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While most places are currently seeing negative home sales growth, these communities are bucking the trend with numbers in the positives. We look at why that may be the case.
With interest rates and housing supply impacting affordability across the board, most real estate markets in Canada have seen negative growth, with year-over-year home sales dropping. But a few communities have bucked that trend, either growing or holding steady in an undeniably tough market. What’s their secret?
Here’s a rundown of the five spots with the highest sales growth as of October 2023 (year to date compared to October 2022), and the reasons people may be buying homes there.
1. Tillsonburg, Ontario: 11.8% growth
This quiet town of almost 20,000 people had the highest year-over-year home sales growth in Canada, by far, according to stats compiled by the Canadian Real Estate Association (CREA). Why the popularity? It’s a place that has pretty much everything going for it.
Tillsonburg is pretty close to London, Kitchener, and the Greater Toronto Area, without the sky-high property prices. The family-friendly lifestyle is relaxed without feeling too small-town. It’s close to the beaches of Lake Erie, has a strong community, and plenty of parks, green spaces, and trails. It’s no surprise people want to live there.
Tillsonburg’s charming downtown has a nice selection of specialty shops and cafés, and boasts Broadway, the widest main street in Ontario. There are lots of great hiking trails nearby, including a nice stretch of the Trans Canada Trail. You can check out art and take hands-on art classes at the Tillsonburg Station Arts Centre, and get in some yoga action at the Indigo Lounge. Take a look at vintage planes at the Canadian Harvard Aircraft Association, or take in Turtlefest, a popular summer festival that’s a showcase of community spirit and local fun.
2. Northeastern Alberta: 2.2% growth
Consisting of Cold Lake, and a collection of smaller towns, rural areas, and “summer villages,” Northeastern Alberta is a popular destination for people looking for affordable housing and an enviable lifestyle.
Alberta as a whole has the largest immigration of any Canadian province or territory, both interprovincial and from outside Canada. From July 1, 2022 to July 1, 2023, the province set the record for fastest year-over-year demographic growth in the country’s history. And many of those people are settling in the northeast.
So, why the influx? Lower home prices, lower taxes (and no PST), ample employment opportunities, and a more relaxed lifestyle all top the list of possibilities. Plus, there are the incredible outdoors to enjoy: stunning landscapes and beautiful lakes make the area a year-round vacation paradise.
The only downside to the growing popularity is it’s driving up home prices. However, property values still remain significantly lower than other parts of the country as of December 2023. And as the sales stats show, they don’t seem to be stopping people from buying homes.
3. Brandon, Manitoba: 1.3% growth
Brandon, Manitoba has a strong reputation as a great place to put down roots, and has appeared regularly on MoneySense magazine’s list of top places to live in Canada. The biggest reason? Housing in Brandon is affordable.
Manitoba housing costs are among the lowest in the country, and Brandon’s prices are lower than the provincial average. The year-to-date median price for a single detached home in Brandon was $285,000 as of October 2023, compared to the provincial price of $344,478. You can get a nice place in a great neighbourhood for a lot less than many other locations. The low cost of living adds further to the appeal.
Brandon has a strong local economy, with job opportunities in a variety of industries. And if you’re into the outdoors, the lifestyle here is one of the town’s biggest draws. It’s right on the scenic shores of the Assiniboine River and is surrounded by incredible natural spaces, including an extensive trail system and countless parks, forests, rivers, and lakes.
But Brandon isn’t all hiking and cross-country skiing. It also has excellent shopping, top-notch recreational facilities (hockey and other sports are very big here), good schools, and rich arts and culture options.
There’s also a wonderful downtown: nicknamed The Hub, this historic district is an attractive collection of heritage buildings that are home to hip shops and eateries. And if you’re craving the bright lights of a bigger city? Winnipeg is just 200 kilometres east on the Trans Canada Highway.
4. Prince Albert, Saskatchewan: 1.1% growth
This community of 37,000 people is the third-largest city in Saskatchewan, with lifestyle and affordability the biggest reasons folks like to live there. The median house price is lower than Saskatoon or Regina, and way less than places like Toronto and Vancouver.
“Affordability is a huge factor,” says Duane Krip, long-time local resident and spokesperson for Prince Albert Tourism. “I’ve heard of people selling their home on the west coast and coming here, buying a house, buying a cabin on the lake—and still having money left over!”
The lifestyle you can have in Prince Albert is a big draw. People from across the province come to the area for all the lakes and beaches in the summer and snowmobiling and ice fishing in the winter. And it’s all close to the city centre, with beautiful countryside for hundreds of kilometres in any direction.
You can’t have a great place to live without jobs, and Prince Albert has those, too. The town is known as the Gateway to the North: as the largest centre connecting northern communities, it has rich opportunities to work in government, mining, agriculture, forestry, and tourism/recreation.
Prince Albert has a real sense of community going for it, too. Shop at local farmers’ markets, get a taste of the dining scene, check out the Western Hockey League’s Raiders (everyone’s a hockey fan here!), attend socials and fundraisers, or join friends for a cold one at Bugsy’s.
5. Southern Georgian Bay: Growth 0.8%
For many Ontarians, this area—Wasaga Beach, Clearview, Collingwood, the Blue Mountains, Meaford, and Grey Highlands—is known as cottage country due to its proximity to water and ski hills. Like most vacation regions, it saw a huge spike in sales during the pandemic. However, unlike most of those regions, it hasn’t seen as much of a drop. With year-over-year sales growth of just under 1%, Southern Georgian Bay is holding steady.
When it comes to lifestyle, this area really delivers. The natural beauty is off the charts, with landscapes that inspired Group of Seven artists, and continue to quicken heartbeats and soothe souls to this day.
Southern Georgian Bay is home to some amazing beaches and beach towns. Local favourite, Wasaga Beach, holds the record for the world’s longest freshwater beach, clocking in at a remarkable 14 kilometres of soft, white sand. There’s camping and hiking, snowmobiling and skiing, plus sophisticated dining, shopping, and recreation options. Plus, it’s not too far fromToronto for those in the workforce, and an incredible place to retire not far from the city.
While this area may not be as budget-friendly as most places on this list, with the median price hovering around $1 million, it’s still much more affordable than the Greater Toronto Area. Plus, prices have dropped sharply in recent months. In Q1 2023, they were down 18.5% year-over-year, making buying here more accessible to those looking to live an incredible lifestyle.
While these five communities saw the largest growth in terms of home sales year over year, it doesn’t mean other areas of Canada are necessarily hurting. For more real estate trends check out CREA Stats and REALTOR.ca Local Insights.
