Ontario was the top province for housing searches in Canada in 2023. However, last year, Alberta cities like Edmonton and Calgary gained attention due to their more affordable housing and lower living costs, according to Zoocasa.
This trend is reflected in the top five most searched cities in Canada last year: Toronto, Edmonton, Calgary, Mississauga, and Vancouver.
Toronto remains the top city with one-bedroom rents averaging $2,374 and home prices at $1,061,700. Vancouver follows with the highest rents in Canada at $2,534 and even higher home prices averaging $1,172,100. Mississauga, offering more affordable rents at $2,279, is still a popular choice for those wanting proximity to Toronto’s urban core.
Ontario’s housing landscape
Ontario continues to dominate real estate searches due to its population density and economic opportunities. Cities like Mississauga, Hamilton, Ottawa, and Oshawa are following Toronto’s lead:
Hamilton. Located an hour west of Toronto, it attracts first-time buyers with relatively affordable home prices and rents.
Oshawa. Known for its budget-friendly condo townhouses, Oshawa appeals to price-conscious buyers who want easy access to Toronto.
Ottawa. Canada’s capital offers a stable job market, quality of life, and affordable housing compared to Toronto. Its proximity to Quebec’s scenic lakes also makes it a gateway to budget-friendly cottage properties.
Alberta: A practical, more affordable alternative
As living costs rise, Alberta’s cities provide a practical alternative for buyers and renters.
Calgary. With one-bedroom rents averaging $1,634 and homes priced at $575,600, Calgary offers urban amenities along with outdoor adventures. Its proximity to the Rockies and vibrant cultural scene make it a top choice for families and young professionals.
Edmonton. Known for affordability, Edmonton offers one-bedroom rents averaging $1,355 and home prices of $395,400, making it one of Canada’s most cost-effective urban centers. Its strong economy and lower cost of living attract investors and first-time buyers.
Who’s driving the market?
Two key demographics fuel the housing market: 25-34-year-old young professionals and first-time buyers looking for affordability and urban convenience.
Additionally, 45-64-year-old buyers are downsizing or assisting their children with housing costs.
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