These are the best places to buy a home in Canada this year: report

Apr 26 2023, 2:59 pm

Looking to buy a home, but don’t want to deal with expensive real estate markets in some Canadian cities?

A new report revealed the best places to buy a home in Canada this year to take a bit of the guesswork out of your potential move.

MoneySense, a personal finance magazine owned by Ratehub, partnered with real estate search platform Zoocasa to see which regions and neighbourhoods stand out in terms of offering the greatest value and growth potential.

After two years of soaring home prices, the Canadian real estate market finally began its free fall in Spring 2022.

According to theĀ Canadian Real Estate Association (CREA), in January 2022, the national composite benchmark price across all home types was $817,000, and by December, it had fallen by $100,000 to $717,000.

While inflation and high interest rates caused a turbulent year for real estate and the wider economy, the report found that many markets still experienced growth.

So, if you want to take advantage of the cooling housing market, these are the best cities to buy a home in Canada right now, according to MoneySense.

The top three

1. Greater Moncton, New Brunswick

 

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The most populous region in New Brunswick topped MoneySense’s list for the second year in a row, with a value score of 4.8. Despite substantial growth in the average price, homes in the Moncton region continue to be affordable compared to the national average with a benchmark price of $320,817.

Consisting of Moncton, Riverview and Dieppe, Greater Moncton boasts inexpensive real estate opportunities for first-time buyers, and its steady price growth presents an opportunity for sellers and investors.

2. Sault Ste. Marie, Ontario

Idyllically situated in the heart of the Great Lakes, Sault Ste. Marie is full of Northern Ontarioā€™s most charming rivers, lakes and outdoor spaces.

Achieving a value score of 4.7, ā€œThe Sooā€ offers low prices and a welcoming community to prospective homeowners. Its population is just over 78,000. The benchmark price for homes here is just $292,208.

3. North Bay, Ontario

North Bay is one of the top three best places to buy real estate for the second year in a row, thanks to a value score of 4.2.

Located on Lake Nipissing in Northeastern Ontario, North Bay is just 125 kilometres from Sudbury. It also offers many of Canadaā€™s best natural features, including many parks, trails and conservation areas. The benchmark price for homes here is $413,525.

Here’s how other Canadian regions ranked

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