Canadian Housing Markets That Have Nearly Doubled in 5 Years

Oh, Canada! With a nation so vast, beautiful and diverse, it’s impossible to pinpoint the perfect place to live, but we can look at which areas are the most popular for buying a property. While certain property markets are well-known for being on the rise in recent years (hello, Vancouver and Toronto), many other Canadian housing markets have been quietly growing – sometimes even doubling – over the past five years.

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The National Market: A Gradual Rise

Overall, benchmark housing prices are on a gradual rise in Canada. According to the Canadian Real Estate Association (CREA), national home sales recorded via Canadian MLS® Systems have grown throughout 2019.

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Setting the Benchmark

Using the CREA’s MLS® Home Price Index (HPI) tool, we can narrow in on the Canadian property markets that have grown the most in the past five years (from September 2014 to 2019) by looking at composite benchmark prices for all property types in the market – including single-family homes, apartments, townhouses and row homes.

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Market: Niagara Region, ON

Benchmark home price 2014: $229,300

Benchmark home price 2019: $422,900

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Market: Niagara Region, ON

Ontario’s Niagara region is one of the fastest and biggest growing housing markets in Canada in recent years. While multiple factors drive the market’s boom, its proximity to more expensive markets like Toronto or Hamilton make Niagara especially attractive to homebuyers. Recent improvements to transportation links between Niagara and Greater Toronto can’t hurt, either.

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Market: Guelph, ON

Benchmark home price 2014: $360,100

Benchmark home price 2019: $554,800

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Market: Guelph, ON

A fast-growing city in Southwestern Ontario, Guelph offers a smaller-city lifestyle that’s just 100-kilometres away from the big city of Toronto. The Guelph life is so attractive, in fact, that the city was the runner-up in this year’s MoneySense ranking of the best cities to buy real estate in Canada.

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Market: Hamilton-Burlington, ON

Benchmark home price 2014: $372,600

Benchmark home price 2019: $616,800

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Market: Hamilton-Burlington, ON

Similarly booming in part because of higher prices in Toronto, the undervalued housing marketing in the Hamilton, Ontario region has shown dramatic growth. Once known as a blue-collar city, Hamilton continues to expand, with many families looking to the city for affordable single-family homes.

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Market: Greater Toronto, ON

Benchmark home price 2014: $513,600

Benchmark home price 2019: $805,500

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Market: Greater Toronto, ON

While rising prices and limited supply in the city sometimes push buyer to other Ontario markets like Niagara, Hamilton and Guelph, the attractiveness of Canada’s largest housing market has continued to grow substantially over the half-decade.

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Market: Fraser Valley, BC

Benchmark home price 2014: $463,900

Benchmark home price 2019: $818,900

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Market: Fraser Valley, BC

Located just outside Greater Vancouver, the Fraser Valley region of British Columbia is known for offering rural and agricultural space outside of the bigger city of Vancouver – making it increasingly attractive to BC homebuyers looking for more space.

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Market: Vancouver Island

Benchmark home price 2014: $299,200

Benchmark home price 2019: $499,000

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Market: Vancouver Island

Ocean air, stunning natural views and island living: it’s no wonder that benchmark home prices on Vancouver Island have grown in the past half-decade. The hottest housing markets on the Island? Currently, Nanaimo and Campbell River are neighbourhoods of choice.

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Market: Victoria, BC

Benchmark home price 2014: $439,400

Benchmark home price 2019: $691,500

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Market: Victoria, BC

Speaking of Vancouver Island: the capital city of the province has also been a high-rising housing market in recent years – with a particular market for condos and townhouses, according to statistics from the Victoria Real Estate Board.

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Market: Greater Vancouver, BC

Benchmark home price 2014: $646,200

Benchmark home price 2019: $990,600

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Market: Greater Vancouver, BC

While sky-high Vancouver housing prices have come down in recent months, according to the Globe and Mail, the market has still grown considerably over the past five years – particularly when it comes to sales of Vancouver condos and townhomes.