The Canadian real estate market continues to be a dynamic landscape, with certain regions experiencing significant growth and increased buyer interest. Whether you’re a first-time homebuyer, a seasoned investor, or looking to relocate within Canada, identifying hot markets can be a strategic move. These markets often boast promising investment potential, a vibrant job market, and a desirable quality of life.

In this blog post, we’ll delve into the top 10 hottest real estate markets in Canada for 2024. We’ll explore factors contributing to their appeal, along with key considerations for potential buyers.

Factors Defining a Hot Real Estate Market

Before diving into specific locations, let’s establish some key factors that define a hot real estate market:

  • Price Growth: Healthy price appreciation indicates a market where investment holds value. However, excessively rapid growth can also create affordability concerns.
  • Sales Activity: High sales volume demonstrates strong buyer demand and a fluid market. Low inventory levels often accompany hot markets.
  • Economic Strength: A robust local economy with job growth translates to increased buying power and market stability.
  • Lifestyle Appeal: Factors like proximity to amenities, a strong sense of community, and attractive natural surroundings enhance a market’s desirability.

Top 10 Hottest Real Estate Markets in Canada for 2024

  • Greater Moncton, New Brunswick: This Atlantic Canadian region has witnessed explosive growth in recent years. The benchmark home price in 2023 was $328,383, reflecting a 69% increase over three years. Greater Moncton offers a relatively affordable cost of living, a booming job market, and easy access to stunning natural beauty.
  • Saint John, New Brunswick: Similar to its neighbor, Saint John boasts impressive affordability and a growing economy. The 2023 benchmark home price of $286,592 reflects a 48% increase over three years. With its historic charm, vibrant arts scene, and proximity to the Atlantic coast, Saint John presents a compelling option for homebuyers.
  • Winnipeg, Manitoba: The Prairies are heating up, with Winnipeg emerging as a hot market. The city offers a diverse economy, a strong cultural scene, and a relatively low cost of living. The average home price in March 2024 was $431,200, with healthy year-over-year growth.
  • Calgary, Alberta: After a period of correction, Calgary’s real estate market is experiencing a resurgence. The city boasts a robust energy sector, a young and growing population, and a strong sense of community. The March 2024 average home price of $497,473 reflects a 9.8% annual increase.
  • Edmonton, Alberta: Edmonton’s real estate market mirrors Calgary’s positive trend. The city benefits from a diversified economy, a growing tech sector, and a wealth of cultural attractions. The March 2024 average home price of $422,100 showcases a healthy annual increase.
  • Halifax, Nova Scotia: Nova Scotia’s capital continues to be a hotbed for real estate activity. Halifax offers a dynamic job market, a beautiful harbor setting, and a strong sense of community. The 2023 benchmark home price of $512,700 reflects significant growth, making affordability a consideration for some buyers.
  • Oshawa, Ontario: Located in the Greater Toronto Area (GTA), Oshawa presents a more affordable alternative to Toronto itself. The city offers a growing automotive industry, a revitalized downtown core, and easy access to Toronto’s amenities.
  • Barrie, Ontario: Another GTA city experiencing a real estate boom is Barrie. With its proximity to Lake Simcoe and a burgeoning tech sector, Barrie offers a blend of urban convenience and outdoor recreation. While still more affordable than Toronto, home prices have risen considerably in recent years.
  • Kelowna, British Columbia: As a world-renowned vacation destination, Kelowna offers a desirable lifestyle with a strong tourism industry. The city boasts wineries, stunning scenery, and a growing tech sector. However, Kelowna’s real estate market is known for being expensive, with the benchmark price exceeding $1 million in some areas.
  • Saskatoon, Saskatchewan: Saskatoon’s real estate market exhibits stability with a growing economy fueled by the resource sector. The city offers a high quality of life, a youthful population, and a relatively affordable cost of living. The average home price in March 2024 was $338,700.

Important Considerations Before Buying in a Hot Market

While hot markets offer exciting opportunities, it’s crucial to approach them with a cautious and informed perspective:

  • Competition: Be prepared for fast-paced bidding wars and potentially needing to submit offers above asking price.
  • Inventory: Low inventory levels can make finding your dream home more challenging and require quick decision-making.
  • Affordability: Rapid price growth can strain affordability, so ensure your budget is comfortable with potential bidding wars and rising interest rates.
  • Market Fluctuations: Hot markets can cool down eventually. Consider your long-term goals and investment horizon.
  • Pre-approval: Getting pre-approved for a mortgage streamlines the buying process and demonstrates your seriousness to sellers.
  • Experienced Realtor: Partnering with a knowledgeable and experienced real estate agent can be invaluable in navigating a hot market.


Canada’s real estate market presents diverse opportunities in 2024. By considering the factors defining a hot market and understanding the specific dynamics of each location, you can make informed decisions. Remember, thorough research, a realistic budget, and a qualified realtor are your allies in navigating a hot market. Whether you prioritize affordability, a booming job market, or a desirable lifestyle, these top 10 hot real estate markets offer exciting possibilities for potential buyers in Canada.

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