Thinking of buying a home in Canada in 2023? Here are the top cities to buy real estate according to MoneySense and Zoocasa!
The Canadian real estate market experienced a slowdown in 2022, following two years of soaring prices. The winter season, which is usually slow in real estate, began with record-high prices, but throughout spring and summer, prices steadily declined. The main factors affecting the real estate market were inflation and interest rates, which heavily impacted buying power and mortgage rates. The Canadian Real Estate Association reported that in January 2022, the national composite benchmark price for all home types was $817,000, and by December, it had dropped to $717,000.
Despite the turbulence in the real estate and wider economy, some markets still showed growth potential. To help homebuyers make informed decisions, MoneySense partnered with Zoocasa, an award-winning real estate search platform, to identify the best places to buy property in Canada and 13 of the most-watched real estate markets, from Halifax to Vancouver.
Check out the table below to discover the top places to buy real estate in Canada in 2023, based on Zoocasa’s analysis of data from 45 different regions.
| Rank | Region | Province | Benchmark price 2022 | 1-year growth | 3-year | 5-year | Value | National average (+/-) |
|---|---|---|---|---|---|---|---|---|
| 1 | Greater Moncton | N.B. | $320,817 | 26% | 84% | 102% | 4.75 | $-472,041 |
| 2 | Sault Ste. Marie | Ont. | $292,208 | 26% | 75% | 84% | 4.68 | $-500,650 |
| 3 | North Bay | Ont. | $413,525 | 21% | 83% | 90% | 4.23 | $-379,333 |
| 4 | Fredericton | N.B. | $284,642 | 20% | 56% | 63% | 4.04 | $-508,216 |
| 5 | Saint John | N.B. | $276,450 | 20% | 54% | 58% | 4.03 | $-516,408 |
| 6 | Halifax-Dartmouth | N.S. | $506,625 | 23% | 71% | 89% | 3.94 | $-286,233 |
| 7 | Bancroft and district | Ont. | $506,875 | 13% | 88% | 137% | 3.66 | $-285,983 |
| 8 | Tillsonburg district | Ont. | $627,167 | 15% | 93% | 161% | 3.61 | $-165,691 |
| 9 | Sudbury | Ont. | $437,033 | 15% | 63% | 79% | 3.58 | $-355,825 |
| 10 | Windsor Essex | Ont. | $618,692 | 19% | 73% | 131% | 3.55 | $-174,166 |
| 11 | Rideau St. Lawrence | Ont. | $580,050 | 13% | 82% | 109% | 3.42 | $-212,808 |
| 12 | Huron Perth | Ont. | $597,800 | 14% | 79% | 131% | 3.40 | $-195,058 |
| 13 | Quinte and district | Ont. | $598,858 | 12% | 81% | 119% | 3.31 | $-194,000 |
| 14 | Vancouver Island | B.C. | $728,417 | 22% | 61% | 87% | 3.24 | $-64,441 |
| 15 | Kawartha Lakes | Ont. | $722,583 | 15% | 82% | 98% | 3.21 | $-70,275 |
| 16 | Kingston and area | Ont. | $587,950 | 14% | 64% | 95% | 3.17 | $-204,908 |
| 17 | Peterborough and Kawarthas | Ont. | $729,800 | 17% | 68% | 96% | 3.09 | $-63,058 |
| 18 | Simcoe and district | Ont. | $618,475 | 11% | 70% | 108% | 3.07 | $-174,383 |
| 19 | Woodstock-Ingersoll | Ont. | $723,508 | 12% | 81% | 119% | 3.06 | $-69,350 |
| 20 | Northumberland Hills | Ont. | $778,142 | 16% | 76% | 87% | 3.03 | $-14,716 |
| 21 | Brantford Region | Ont. | $754,317 | 14% | 79% | 103% | 3.02 | $-38,541 |
| 22 | London & St. Thomas | Ont. | $659,583 | 10% | 76% | 130% | 3.01 | $-133,275 |
| 23 | Niagara Region | Ont. | $728,025 | 12% | 74% | 96% | 2.92 | $-64,833 |
| 24 | Montreal metro area | Que. | $528,083 | 11% | 49% | 68% | 2.92 | $-264,775 |
| 25 | Lakelands | Ont. | $753,050 | 12% | 74% | 87% | 2.87 | $-39,808 |
| 26 | Winnipeg | Man. | $350,842 | 7% | 25% | 30% | 2.72 | $-442,016 |
| 27 | Barrie and district | Ont. | $889,800 | 14% | 77% | 78% | 2.72 | $96,942 |
| 28 | St. John’s | NFLD | $312,858 | 8% | 16% | 11% | 2.71 | $-480,000 |
| 29 | Calgary | AB | $516,625 | 13% | 24% | 20% | 2.66 | $-276,233 |
| 30 | Grey Bruce Owen Sound | Ont. | $599,575 | 15% | 23% | 79% | 2.58 | $-193,283 |
| 31 | Chilliwack and district | B.C. | $793,175 | 11% | 60% | 69% | 2.53 | $317 |
| 32 | Ottawa | Ont. | $673,550 | 7% | 56% | 79% | 2.49 | $-119,308 |
| 33 | Victoria | B.C. | $931,650 | 19% | 49% | 56% | 2.49 | $138,792 |
| 34 | Cambridge | Ont. | $822,292 | 9% | 69% | 89% | 2.48 | $29,434 |
| 35 | Saskatoon | SK | $371,717 | 5% | 17% | 14% | 2.42 | $-421,141 |
| 36 | Regina | SK | $321,642 | 3% | 14% | 5% | 2.42 | $-471,216 |
| 37 | Edmonton | AB | $389,925 | 5% | 13% | 10% | 2.36 | $-402,933 |
| 38 | Guelph and district | Ont. | $896,308 | 11% | 62% | 78% | 2.31 | $103,450 |
| 39 | Kitchener-Waterloo | Ont. | $808,867 | 7% | 62% | 84% | 2.31 | $16,009 |
| 40 | Hamilton-Burlington | Ont. | $928,675 | 10% | 68% | 84% | 2.25 | $135,817 |
| 41 | Fraser Valley | B.C. | $1,087,083 | 18% | 59% | 51% | 2.20 | $294,225 |
| 42 | Greater Toronto Area | Ont. | $1,195,950 | 15% | 54% | 50% | 1.70 | $403,092 |
| 43 | Mississauga | Ont. | $1,184,858 | 8% | 45% | 48% | 1.23 | $392,000 |
| 44 | Greater Vancouver | B.C. | $1,199,242 | 10% | 33% | 16% | 1.11 | $406,384 |
| 45 | Oakville-Milton | Ont. | $1,401,042 | 10% | 51% | 46% | 0.97 | $608,184 |
Source: Zoocasa
How to read the table:
- Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
- 1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
- Value: A score out of 0 to 5, with 5 representing the most value. To see how we determine value, read our methodology section.
- National average (+/-): The price difference between the area’s benchmark price and the national average, as of Dec. 31, 2022.
Source: moneysense
Canada Housing Market 
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