The Greenhouse
by Pine

Your guide to the Canadian housing market

We’re giving you the skinny on some of the underrated cities across Canada to live in.

Where would you live?

The Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents in a recent post

When it comes down to making the decision to purchase a home there are many different factors involved. This is where a lot of your personal life factors come into play, there is also significance around housing decisions that you also need to factor in. The size, age, and outdoor space around your home may be competing factors when it comes down to making a final decision, but before even considering any of these factors you must first decide on the location. 

Location: What's your Home Price Index? 

The location of your new home can be factored in for a multitude of reasons: being closer to work/school/family, relocation, distance to amenities, your neighbourhood, etc. No matter what your situation is, the location of your home will be important. In the importance of where you choose to reside, a common resource can be gathering your local Home Price Index (HPI). Within your HPI you can access data about the residential markets within participating real estate boards across Canada. This is a common tool used to discover new tools in the housing market. Developed in 2009, this MLS Home Price Index breaks down a number of things in the housing market including delivering monthly statistics, quarterly forecasts, and national price maps across all of Canada’s largest cities. 

What gets even more interesting however is the constant evolution of housing markets depending on current province standings. We’re giving you the skinny on some of the underrated cities across Canada to live in. We’re giving you the skinny on some of the underrated cities across Canada to live in: 

British Columbia: Vancouver 

Constantly known as one of the most expensive places to purchase a home in Canada, we’re happy to see that British Columbia made the top of our list. With the beautiful scenery unlike any of Canada, Vancouver has been a favourite tourist area and desirable living area for a multitude of years. Here are some of the market stats across the province: 

  • Northern BC $397,136
  • Kamloops $552,900
  • Kootenay $470,671
  • Vancouver $1,176,600
  • Victoria $861,900
  • South Peace River $269,604

Ontario

Second up in places to purchase a house is in Ontario. With Ontario being home to both Canada’s biggest city and capital, it’s no wonder why it continues to grow more expensive for real estate. This has been something that skyrocketed province wide during COVID-19, but has slowly been decreasing in price over the course of the months coming out of quarantine Ontario wide. 

The most popular areas within Ontario are within the Greater Toronto Area. With the Toronto core averaging $1,070,911.00 it has been increasingly difficult to find a home within its centre. However, that doesn’t speak for all of the GTA. Here is a checklist of some of the nooks across Ontario ample for purchasing your home: 

  • Burlington $917,200
  • Guelph $802,200
  • Barrie $756,800
  • Kitchener $784,200
  • Simcoe $582,900
  • Kingston $587,516
  • Windsor $535,452
  • Ottawa $639,900
  • Renfrew $392,554

Quebec 

Another province known for its beauty, Quebec comes in at the third highest in market share across Canada. With Montreal being the typical tourist loved area, there are still many other areas across Quebec that are wonderful places to purchase a home including: 

  • Gatineau $422,451
  • Montreal $499,700
  • Quebec City $294,400
  • Saguenay $231,364
  • Trois Rivières $269,056

Alberta

Across Alberta in the mountains, market prices have only had a 4% influx year-over-year. Though this is considered to be a low increase rate, they had a shockingly large boom throughout July and August that nearly doubled their sales. Though they seem to be out of that boom now, they are slowly creeping back up with the rest of the provinces across the country:

  • Calgary $443,700
  • Central Alberta $340,147
  • Edmonton $341,000
  • Fort McMurray $395,785
  • Medicine Hat $305,599

Manitoba 

Manitoba has slinked on by the past couple years with only a slight increase across the housing market. Manitoba continues to prove a worthy place to purchase your home:

  • Brandon $214,358
  • Portage La Prairie $232,792
  • Winnipeg $318,400 

East Coast

Last but not least, the beautiful east coast of Canada. Known as a quieter place to live, the islands off the East Coast have remained relatively inexpensive (in comparison) for purchasing a home. With these prices, as long as you’re into lobster, the East Coast could be a great place for you to invest in a new home:

  • Fredericton $242,100
  • Moncton $287,300
  • Saint John $239,300
  • Cape Breton $202,612
  • Halifax $471,746
  • Yarmouth $219,385
  • Prince Edward Island $335,302
  • Newfoundland and Labrador $321,700
  • St. Johns Newfoundland $291,100

Despite all of the influxes in purchasing the last few years, mortgage rates have remained stable across Canada. In growth trajectories, we can expect for the housing market to slowly trickle down as house purchasing goes back from in-demand to when each individual finds themselves ready.

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