Powell River in British Columbia might have taken the list's top spot with a 40.5% rise in average house prices, but Sherbrooke, Quebec came in second with a 29% increase. Brandon, Manitoba, and Trois-Rivières, Quebec weren't far behind.
Canada's top 10 cities by appeal
Based on data from The Canada Real Estate Association, the ranking pinpoints the top ten cities that captivated Canadians the most from September 2022 to September 2023. Changes in average house prices during that time reveal the most sought-after locations.
An aerial view of Powell River located in Sunshine Coast, British Columbia.Edgar Bullon | Dreamstime
Powell River in British Columbia leads the pack, where average house prices soared by 29.7%, outstripping Annapolis Valley, the tenth in the ranking. "This could be due to the city being the largest and most accessible community on the Sunshine Coast. It also offers a mixture of business, culture and nature, including lakes, beaches and plentiful outdoor recreation," said a Kelowna Homes spokesperson.
Sherbrooke in southern Quebec secured second place. The city’s average house price stands at about $515,155, a rise of $115,732 from the previous year. The increase could be attributed to Sherbrooke's mix of city life and natural beauty, nightlife scene, and popular universities, making it an attractive option for families and young professionals
A street in Brandon, the second-largest city in Manitoba.Harold Stiver | Dreamstime
Brandon, Manitoba, in third, saw a 24.5% increase in house prices, with an average cost of $265,69, making it much more affordable compared to Powell River. Brandon's growth is likely due to its smaller-town charm, attracting those seeking a quieter lifestyle away from large urban centres.
Fourth place goes to Trois-Rivières in Quebec, where the average house price escalated by 21.4% to $353,062. The city's revitalization of its waterfront area have likely played a role in its rising popularity.
Alberta’s Lloydminster is fifth, with a 17.5% increase in house prices, averaging $281,849. Thunder Bay, Ontario, and Kelowna, British Columbia, are tied for sixth. Both saw a 14% rise in house prices, with Thunder Bay’s average at $362,562 and Kelowna’s at a high $988,000. Thunder Bay's growth might be driven by its scenic location on Lake Superior and affordable living costs, while Kelowna's appeal comes from its status as a lifestyle destination, known for its vineyards, mild climate, and outdoor activities.
Traditional houses on rue de Casernes in Trois-Rivières, Quebec.Giuseppemasci | Dreamstime
Cape Breton in Nova Scotia, at seventh, experienced a 12.6% increase in house prices, with the most affordable average of $206,600 in the top ten.
Eighth place belongs to Lethbridge, Alberta, where house prices rose by 12.3%, averaging $364,155. Central Alberta, in ninth, saw a 12.1% increase, with an average house price of $386,053. Annapolis Valley in Nova Scotia rounds out the list at tenth, with a 10.8% rise and an average house price of $306,700.
At the other end, areas like Portage La Prairie, Alberta Wes, and Bancroft & Area faced the most significant drops in average house prices. The study also shows a regional shift, with the Northwest Territories seeing a 45.5% increase in average house prices, while Yukon witnessed a decline.
Boats on water and a windmill on hillside in Grand Etang on the famous Cabot Trail in Cape Breton, Nova Scotia. Paul Mckinnon | Dreamstime
More than a numbers game
The latest rankings from KelownaHomes.ca not only illuminate the most desirable places to live in Canada but also signal a trend in the housing preferences nation-wide. The shift towards cities like Sherbrooke and Brandon show rising popularity of locations that provide economic opportunity and lifestyle perks. These areas, once overshadowed by more prominent cities, are now coming into their own, offering affordability, culture, and natural beauty.
The change is reshaping the Canadian real estate map, turning the spotlight on places that were once considered off the beaten path. It also hints toward a future where the appeal of a city is measured not just economic metrics, but its ability to enrich the lives of residents.
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