These Are The 10 Best Cities To Buy A Home In Canada Right Now & 6 Of Them Are In Ontario
Ontario's housing market has been in the news lately due to high prices and tough competition for homes in some areas. However, there is some good news for potential homebuyers.
A recent report by MoneySense and Zoocasa has revealed the cities with the most value for buyers in Canada, and out of the top ten cities, six are located in Ontario.
The rankings were determined by analyzing benchmark home prices and the growth of real estate prices in each city. The report took data from 45 different regions in Canada and assigned each city a value score out of five.
Sault Ste. Marie ranked a near-perfect score of 4.68 out of 5.
- Greater Moncton, New Brunswick.Value: 4.75
- Sault Ste. Marie, Ontario. Value: 4.68
- North Bay, Ontario. Value: 4.23
- Fredericton, New Brunswick. Value: 4.04
- Saint John, New Brunswick. Value: 4.03
- Halifax-Dartmouth, Nova Scotia. Value: 3:94
- Bancroft and district, Ontario. Value: 3.66
- Tillsonburg district, Ontario. Value: 3.61
- Sudbury, Ontario. Value: 3.58
- Windsor Essex, Ontario. Value: 3.55
"Our value score accounts for an area’s composite benchmark home price as of Dec. 31, 2022, relative to the overall regional average, with more affordable home prices contributing positively to the score," the report reads.
The report also identified the top three real estate markets for 2023 as Greater Moncton in New Brunswick, and Sault Ste. Marie and North Bay in Ontario.
"Few regions can compete with Sault Ste. Marie on average home price—at $292,208, it was $500,650 below the national average at the end of 2022," the report reads, and called North Bay "one of the most affordable cities to buy real estate in Canada."
In contrast, the report's findings revealed that the Greater Toronto Area (GTA) and Vancouver are not the most attractive locations to buy property in Canada, with rankings of 42nd and 44th, respectively.
Mississauga's ranking was neither outstanding nor disappointing at 43, while Oakville-Milton received the title of the least-attractive location to purchase property in Canada this year of the regions evaluated.
