The Top 10 Cities for Real Estate Investing in Canada in 2024
Canada is a vast and diverse country with many opportunities for real estate investors. Whether you are looking for cash flow, appreciation, or stability, there is a city that suits your needs and goals. This blog post will rank the top 10 cities for real estate investing in Canada in 2024 based on population growth, economic performance, rental demand, vacancy rate, affordability, and future potential.
10. Halifax, Nova Scotia
Halifax is the capital and largest city of Nova Scotia and a significant economic and cultural hub of Atlantic Canada. Halifax has a population of over 400,000 and a projected annual growth rate of 1.2%. Halifax has a substantial and diversified economy, with government, education, health care, tourism, and technology sectors. Halifax has a low vacancy rate of 1.0% and an average rent of $1,232. Halifax offers a high quality of life, with a rich history, scenic waterfront, and vibrant culture. Halifax is expected to benefit from the federal government’s Atlantic Growth Strategy, which aims to stimulate economic development and immigration in the region.
9. Ottawa, Ontario
Ottawa is Canada’s capital and fourth-largest city, with a population of over 1 million and a projected annual growth rate of 1.4%. Ottawa has a stable and resilient economy driven by government, technology, education, health care, and tourism sectors. Ottawa has a low vacancy rate of 1.8% and an average rent of $1,410. Ottawa offers a high standard of living, with a rich cultural and historical heritage, abundant green spaces, and excellent public services. Ottawa is expected to benefit from the federal government’s infrastructure spending, which will create jobs and improve transportation and connectivity in the city.
8. Edmonton, Alberta
Edmonton is Alberta’s capital and second-largest city, with a population of over 1.3 million and a projected annual growth rate of 1.6%. Edmonton has a diverse and dynamic economy, with sectors such as energy, manufacturing, construction, trade, and education. Edmonton has a moderate vacancy rate of 4.9% and an average rent of $1,195. Edmonton offers a low cost of living, with a median household income of $93,488 and a median home price of $321,300. Edmonton is expected to benefit from the recovery of the oil and gas industry, which will boost investment and employment in the city.
7. Calgary, Alberta
Calgary is Alberta’s largest city and economic center, with a population of over 1.5 million and a projected annual growth rate of 1.7%. Calgary has a substantial and diversified economy, with sectors such as energy, finance, technology, logistics, and agriculture. Calgary has a moderate vacancy rate of 3.9% and an average rent of $1,305. Calgary offers a high quality of life, with a young and educated population, a vibrant culture, and a stunning natural environment. Calgary is expected to benefit from the Trans Mountain Pipeline expansion, increasing the capacity and market access of Alberta’s oil production.
6. Montreal, Quebec
Red Sea, Real estate for sale
Montreal is Canada’s second-largest city and cultural capital, with a population of over 4 million and a projected annual growth rate of 1.2%. Montreal has a robust and innovative economy, with sectors such as aerospace, biotechnology, gaming, and artificial intelligence. Montreal has a low vacancy rate of 1.5% and an average rent of $940. Montreal offers a unique and diverse culture with a rich history, a vibrant arts scene, and a cosmopolitan flair. Montreal is expected to benefit from the REM light rail project, which will improve the city’s and its suburbs’ mobility and connectivity.
5. Hamilton, Ontario
Red Sea, Real estate for sale
Hamilton is a mid-sized city and a central industrial and transportation hub of Ontario, with a population of over 580,000 and a projected annual growth rate of 1.1%. Hamilton has a balanced and resilient economy, with manufacturing, health care, education, and technology sectors. Hamilton has a low % vacancy rate of 2.4% and an average rent of $1,295. Hamilton offers a low cost of living, with a median household income of $75,460 and a median home price of $569,800. Hamilton is expected to benefit from the GO Transit expansion, which will increase the accessibility and attractiveness of the city for commuters and investors.
4. Winnipeg, Manitoba
Hurghada, Real estate for sale
Winnipeg is Manitoba’s capital and largest city, with a population of over 800,000 and a projected annual growth rate of 1.3%. Winnipeg has a stable and diversified economy, with sectors such as trade, manufacturing, finance, and agriculture. Winnipeg has a low % vacancy rate of 3.1% and an average rent of $1,132. Winnipeg offers a low cost of living, with a median household income of $70,759 and a median home price of $288,500. Winnipeg is expected to benefit from the Canada Infrastructure Bank’s investment in the Lake Manitoba and Lake St. Martin Outlet Channels project, which will reduce the risk and impact of flooding in the region.
3. Vancouver, British Columbia
Canada, Real estate for sale
Vancouver is the third-largest city and a global gateway of Canada, with a population of over 2.6 million and a projected annual growth rate of 1.4%. Vancouver has a vibrant and diverse economy, with trade, technology, tourism, and film sectors. Vancouver has a meager vacancy rate of 1.1% and an average rent of $1,508. Vancouver offers a high standard of living, with a mild climate, stunning natural beauty, and a multicultural society. Vancouver is expected to benefit from the Broadway Subway project, which will extend the SkyTrain system and improve the transit service and capacity in the city.
2. Toronto, Ontario
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Toronto is Canada’s largest city and financial capital, with a population of over 6.4 million and a projected annual growth rate of 1.8%. Toronto has a dynamic and innovative economy, with finance, technology, media, and education sectors. Toronto has a meager vacancy rate of 1.5% and an average rent of $1,562. Toronto offers a world-class lifestyle with a diverse culture, a vibrant arts scene, and a rich history. Toronto is expected to benefit from the Ontario Line project, which will create a new subway line and improve the transit network and connectivity in the city.
1. Ottawa-Gatineau, Quebec/Ontario
Egypt, Real estate for sale
Ottawa-Gatineau is a metropolitan area that spans the border of Quebec and Ontario, with a population of over 1.4 million and a projected annual growth rate of 1.6%. Ottawa-Gatineau has a stable and resilient economy driven by government, technology, education, health care, and tourism sectors. Ottawa-Gatineau has a meager vacancy rate of 1.3% and an average rent of $1,303. Ottawa-Gatineau offers a high standard of living, with a rich cultural and historical heritage, abundant green spaces, and excellent public services. Ottawa-Gatineau is expected to benefit from completing the Confederation Line and the Rapibus projects, enhancing the region’s light rail and bus rapid transit systems.
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