If you look at roundups from Yahoo Finance and similar publications for top countries to invest in real estate, Canada doesn’t rank too high. Why? Because those lists were made for budding foreign buyers, and Canada’s recent foreign buyers ban doesn’t make it a realistic choice for foreigners. 

But if you’re Canadian and have the ability to buy into the real estate market? The world is your oyster when it comes to real estate. 

We know; Toronto and GTA real estate prices are scary right now. Still, our country spans nearly 4 million square miles, filled with towns, cities, and smaller real estate markets for you to consider. 

Of course, few Canadian markets come close to the novelty and appreciation potential of the Greater Toronto Area (GTA). We’ll walk you through some of Canada’s hottest markets right now.

How we built this list

We assessed historical appreciation, property prices, square footage, and property taxes to narrow down a list of 7 Canadian real estate markets (cities and regions) worth your consideration. 

Additionally, we looked at some external reports from industry leaders like the Canadian Real Estate Association (CREA) and MoneySense. 

Remember, don’t rely too heavily on one criterion to make your decision, it’s best to consider all factors. For example, just because one neighbourhood has experienced immense growth in the last ten years, it doesn’t mean it’s the best choice. Their property prices might be at their peak, suggesting you missed the boat (Ottawa, anyone?). 

1. Trois-Rivières/ Mauricie, QC

Quebec’s Mauricie offers a nature-filled region with ample (17,500) lakes, dozens of forested areas, and a touch of the city through its larger centers of Trois-Rivières and Shawnigan. 

Average property prices here are superbly affordable at around $250,000 (lowest average compared to all Quebec’s regions, according to Nesto) and residents enjoy being an average 90-minute drive from the rest of the province, including Montreal. Plus, Toronto is even accessible via a 7-hour drive if you have family in the GTA.  

• Best for: Families and French-speakers
• Average property price 2013: Approx. $165,000
• Average property price 2023: $249,000
• 10-year change: +51%
• Inspo: 3-bdrm bungalow in Trois-Rivieres for $185,000

2. North Bay, ON

North Bay homeowners enjoy close proximity to Lake Nipissing, a quaint small-town center, and family-sized homes in the $400,000 range. 

The area has maintained a similar price point over the last few years, making it an affordable Ontario location for first-time homebuyers. You’re also only a few hours away from Toronto.

• Best for: Ontario first-time homebuyers
• Average property price 2013: $237,500
• Average property price 2023: $408,000
• 10-year  change: +72%
• Inspo: 4-bdrm house for $429,000 in North Bay

3. Fredericton, NB

New Brunswick saw an influx of Ontario homebuyers during and after COVID, which brought the average Maritime property prices higher than ever before. Still, the market’s cooled with higher interest rates slowing down sales. 

Fredericton’s city location, historical architecture, and close proximity to hospitals, schools, and everything else you need make it both a desirable and affordable east coast market to consider. The province also offers a less intimidating and slightly landlord-favoured set of rental regulations compared to Ontario if you ever want to make the switch to becoming a landlord. 

• Best for: Ontarians who want to try out Maritime living without sacrificing common luxuries and amenities
• Average property price 2013: $195,000
• Average property price 2023: $288,000
• 10-year change: +48%
• Inspo: 3-storey duplex for $499,000

4. Calgary, AB

We wouldn’t say Calgary is cheap anymore, since property prices have consistently risen in the last ten years. Gone are the days when you could snag a $200,000 condo in the downtown core. Still, the Alberta hotspot presents great opportunities for first-time homebuyers and real estate investors alike. 

Calgary (and Alberta in general) boast lower sales and property taxes compared to other provinces like BC, Ontario, and even New Brunswick, reducing the cost of living. On top of that, Calgary residents enjoy a booming economy, filled with job opportunities across industries like healthcare, construction, energy, and transportation. 

• Best for: Various industry professionals, entrepreneurs, and high-income individuals who want to reduce their tax bills
• Average property price 2013: $456,703
• Average property price 2023: $548,300
• 10-year change: +20.1%
• Inspo: 4-bdrm detached home with expansion potential for $650,000

5. Cornwall, ON

Cornwall ended up on a Nesto roundup of the most affordable Canadian cities — a big win for any Ontario location. The small town along the St. Lawrence is within a 1-hour drive of both Ottawa and Montreal, and minutes away from the New York State border. Property prices have increased dramatically in the last nine years, but prices are still nowhere near as expensive as other Ontario hotspots. You can still find more-than-spacious detached homes in the $400,000 range.

Maybe you see a similar appeal to living outside the GTA in places like Hamilton or Barrie — but moving a little east to Cornwall slashes average property prices by over 30%. 

• Best for: Small-town enthusiasts who like being close to major cities like Ottawa and Montreal
• Average property price 2014: Approx. $180,000
• Average property price 2023: $423,858
• 9-year change: Approx. +135%
• Inspo: Large, 3-bdrm house for $484,000

6. Toronto and the GTA

Imagine your home quadrupling in price by the end of your mortgage period. That’s the reality for anyone who bought a Toronto home 25 years ago, and predictions don’t see things slowing down anytime soon. Of course, other cities on our list definitely offer appeal when it comes to affordability and square footage compared to the GTA. 

But Toronto/GTA’s historical real estate appreciation is largely unmatched (except for Cornwall or Vancouver perhaps). Despite the hefty down payment requirements to land yourself a Toronto property, demand has cooled slightly this year with increased interest rates, and experts see the remainder of 2023 as a solid time to jump back into the GTA market. 

• Best for: Homebuyers who want a rock-solid investment, easy resale odds, and top appreciation potential
• Average property price 2013: $542,174
• Average property price 2023: $1,171,300
• 10-year change: +116%
• Inspo: Downtown, 1-bdrm waterfront condo for $699,000

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