Best places to buy real estate in Canada 2024

Canada’s annual rate of inflation trended downward throughout 2023 and finished the year at 3.4%—not quite the BoC’s 2% target, but a positive sign that the economy was returning to “normal” from the inflation highs of 2022. In response to the shifting economic outlook, five-year fixed rates began to fall from their October peak through to early 2024.

“Last year, tight borrowing conditions and unpredictability surrounding the BoC’s next moves left buyers feeling uncertain. However, a stabilization in the market could lead to increased activity and a resurgence in buyer confidence this year,” says Lysenko. 

The majority of markets we analyzed finished 2023 with year-over-year declines in benchmark price, including much of Ontario and British Columbia. And, for the few markets that experienced home price growth, 2023 was still a notably slow year. Prices grew at much slower rates than in 2022 and 2021, and growth was limited to mostly smaller markets like Saint John and Greater Moncton. What’s more, three-year and five-year price growth data indicates that cities in Atlantic Canada and the Prairies are leading the way in long-term price gains. 

One of the most significant trends to emerge in 2023 was an improvement in home supply. In January, there were 3.1 months of inventory available across Canada, and in December, it was up to 3.7 months. The surge in supply could be felt coast to coast, as nearly every province finished 2023 with year-over-year increases in months of inventory. Housing inventory is closely linked with demand and home prices; as demand increases, inventory decreases and prices tend to go up. Whether inventory levels further improve will largely depend on the number of Canadians who enter the market and the rate of new construction in Canada.

Return to menu.

Canada’s top three real estate markets in 2024

1. Greater Moncton, N.B.

As the hub of the Maritime provinces and the third-largest metropolitan area in Atlantic Canada, Greater Moncton continues to be a desirable place to buy a home in 2024. Low home prices and steady economic growth have helped it top our ranking for the third consecutive year. Greater Moncton boasts the highest value score on our list, at 4.68, and has proven itself to be the standout for affordable real estate in Canada.

What’s happened in the Greater Moncton real estate market?

Greater Moncton’s 2023 benchmark price was $328,383. That’s more than $400,000 below the national average—only five other markets hold that distinction, including the other two cities in our top three. 

Canadians recognize the affordability of New Brunswick. And in the third quarter of 2023, it was the only province aside from Alberta to experience a small net gain in interprovincial migration, according to Statistics Canada. However, across the Maritimes, interprovincial migration (particularly from Ontario) slowed considerably compared to the period of 2020 to 2022. As in other provinces, international migration played a role in boosting New Brunswick’s population. 

“Greater Moncton attracts a lot of families, retirees, newcomers, investors—people from all walks of life. Retirees can often live mortgage-free here, while new families can enjoy a slower pace of life with more time with their children,” explains local eXp real estate agent Jenny Celly. (Zoocasa, the author of this study, is wholly owned by eXp World Holdings.)