Ontario named dead last among best Canadian provinces for homebuyers

Ontario was just named the least desirable province in all of Canada for future homebuyers amid runaway home prices compared to other locations in the country.

The new study from real estate website calgaryhomes.ca delved deep into data on the average price of composite properties from the Canadian Real Estate Association (CREA), naming the provinces with the lowest percentage increase in average costs between 2006 and 2024, excluding inflation, as the best places for aspiring homeowners to put down roots.

The study's metrics place Alberta as the most desirable place for potential homebuyers to do business, while Ontario ranked dead last.

Alberta witnessed an average property price rose from $289,558 to $509,100 between 2006 and 2024, representing a 76 per cent increase excluding inflation. This figure sits 50 per cent below the national average of 151 per cent.

At the other end of the spectrum, Ontario ranked dead last with a shocking average price increase for composite housing of $582,567, or from $286,333 to $868,900, between 2006 and 2024.

This figure represents a concerning 203 per cent price increase excluding inflation, or 105 per cent with inflation factored in — a full 34 per cent higher than the Canada-wide average.

Price increases were the most severe in Ontario's townhouse sector, which saw a staggering 243 per cent price increase excluding inflation during this 18-year period, or 132 per cent with inflation factored in.

calgaryhomes.ca

A spokesperson for calgaryhomes.ca says that research from Statista "indicates that 443,511 homes were sold across Canada in 2023, with projections showing this number will rise to 489,661 by the end of 2024."

The spokesperson says that, based on the company's analysis, "Alberta has been identified as the top province for prospective homeowners. From 2006 to 2024, Alberta recorded the most modest increase in average property prices, rising at a rate 63 per cent slower than Ontario, the province with the highest price growth."