These 10 Canadian Cities Have Less Real Estate 'Value' Than You Probably Thought In 2022

If you're hoping to buy yourself a city home in the near future, you might just want to think again. Some of Canada's largest cities ranked really low on a new list outlining the best places to buy real estate across the country.

A new study by Moneysense and Zoocasa looked at the value and growth potential of 45 cities and neighbourhoods across Canada. Rankings were given to each city based on the area's benchmark home price as of Dec. 31, 2021, relative to the overall regional average, with more affordable home prices contributing positively to the score.

Probably unsurprisingly, Vancouver was ranked lowest in terms of housing value and buying conditions in Canada. The benchmark price for houses in the city last year was $1,230,200, which is an enormous $502,317 over the national average price for a home which stands at $887,100.

Property prices in the city also only grew by 19% over the last three years leading it to place dead last in the ranking.

Vancouver was followed by Toronto, where homes were valued at $295,146 over the national average but property prices increased by 34% over the same time frame. Next is Oakville-Milton in Ontario, where home prices were $788,917 over the national average but grew by 66% in the last three years.

Mississauga, Burlington, GTA, Fraser Valley, Victoria, Calgary and Edmonton made up the 10 least valuable on the list. Remote working, virtual school and on-and-off health restrictions over the last two years have also changed how most people approach buying homes, according to the report.

In contrast, Greater Moncton, New Brunswick and North Bay, Ontario currently offer home buyers the greatest value — where property prices increased by 80% and 87% over the last three years, respectively.

"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 Realty.

"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."