The red-hot BC and Ontario markets are showing no signs of moderating, and this phenomenon has impelled the rise of other comparatively modest urban areas.
In a new analysis, RE/MAX cited Gatineau, Quebec and Winnipeg, Manitoba as among the most important up-and-coming housing markets in Canada.
Gatineau features particularly affordable homes, with an average price of $269,447.
“But there’s more to Gatineau than affordable homes,” RE/MAX assured. “Because it is directly across from Ottawa’s downtown area, you’re looking at a much easier commute than you would from many of Ottawa’s more affordable suburbs. You’re also minutes away from all that culture, dining and shopping.”
This average will also likely improve, as the federal and Quebec governments have previously committed nearly $175 million in low-cost housing investments up to 2024.
Meanwhile, Winnipeg boasts of an average housing price of $302,777. The city also enjoyed its strongest Q3 market activity on record, CREA reports indicated.
“Good economic fundamentals, growth in our membership and market region well beyond Winnipeg, a healthy listing supply and favourable mortgage rates despite tougher qualifications rules, is behind the impressive market activity we have had this third quarter,” WinnipegREALTORS® president Ken Clark said.
“However, it is important to keep in mind and be attentive to just how competitive the current market is with so many listings for buyers to choose from.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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