These Are The Best Places In Canada To Buy Property, According To A Real Estate Expert (2024)

Trying to find the perfect house in Canada is an endeavour no matter where you want to live.

The nature of the Canadian housing market means that you often have to compromise on something, be it location, price, or even the features and quality of the house itself.

But, it also doesn't have to be so hard.

To simplify your decision a little bit, Narcity sat down with real estate agent Trish MacKenzie to get a lay of the land and figure out the best place to buy a house.

And, according to her, the first thing you want to figure out is why you're buying a house.

Ask yourself: "Are you an end user? An investor? A builder? Are you looking to be there long-term or short-term?" MacKenzie advises.

If you're looking long-term, you might want to watch for towns with secure and established industries that could withstand a recession.

Once you have an idea of what you're after there, the real work begins.

When looking for the "best" place to live, MacKenzie points out that some things you should look for include the aforementioned established industry.

"Areas that are reliant on luxuries (like travel and tourism) may be hit the hardest during economic downturns," she says.

She also recommends taking a look at potential growth opportunities such as new business developments, infrastructure updates and future demand as a community evolves.

Outside of that, of course, the best place to move to is a place that fits you.

You need to ask yourself "Does the vibe of the town or city suit my lifestyle?"

So, if you want an active social life, maybe moving to the cheap mountain cottage isn't the best move.

Or, if you want to raise a family in a quiet neighbourhood, maybe you shouldn't be looking at downtown condos.

"I recently fell in love with a beautiful house in a small town, but I know I wouldn’t be happy in a small town," said MacKenzie

While of course "best'" doesn't mean the best for everyone, there are some places in Canada that she is keeping her eyes on and recommends you do as well.

The first is Moncton, New Brunswick.

"The benefits a city like Moncton can offer creates an opportunity for a sustainable, happy lifestyle that will appreciate over time," said MacKenzie.

She points out that the access to transportation, historic areas, and ocean views make it incredibly attractive to new residents, and that "the growth of the area is supported by a steady decline in the unemployment rate to well below the national average currently."

She also recommends folks keep their eye on London and St. Thomas, Ontario.

"The city of London has been putting plans into place for revitalizing the vibe of downtown, doing work to attract events and concerts to the area," said MacKenzie. "And it has a rich but hidden history of architectural design."

Both St. Thomas and London have "the infrastructure to support full-time, long-term residents, as well as provide good investment opportunities for rental properties with proximity to established institutions."

If neither of these interest you, MacKenzie said that you should generally keep your eye out for cities that are actively working on things that attract new residents such as new developments, revitalization projects and more.

But, before you go running out to buy a new home in these places, be aware that the "best" places to buy a home in can quickly become not so attractive, something we all saw during and after the pandemic.

"Areas like Innisfil, Peterborough, [and] Oshawa in Southern Ontario are feeling the brunt of interest rate changes because the factors that made them good choices a year ago were temporary," said MacKenzie.

As an example, she points out the fact that, as workers are going back to the office, the demand for places outside of big population centres has gone down "at the flip of a switch."

So, while you go out hunting for a place to call your own, be sure to think about what you're after, and what you want out of a housing market.

And, to inform your decision, even more, a recent study has found some of the cheapest housing markets in Canada, which includes Moncton in its top ten.

This article's cover image was used for illustrative purposes only.