Turns out that expensive Vancouver is officially the least valuable city to actually buy real estate in nationwide.
MoneySense’s Where to buy Real Estate in Canada 2022 report put Vancouver dead last in a list of 45 cities ranked in terms of value and buying conditions.
Created in partnership with Zoocasa, the rankings are based on average home prices and recent real estate price growth. Each city received a value score out of five.
With a 2021 benchmark price of $1,230,200, practically half a million over the national average, and a three-year growth rate of 19%, Vancouver literally scored zero.
Greater Moncton, New Brunswick, was deemed the most valuable place to buy real estate in Canada, followed by North Bay, Ontario at second.
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The report found that for two consecutive years, Canada’s largest real estate markets have also been the most financially challenging for buyers.
The pandemic caused many Canadians to reconsider where and how they want to live; city-dwellers across the country fled to suburbia and small towns, purchasing property at a staggering rate and driving up real estate prices.
The trend is continuing to shape Canada’s real estate market in 2022, MoneySense noted.
Based on a two-year post-pandemic analysis of home prices in Canada, the highest growth rates are no longer found in big cities. Rather, it’s the surrounding regions, like Hamilton and Kitchener-Waterloo, where the greatest value and growth potential can be found.
“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,” said Lauren Haw, CEO and broker of record at Zoocasa.
“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.”
With files from Daily Hive Staff.