Top 10 Cities to Buy and Sell Property in Canada in 2023

The Canadian real estate market is constantly changing, with some cities offering more opportunities than others for buyers and sellers. Based on the latest data and trends, we have ranked the top 10 cities to buy and sell property in Canada in 2023. Whether you are looking for a new home, an investment property, or a quick sale, these are the cities you should keep an eye on.

10. Calgary, Alberta

Calgary is known for its oil and gas industry, proximity to the Rocky Mountains, and cultural diversity. The city has a high income per capita of $72,402, above the national average of $56,663. Calgary's home prices decreased by 0.5% in 2023 but are expected to increase by 2.1% in 20242. The city also has a high supply of homes for sale, with a 6.4-month inventory above the balanced level of 6 months. Calgary is an excellent city for buying property, offering a low-price and high-potential market.

9. Ottawa, ON

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Ottawa is the capital of Canada and the seat of the federal government. The city has a stable and diverse economy, with a robust public sector, a growing tech sector, and a vibrant tourism industry. The city has a high homeownership rate of 68.7%, above the national average of 64.8%. Ottawa's home prices increased by 1.2% in 2023 and are projected to increase by 3.2% in 2024. The city also has a low vacancy rate of 3.4%, indicating a high demand for housing. Ottawa is a great city for buying property, offering a stable market.

8. Montreal, Québec

Montreal is the largest city in Quebec and the second-largest in Canada. The city is known for its rich history, vibrant culture, and bilingualism. The city has a high population growth rate of 1.4%, above the national average of 0.6%. Montreal's home prices increased by 2.3% in 2023 and are expected to increase by 4.1% in 2024. The city also has a high rental demand, with a 78.6% occupancy rate above the national average of 68.9%. Montreal is an excellent city for selling property, offering a fast and profitable market.

7. Halifax, NS

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Halifax is the capital of Nova Scotia and the largest city in Atlantic Canada. The city is known for its maritime heritage, scenic waterfront, and friendly people. The city has a high employment growth rate of 2.7%, above the national average of 1.6%. Halifax's home prices increased by 3.4% in 2023 and are projected to increase by 5% in 2024. The city also has a low inventory of homes for sale, with a 2.8-month supply, well below the balanced level of 6 months. Halifax is a great city to buy property, offering a high-growth and low-competition market.

6. Toronto, ON

Toronto is Canada's largest city and the country's financial and cultural hub. The city is home to some of the world's leading corporations, universities, media outlets, and a diverse and cosmopolitan population. The city has a high income per capita of $70,374, above the national average of $56,663. Toronto's home prices increased by 4.5% in 2023 and are expected to increase by 6% in 2024. The city also has a low supply of homes for sale, with a 2.4-month inventory well below the balanced level of 6 months. Toronto is an excellent city for selling property, offering a competitive and lucrative market.

5. Edmonton, AB

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Edmonton is the capital of Alberta and the gateway to the north. The city is known for its innovation, festivals, and proximity to nature. The city has a high population growth rate of 2.1%, above the national average of 0.6%. Edmonton's home prices increased by 5.6% in 2023 and are expected to increase by 7% in 2024. The city also has a high demand for housing, with a 76.2% occupancy rate above the national average of 68.9%. Edmonton is a great city for buying property, offering a substantial and diversified market.

4. Vancouver, BC

Vancouver is located on Canada's west coast, near the Pacific Ocean. The city is known for its natural beauty, multiculturalism, and livability. The city has a high income per capita of $71,374, above the national average of $56,663. Vancouver's home prices increased by 6.7% in 2023 and are expected to increase by 8% in 2024. The city also has a low inventory of homes for sale, with a 2.2-month supply, which is well below the balanced level of 6 months. Vancouver is an excellent city for selling property, offering a high-demand and low-supply market.

3. Winnipeg, MB

Winnipeg is a city located in the center of Canada, near the confluence of the Red and Assiniboine rivers. The city is known for its history, culture, and resilience. The city has a high homeownership rate of 70.2%, above the national average of 64.8%. Winnipeg's home prices increased by 7.8% in 2023 and are projected to increase by 9% in 2024. The city also has a low vacancy rate of 3.2%, indicating a strong demand for housing. Winnipeg is a great city to buy property, offering a high-growth and low-risk market.

2. Hamilton, ON

Hamilton is a city that is located on the western end of Lake Ontario, near the Niagara Escarpment. The city is known for its industrial heritage, arts and culture, and revitalization. The city has a high employment growth rate of 3.2%, above the national average of 1.6%. Hamilton's home prices increased by 8.9% in 2023 and are expected to increase by 10% in 2024. The city also has a low supply of homes for sale, with a 1.8-month inventory, one of the weakest in the country. Hamilton is an excellent city for selling property, offering a hot and fast-moving market.

1. Saskatoon, SK

Saskatoon is in the heart of the Canadian Prairies, near the South Saskatchewan River. The city is known for its innovation, education, and quality of life. The city has a high population growth rate of 2.8%, above the national average of 0.6%. Saskatoon's home prices increased by 10% in 2023 and are expected to increase by 11% in 2024. The city also has a high demand for housing, with a 77.8% occupancy rate above the national average of 68.9%. Saskatoon is the best city to buy property in Canada in 2023, as it offers a vibrant and resilient market.