When planning your financial future, five-year plans are an excellent tool for tracking both short-term and long-term goals, providing ample flexibility and time to make necessary adjustments. Since real estate is typically the largest investment you’ll make, it’s crucial to monitor the changes in equity growth within five-year periods, especially following the significant price fluctuations that occurred nationwide during the pandemic.

So exactly how much has housing affordability changed in the past five years? To find out, Zoocasa analyzed composite benchmark home prices in 19 Canadian cities from 2019 to 2024, sourced from the Canadian Real Estate Association.

City                                 2019 Prices     2024 Prices     $ Change        % Change

1          Calgary                           $414,400         $580,400         $166,000         40%

2          Edmonton                      $343,900         $385,900         $42,000           12%

3          Greater Moncton         $169,000         $355,100         $186,100         110%

4          Greater Toronto            $762,800         $1,113,600      $350,800         46%

5          Greater Vancouver       $911,700         $1,196,800      $285,100         31%

6          Guelph and District      $548,200         $809,600         $261,400         48%

7          Halifax-Dartmouth       $295,300         $529,600         $234,300         79%

8          Hamilton-Burlington    $569,400         $850,500         $281,100         49%

9          Kitchener-Waterloo     $476,900         $740,900         $264,000         55%

10        London & St. Thomas  $371,600         $602,700         $231,100         62%

11        Montreal CMA              $342,800         $531,300         $188,500         55%

12        National Benchmark    $481,745         $698,530         $216,785         45%

13        Niagara Region             $401,400         $633,400         $232,000         58%

14        Ottawa                           $417,500         $636,700         $219,200         53%

15        Quebec CMA                $314,200         $480,700         $166,500         53%

16        Regina                            $276,900         $313,100         $36,200           13%

17        Saskatoon                      $308,700         $394,300         $85,600           28%

18        St Johns                          $270,400         $335,000         $64,600           24%

19        Victoria                          $615,000         $861,000         $246,000         40%

20        Winnipeg                       $281,100         $353,600         $72,500           26%

Affordable Housing Analysis: Superior Returns on the East Coast

Over the past five years, real estate markets with notable affordability have consistently demonstrated the highest returns on investment.

Greater Moncton holds the leading position for affordable housing, with the average home price rising by 110%, from $169,000 in March 2019 to $355,100 in March 2024—a significant gain of $186,100. Following closely, the Halifax-Dartmouth area recorded the second-largest increase, with house prices surging 79% from $295,300 to $529,600, equaling to growth of $234,300

Among the various markets analyzed, St John’s, Newfoundland showed the lowest five-year growth among the top performers, yet it still achieved a growth rate of 24%, increasing from $270,400 in March 2019 to $335,000 in March 2024.

In fact, an East Coast city topped our recent list of the best places to buy real estate in Canada in 2024. 

Ontario Market Performance Since Spring 2019

Cities in Ontario have also experienced substantial growth. The London & St. Thomas, Niagara Region, Kitchener-Waterloo, and Ottawa all saw benchmark prices surpassing 50% since March 2019.

Additionally, the Greater Toronto area, Guelph, and the Hamilton–Burlington region recorded growth rates slightly above the national benchmark, with home prices increasing from a whopping 46% to 49%.

Exploring Alberta’s Housing Market Trends

Calgary experienced a 40% increase in price change since March 2019, from $414,400 to $580,400. Edmonton experienced the least amount of growth in price changes of all markets analyzed for a 12.2 percent increase, from $343,900 to $385,900. Looking at Alberta’s price changes in the past five years is particularly noteworthy because of the increase in interprovincial migration seen in recent years. 

According to Statistics Canada, Alberta set a national record by gaining 55,107 people through interprovincial migration, mainly from Ontario and British Columbia, home to provinces that have some of the most expensive housing markets in the country. This trend suggests that Alberta is becoming an increasingly attractive destination for Canadians seeking affordability. 

If you're navigating this dynamic market, whether buying or selling, let’s talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success!

Source: Zoocasa