Where to buy real estate in 2020: Top 35 cities

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Rank	City	Province	Average house price	Time to buy (avg. home price to income ratio)	5-year dollar appreciation	Compound annual rate of return (1-year)	Compound annual rate of return (5-year)	Average GDP growth 2014 - 2019	Unemployment % rate - 2019
1	Guelph (ON)	ON	$527,300.00	8.65	$65,567	6.83%	5.72%	2.50	2.1
2	London (ON)	ON	$394,622.00	7.60	$26,506	12.44%	10.87%	2.50	5.3
3	Victoria (BC)	BC	$678,700.00	12.16	$18,159	2.71%	2.21%	3.07	3.2
4	Ottawa (ON)	ON	$403,800.00	6.53	-$56,276	8.23%	6.97%	2.50	5.1
5	Kingston (ON)	ON	$366,549.00	6.54	$50,265	0.85%	0.68%	2.50	5.2
6	Brantford (ON)	ON	$426,037.00	8.36	$13,963	2.51%	2.04%	2.50	4.5
7	Hamilton (ON)	ON	$585,500.00	10.36	$50,934	4.68%	3.87%	2.50	3.7
8	Kitchener - Cambridge - Waterloo (ON)	ON	$491,241.00	8.57	$40,590	3.12%	2.55%	2.50	5.7
9	Abbotsford - Mission (BC)	BC	$858,132.00	16.59	$204,819	-0.93%	-0.74%	3.07	5.2
10	Windsor (ON)	ON	$313,281.00	6.07	-$12,225	19.25%	17.76%	1.17	5.5
11	Saguenay (QC)	QC	$178,811.00	3.66	-$5,046	10.66%	9.19%	1.75	4.9
12	Peterborough (ON)	ON	$435,964.00	8.61	$75,786	4.74%	3.91%	2.50	6.6
13	Trois-Rivières (QC)	QC	$166,280.00	3.91	-$32,594	8.06%	6.81%	1.75	5.5
14	Barrie (ON)	ON	$466,400.00	8.20	$29,017	-2.71%	-2.13%	2.50	5.2
15	Durham/Oshawa	ON	$576,702.00	9.48	$120,917	-2.43%	-1.92%	2.50	5.2
16	Gatineau (QC)	QC	$267,187.00	4.85	-$71,252	2.09%	1.70%	1.75	5.2
17	Québec (QC)	QC	$266,201.00	5.14	-$43,130	1.40%	1.13%	1.75	3.7
18	Sherbrooke (QC)	QC	$226,354.00	5.18	-$37,611	3.23%	2.64%	1.75	4.2
19	St. Catharines - Niagara (ON)	ON	$397,000.00	8.00	-$27,449	7.50%	6.32%	2.50	6.8
20	Kelowna (BC)	BC	$494,500.00	9.20	-$173,514	-2.95%	-2.32%	3.07	4.6
21	Greater Sudbury (ON)	ON	$250,495.00	4.49	-$95,121	1.58%	1.28%	2.50	6.0
22	Vancouver (BC)	BC	$1,017,900.00	19.58	-$147,910	-5.98%	-4.61%	3.07	4.9
23	Thunder Bay (ON)	ON	$219,203.00	4.13	-$100,435	-9.61%	-7.25%	2.50	6.0
24	Charlottetown (PE)	PE	$221,761.00	7.68	-$36,488	9.14%	7.79%	1.47	9.7
25	Montréal (QC)	QC	$353,400.00	7.54	-$38,332	6.25%	5.22%	1.75	5.9
26	Halifax (NS)	NS	$301,011.00	5.82	-$89,910	-4.61%	-3.58%	1.15	4.8
27	Toronto (ON)	ON	$767,800.00	14.83	$68,201	2.35%	1.91%	2.50	6.3
28	Winnipeg (MB)	MB	$266,600.00	5.20	-$97,045	-10.52%	-7.89%	1.95	5.5
29	Saint John (NB)	NB	$182,350.00	3.68	-$76,154	7.14%	6.00%	1.20	6.3
30	Regina (SK)	SK	$264,200.00	4.40	-$141,302	-4.62%	-3.59%	1.02	4.9
31	Moncton (NB)	NB	$199050	4.09	$83337	14%	-7%	1.20	8.1
32	St. John's (NL)	NL	$285,287.00	5.14	-$72,966	17.64%	16.06%	-0.17	7.5
33	Saskatoon (SK)	SK	$282,500.00	4.84	-$89,994	-3.09%	-2.42%	1.02	6.2
34	Calgary (AB)	AB	$414,600.00	6.50	-$118,239	-3.29%	-2.58%	1.17	7.5
35	Edmonton (AB)	AB	$316,200.00	5.02	-$141,471	-4.33%	-3.37%	1.17	7.0

Value: Measures how affordable the neighbourhood is compared to the surrounding area and the region overall
Momentum: Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation

For more, please see our complete methodology

In 1992, more than 400 volunteers gathered on the banks of Southwestern Ontario’s Speed River. Their aim was to build a pedestrian bridge using a timber-only construction—an architectural design from the 1800s—that would connect two sides of Guelph’s Royal Recreational Trail.

