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Housing Trends: Affordability at the Forefront

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Housing Trends: Affordability at the Forefront

In 2023, Toronto continued to lead the way in housing searches, with one-bedroom rents averaging $2,374 and home prices at $1,061,700. Vancouver followed closely behind, boasting the highest rents in Canada at $2,534 and even higher home prices, averaging $1,172,100. For those seeking more affordable options but still close to Toronto’s vibrant urban core, Mississauga offered a more budget-friendly choice with one-bedroom rents at $2,279.

Ontario’s Housing Landscape

Ontario dominates the real estate market, driven by its population density and abundant economic opportunities. Cities like Mississauga, Hamilton, Ottawa, and Oshawa have followed Toronto's lead, offering a mix of affordability and convenience:

  • Hamilton, located just an hour west of Toronto, is particularly attractive to first-time buyers, thanks to its relatively affordable home prices and rents.

  • Oshawa, known for budget-friendly condo townhouses, is perfect for those seeking affordable options with easy access to Toronto.

  • Ottawa, Canada’s capital, offers a stable job market, high quality of life, and more affordable housing compared to Toronto. Plus, its proximity to Quebec’s scenic lakes makes it an ideal spot for those looking for budget-friendly cottage properties.

Alberta: A More Affordable Alternative

With living costs soaring, Alberta’s cities offer a practical alternative for buyers and renters looking for affordability without sacrificing urban amenities:

  • Calgary offers a blend of city life and outdoor adventures, with one-bedroom rents averaging $1,634 and homes priced at $575,600. Its proximity to the Rocky Mountains and vibrant cultural scene make it a popular choice for families and young professionals.

  • Edmonton stands out for its affordability, with one-bedroom rents averaging $1,355 and home prices around $395,400, making it one of the most cost-effective cities in Canada. With a strong economy and lower living costs, Edmonton continues to attract both investors and first-time buyers.

Who’s Driving the Market?

Two key demographics are fueling today’s housing market. Young professionals and first-time buyers aged 25-34 are actively seeking affordability and urban convenience. At the same time, buyers aged 45-64 are looking to downsize or assist their children with housing costs, creating an evolving demand across various cities.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.