Research by calgaryhomes.ca has revealed the Canadian areas with the largest rises in house prices from January 2023 to January 2024, with Bancroft, Ont., topping the list. Real estate advisors analyzed house sales statistics from the Canadian Real Estate Association to find the average increase or decrease in house prices in areas within provinces (city, county, metro, region, and island) with available data. The areas were then ranked from largest increase to smallest increase.
Bancroft, Ontario, has seen the largest rise in house prices, with a $71,200 increase on average. The average house price in January 2023 was $484,800, which rose to $556,000 in Jan 2024; this is a percentage increase of 14.7%. The national average rise in the benchmark house price was $4,400, meaning that house prices in Bancroft have risen almost seventeen times the national average. Bancroft is a quaint and charming community, with plenty of amenities that cater to both residents and visitors alike. The town also serves as a gateway to the Algonquin Provincial Park, attracting outdoor enthusiasts, nature lovers, and adventure seekers. The rapid growth in house prices could be due to the rise of remote work arrangements as more people may be seeking to live in areas, like Bancroft, that offer natural beauty and a slower pace of life while still being able to work remotely.
Second in the rankings is Calgary, Alberta, with a rise of $52,000. In January 2023 the average house price was $517,400, and this has increased to $569,400 in January 2024. This is a 10.1% rise. Calgary is known as the economic center of Alberta and one of the major economic hubs in Canada. It has a diverse economy with strong sectors in energy, finance, technology, tourism, and transportation. Thanks to the city’s strong economy, Calgary ranks high in terms of quality of life. This, along with its abundance of recreational activities and cultural amenities, makes it an attractive place to live for residents.
The picturesque region of Fraser Valley in British Columbia takes third place, with a 5.2% rise of $50,200. In January 2023, the average house was $958,600, and in January 2024 this rose to $1,008,800. The region’s lush green scenery, breathtaking mountain views, and charming communities make it a popular destination for visitors and a cherished home for residents.
In fourth place is Lower Mainland in British Columbia, with a 4.7% increase of $50,000. In January 2023, the average house price was $1,068,300 which soared to $1,118,300 in January 2024. The populous region encompasses a diverse array of communities, including major cities like Vancouver, Surrey, Burnaby, Richmond, and Coquitlam as well as numerous suburban and rural areas. This makes Lower Mainland a highly desirable place to live, work, and visit in British Columbia.
Fifth place goes to Greater Vancouver, with a 4.3% hike of $48,300. The average house price was $1,132,600 in January 2023 and this jumped to $1,180,900 in January 2024. This dynamic metropolitan area is popular with visitors and tourists alike, with its stunning waterfront skyline, vibrant downtown core, and word-class dining option. The area is nestled between the Coast Mountains and the Fraser River, giving the area a unique blend of the urban and the natural.
Sudbury, in Ontario, ranks sixth overall, with an increase of $47,100. This picturesque city had an average house price of $390,800 in January 2023 and this shot up to $437,900 in January 2024 – this is a 12.1% increase. Sudbury is situated on the Canadian Shield, surrounded by rocky terrain, lakes, and forests, characteristic of the region. It is quickly becoming a popular destination with tourists and homebuyers, with the city’s topography offering plenty of opportunities for employment and outdoor activities such as hiking, camping, fishing, and skiing.
Taking the seventh spot is Quebec’s Mauricie, with a rise of $34,100. In January 2023, the average house price was $229,700, which rose by 14.8% to $263,800 in January 2024. Mauricie offers a perfect blend of natural beauty, cultural richness, and outdoor adventure, making it a popular destination for visitors looking to experience the best of Quebec’s landscapes and heritage.
Eighth place goes to Greater Moncton in New Brunswick, which has seen a spike of $32,800. The city’s average house price was $311,400 and has risen to $344,200 in January 2024, which is a 10.6% increase. This bilingual community is shared by Anglophones and Francophones, creating an exciting living experience for language enthusiasts. Reasons such as promising employment prospects, reliable support networks, and welcoming locals are driving the increasing interest from homebuyers in the Greater Moncton area.
In the penultimate spot is Vancouver Island, located off the coast of British Columbia, with a 4.7% jump of $30,900 in a year. An average house price of $652,500 in January 2023, rose to an average of $683,400 in January 2024. The island is a paradise for outdoor enthusiasts due to its sandy beaches, lush forests, and snow-capped mountains, and its rich biodiversity is a treat for nature lovers. Vancouver Island is also dotted with charming towns and villages, each with its own unique character and attractions.
Concluding the list is Grey Bruce Owen Sound, with a 5.5% rise of $29,600. January 2023 saw an average house of $539,900, which skyrocketed to $569,500 in January 2024. Residents enjoy a relaxed pace of life amidst the natural beauty of the surroundings, making Grey Bruce Owen Sound an attractive place to live and work. In the winter, the region transforms into a winter wonderland, with opportunities for skiing, snowboarding, snowshoeing, and ice fishing.
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