Buying a home for the first time in Canada doesn’t come easy so when seeking an affordable place to live, finding a home in a buyer’s market can give buyers an edge when making an offer and negotiating. So, where are Canada’s best buyer’s markets? Here’s a list of the nine best buyers markets in Canada according to Zolo.
Recent Posts:
Tim Hortons is kicking off Roll Up To Win in Canada & the prizes are huge
These are the Canada benefit payment dates for spring 2024
What is a buyer’s market?
If you don’t know what a buyer’s market is, Zolo describes it as when “There are more homes for sale than buyers looking to buy, which gives buyers more options and better negotiating power.”
Zolo also adds that buyer’s markets usually lead to lower prices, longer listing times, and less buyer competition.
These homes tend to sit on the market longer, so you can take your time viewing a property instead of waiting in long lines for open houses.
Best buyer’s markets for homebuyers in Canada
According to Zolo, the best buyer’s market is in the Southern Georgian Bay District, Western Region located in Ontario. The peak home price in this area is $1,160,202, with the average home coming in at $749,050, a 36% sales-to-new listing ratio and an average of 12 months on inventory.
Number two on the list is Lloydminster, which is a town that splits the border of Alberta and Saskatchewan. The peak home price sits at $417,363, an average home costs $260,000 with a 40% sales-to-new listing ratio and 11 months inventory average.
South Okanagan in BC made third on the list of best home buyer’s markets with the peak home price being $700,261, $573,739 as an average home cost, a 43% sales-to-new listing ratio, and 17 months on inventory.
The other six areas on the list in order include Muskoka and Haliburton in Ontario, Portage la Prairie in Manitoba, Swift Current in Saskatchewan, Parry Sound in Ontario, Kawartha Lakes in Ontario and Orillia, also in Ontario.
Now that you know which spots in Canada have the best buyer’s markets take them into account if you’re on a house hunt, Canada!