifestyle remains predominantly rural. Residents and visitors enjoy the region’s many artisan and antique shops, nestled within its small towns, villages and hamlets.
Located just south of Hastings County, Quinte West was formed by the amalgamation of four former municipalities: Trenton, Village of Frankford, Sidney Township and Murray Township. It has a population of more than 46,000 and is located on the western end of the Bay of Quinte. The expansive Trent-Severn Waterway terminates in Quinte. The city offers scenic views and regular air shows from 8 Wing Trenton, the Canadian Armed Forces’ primary air transportation hub and the area’s biggest employer.
Located roughly two hours east of Toronto and an hour west of Kingston, Quinte West and Hastings County offer excellent access to amenities, hospitals, employment and higher education. And from Quinte West, you’re just 20 minutes outside of Belleville, a city of around 50,000 people.
Home prices in this area have seen a whopping 143% increase in just five years. In the past year alone, prices have jumped 34%. Quinte West is known for its family-friendly neighbourhoods and job opportunities (outside of the armed forces) in manufacturing, retail and tourism. Homes in this area cost almost $200,000 less than the national average, giving first-time home buyers an excellent chance to get on the property ladder with more space for their dollar.
In the early months of the year, the benchmark home price in this region jumped 13%, reaching $619,400 in March 2022—making it slightly less affordable than neighbouring Kingston but more affordable than Ottawa. However, the pace of growth in home prices has since slowed. If you’re looking for more space, a beautiful waterfront and the occasional fly-by, Quinte West or Hastings County might be the place for you.
View Zoocasa real estate listings in Quinte West & Hastings County.
To determine the cities and neighbourhoods that offer home buyers the greatest value in 2022, we studied real estate data from top markets across Canada.
We ranked regions and neighbourhoods within the same geographic area against each other. The overall rankings and scores are based on the areas’ benchmark home prices and recent real estate price growth. The regional rankings also factor in neighbourhood economics, which we weighted equally with value in the overall evaluation.
We also considered neighbourhood characteristics and the percentage of households with children. All rankings are based on data available at the end of March 2022.
Our value score accounts for an area’s benchmark home price as of Dec. 31, 2021, relative to the overall regional average, with more affordable home prices contributing positively to the score. The calculation also accounts for one-year, three-year and five-year home value growth in the area, with more weight assigned to the most recent data. Although recent comparables are better indicators of value, a positive and steady trend of home value growth was considered as part of the overall calculation.
The neighbourhood economics scores in our regional rankings are based on multiple factors commonly considered in economic and affordability indexes: the percentages of households that own or rent, education levels, median income and household income.
The neighbourhood accessibility scores in our regional rankings reflect a neighbourhood’s walk score, transit score and bike score. Each factor is given a score out of 100; the three scores are weighted at 60%, 30% and 10%, respectively, for a neighbourhood accessibility score out of 5.
To gain further insight, we looked at additional information on neighbourhood amenities, neighbourhood accessibility and how many households have children. While we did not use these factors to determine the overall ranking, they helped us assess the lifestyle in each area.
We used data from the following organizations: Statistics Canada, Canadian Real Estate Association (CREA), Nova Scotia Association of Realtors (NSAR), Toronto Regional Real Estate Board (TRREB), Realtors Association of Edmonton (RAE), Calgary Real Estate Board (CREB), Real Estate Board of Greater Vancouver (REBGV), WalkScore.
Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.
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Usually there’s a chart on these MoneySense rankings. There’s nothing here. There’s links to CSV/PDF/Excel files, but those are all empty.
Thanks for letting us know. We briefly experienced technical issues that prevented the tables from displaying properly. The issue has now been resolved.
A couple of things to keep in mind about Moncton, NB and New Brunswick in general. Prices of houses are low yes. But they have the poorest health care systems. The waiting list to get a family doctor is between 5 to 8 years and that was pre pandemic. After hour clinics suffering badly, with some having to go at reduced hours while at least 1 had to shut down. Wait times at hospitals to see a doctor I believe is about 20 hours. That’s just the medical system.