Where to Buy Real Estate in Canada 2023: National ranking – MoneySense

The area’s home prices have seen significant gains, with the benchmark price rising 26% over one year, 84% over three years, and an impressive 102% over five years. But the interest rate hikes of 2022 led to a more balanced market in Greater Moncton. If the Bank of Canada continues to hold rates steady, as it has so far this spring, the region may see increased buyer demand. 

What’s next for real estate in Greater Moncton?

Compared to home prices in other regions of Canada, those in Greater Moncton haven’t cooled off as much and have remained fairly steady. The benchmark price peaked in May 2022 at $340,900, and by December 2022 had dipped 10% to $303,600. However, prices are inching upwards, with February 2023 seeing a benchmark price of $305,200. 

“Many cities in New Brunswick are much more affordable than other major markets. The high levels of immigration, as well as the interest from buyers in other provinces that have been priced out of their market, are supporting our home prices,” explains Celly. 

With affordable housing, plentiful job opportunities and an abundance of nature, this Maritime region will likely keep drawing in prospective buyers. 

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2. Sault Ste. Marie, Ont.

Idyllically situated in the heart of the Great Lakes, Sault Ste. Marie is full of Northern Ontario’s most charming rivers, lakes and outdoor spaces. Achieving a value score of 4.7, “The Soo” offers low prices and a welcoming community to prospective home owners. Its population is just over 78,000.

What’s happened in the Sault Ste. Marie real estate market? 

Sault Ste. Marie’s real estate market drove forward in 2022, attracting out-of-town buyers who helped its benchmark price enter the $300,000 range for the first time. The summer market was especially busy; the benchmark price peaked at $320,700 in May 2022 and remained above $300,000 for three more months. The last quarter of 2022 saw a slight dip, and the benchmark price finished the year at $275,400.

“There were two categories of buyers that were really hot in 2022: those looking for a detached, single-family home, and investors looking for multi-family units,” explains local eXp agent Jean Morrison. “In terms of family homes, the detached three-bedroom bungalow was in high demand. For multi-family homes, duplexes, triplexes and anything that offered passive income moved quickly.”