In 2024, affordability emerged as a defining factor in Canada’s housing market, shifting the focus from traditional hotspots like Ontario to more cost-effective alternatives in Alberta. According to Zoocasa, Alberta cities such as Edmonton and Calgary gained significant traction, offering lower living costs and housing prices compared to the country’s most expensive markets.
Top Searched Cities in 2024
Toronto retained its position as Canada’s most searched city, with average rents for one-bedroom apartments reaching $2,374 and home prices averaging $1,061,700. Vancouver followed with the nation’s highest rents at $2,534 and home prices of $1,172,100. Mississauga, offering relatively lower rents of $2,279, continued to attract those seeking proximity to Toronto’s bustling core. Other cities in the top five included Edmonton and Calgary, highlighting a growing interest in Alberta’s affordability.
Ontario’s Housing Landscape
Ontario remained a dominant force in real estate searches, driven by its population density and economic opportunities. Cities like Mississauga, Hamilton, Ottawa, and Oshawa catered to diverse buyer preferences:
- Hamilton: Just an hour from Toronto, Hamilton attracted first-time buyers with its relatively affordable housing options.
- Oshawa: Known for budget-friendly condo townhouses, Oshawa appealed to buyers seeking affordability and access to Toronto.
- Ottawa: Canada’s capital offered a stable job market, quality of life, and affordable homes, along with proximity to Quebec’s scenic lakes, making it a gateway for budget-friendly cottage properties.
Alberta: A Cost-Effective Alternative
As living costs soared in traditional markets, Alberta emerged as a practical alternative for both buyers and renters.
- Calgary: Combining urban amenities with outdoor attractions, Calgary offered one-bedroom rents at $1,634 and homes priced at $575,600, making it a top choice for families and young professionals.
- Edmonton: Leading in affordability, Edmonton featured average rents of $1,355 and home prices of $395,400, attracting investors and first-time buyers with its lower cost of living and robust economy.
Key Demographics Driving the Market
Two demographics fueled housing demand in 2024:
- Young Professionals (25-34): Seeking affordability and urban convenience, this group dominated market searches.
- Midlife Buyers (45-64): Downsizing or assisting children with housing costs, this demographic played a significant role in driving transactions.
The Shift to Affordability
The 2024 housing trends underscore a growing shift toward affordability, with cities like Edmonton and Calgary standing out as practical choices. As Canada’s real estate market evolves, economic factors and demographic preferences continue to reshape buyer behavior across the nation.