Toronto 
Toronto maintained its status as the most searched city for houses, but soaring prices drove buyers to seek more affordable options, finds Zoocasa, a full-service brokerage, in their analysis of the 2023 real estate trend.
London, Ontario, emerged as the second most sought after city. Other cities like Guelph, Barrie, and St. Catharines gained attention for their affordability, particularly St. Catharines in the Niagara Region, known for its buyer-friendly market. In the GTA, Peel and Halton Regions, especially Mississauga, remained popular.
Outside Ontario, Calgary led in housing demand due to high interprovincial migration, while Edmonton and Moncton offered even more cost-effective options. This trend was largely driven by residents from high-priced cities seeking financial relief amidst rising mortgage costs.
Zoocasa finds that though Bank of Canada’s three interest rate hikes in 2023 significantly influenced the Canadian real estate market, buyers remained active but shifted their focus to more affordable locations outside the Greater Toronto Area (GTA). Most searches were conducted by residents of high-priced, populous cities like Toronto and Montreal, with many Montreal residents showing interest in moving to Ontario.
Highlights of Zoocasa’s analysis:
- Most Searched Cities:
- Toronto remained the most searched-for city on Zoocasa.
- London emerged as the second-most searched, offering a benchmark price of $577,400, significantly lower than the GTA.
- Guelph, Barrie, and St. Catharines also became popular choices, with St. Catharines being particularly affordable at $584,200 and in a buyer’s market.
- In the GTA, Mississauga, Hamilton, Oakville, Oshawa, and Brampton were highly sought after, with Mississauga’s City Centre and Downtown Brampton recognized as top areas in Peel Region.
- Outside Ontario:
- Calgary led due to high interprovincial migration and price appreciation.
- Edmonton and Moncton offered more affordability, with benchmark prices below $370,000. Moncton was notably ranked as the best place to buy real estate in 2023 by by Zoocasa and Moneysense.
- Home Searcher Demographics: The majority of home searchers originated from high-priced, populous cities like Toronto, with many Montreal residents looking to move to Ontario.