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The result was a 36.5-metre long walking bridge that is both bicycle and wheelchair accessible. The volunteer builders also made sure this bridge was completely covered, making it a go-to site in all kinds of weather conditions. But the biggest benefit was how this bridge, built more than 200 years after the City of Guelph was founded, helped galvanize the spirit of this city. It’s a spirit that captures the rural foundation of this urban centre, which still helps to shape its character. Even today, the agricultural studies program at the University of Guelph attracts students from across the city and around the world. In essence, the bridge embodies the cultural importance of the “Royal City”—a moniker owing to Guelph’s founder, John Galt, who was a member of the British Royal Family known as the Hanoverians, descended from the House of Welf, also known as the Guelfs, or Guelph. It also helps illustrate the pride Guelph residents have in their city. Now, Guelph residents have one more reason to exhibit civic pride: This year, the city of Guelph topped the list in the MoneySense “Where to buy” Top 35 ranking.

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Current Guelph residents won’t be surprised. Those who opted to buy into the Guelph property market in 2018 would’ve already earned 6.83% on that investment (based on average annual one-year rates of return). If that home was bought five years earlier, the average appreciation would translate into a little over $65,500 in added equity. Despite the value found in Guelph’s real estate—average home prices are less than $530,000—the real reason this city rose to the top of the list is because of strong economic fundamentals. But now, like many cities in Canada, Guelph will have to contend with the impact of the COVID-19 outbreak. Between February and March 2020, housing prices dropped 5% (although average prices are still sitting 8% higher year-over-year). Before the COVID-19 outbreak, the city’s unemployment rate was 2.1%—about 350 basis points below the national average for 2019. It appears Guelph residents found it relatively easy to find employment, particularly given that the GDP for the city is 1.9%, higher than the national average of 1.7% (for 2019). Strong employment and decent average annual incomes give Guelph residents a chance to pay off their mortgage faster; it takes a little less than nine years to pay off a Guelph home purchase (assuming the average annual income is used solely to pay off that debt). This is significantly lower than Toronto’s home to income ratio, where it takes 15 years for residents to pay off that mortgage debt, or Vancouver, where it takes residents a little less than 20 years to pay off mortgage debt. Still, the strength of the market going into the pandemic shutdown—with high buyer demand and strong employment—means that the market should eventually rebound once life returns to a more normal state and people can return to work. Further, Guelph’s proximity to Toronto means that residents will have ample options for finding employment or re-engaging with clients once the #FlattenTheCurve pandemic measures come to an end. Since Guelph is located less than an hour west of Toronto, commuters can pass beautiful limestone architecture and waterfront scenery while heading to and from their beautiful home. Now, add in the dynamic culture and high standard of living and you can begin to appreciate why this city is consistently voted a “best place” to live—and why it tops this year’s Top 35 list. Note: Home prices represent the average sale price of single-family homes as reported by the Canada Mortgage and Housing Corporation.

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Comments Cancel reply

Adrian Minor says:

July 4, 2020 at 8:40 pm

The Niagara numbers seem very low based on current market conditions. Fort Erie within Niagara saw average home prices go from $175000 to $400000 in the last 5 years. Other areas not as high of a percentage increase but certainty positive over that timeframe.

Reply
Heidi MacKay says:

July 10, 2020 at 6:03 pm

I think there is an error in the Moncton N.B. average house price. You have it as $$468,504. CREA>housing market stats.greater moncton realtors specify the MLS Home Price Index at $197,600 in April 2020. And that is a 9% increase from a year ago. I live in Moncton. The MLS numbers are correct. Could you correct the info as it likely affects Moncton’s rating? And can you email me to confirm the correction has been done, so I can use this survey? Thanks so much

Reply
1. Samuel Kavanagh says:
  
  July 28, 2020 at 3:32 pm
  
  Heidi,
  
  Thanks
  for letting us know. We will update this as soon as we can. Our goal is to have the most up-to-date information. We do our best to fact check all our content before it gets published and make updates regularly, but some things may get missed. We would like
  to remind our readers to do their own fact checking before making any personal finance decisions.
  
  Reply
Heidi MacKay says:

July 10, 2020 at 6:09 pm

Also, the average month’s inventory was 4.2 months in May 2020, the lowest in 15 years.

Reply
Gs says:

August 14, 2020 at 7:44 am

Hi

Which areas can give return alike Niagara

Reply
1. Samuel Kavanagh says:
  
  August 17, 2020 at 9:30 am
  
  Response from the MoneySense editorial team:
  
  Hi Gs, thanks for asking.
  
  Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected],
  where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
  
  Reply
George Gala says:

August 18, 2020 at 3:27 pm

Where is Oakville and Burlington? They are considered as the best places to live regularly in your publication. I like to know how they rank. Thanks

Reply
Adam Stewart, Realtor® says:

September 28, 2020 at 10:26 pm

I think MoneySense has missed the mark a touch on their figures as the article under estimates the average sale price of a residential home in Guelph. As of August 2020, the average price of a residential home in the City of Guelph is $647,817. For accurate market information, consult a local real estate sales representative.

Adam Stewart
Guelph & Area Real Estate Sales Representative
Chestnut Park West
http://www.adamstewart.realtor

Reply
Byron McDonald says:

October 10, 2020 at 12:47 am

Pretty clear you missed the boat on Kamloops entirely here.

+9% over 2019

Reply
Chris Cross says:

January 3, 2021 at 5:18 pm

Can you please explain what the “Time to buy” and “5-year dollar appreciation”?

Reply
1. MoneySense Editors says:
  
  January 11, 2021 at 3:26 pm
  
  Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.
  
  Reply
Ram says:

January 31, 2021 at 1:53 pm

So, buying a property for investment is not really worth in Ottawa? Based on the 5 year dollar appreciation? Did I get that right?

Reply