Canada’s dynamic real estate is where the country’s breathtaking landscapes, rich culture, and flourishing economy converge.
Recent data from the Canadian Real Estate Association (CREA) tells a compelling story of growth and change. With fluctuating demand and supply, real estate Canada has been on a roller coaster ride over the past year. In December 2023, the national average home price stood at $657,145, reflecting a 5.1% increase from the previous year.
Several Canadian provinces are currently strong sellers’ markets, indicating a strong demand for homes compared to available listings. Notably, some Canadian cities have become magnets for new residents and businesses, offering a promising future with robust job markets, affordable housing, and a desirable quality of life.
Stay with us as we list the fastest-growing cities in Canada where economic vitality continues to shape real estate trends in 2024.
Kelowna, British Columbia – A Haven for Recreation
Kelowna, located in the beautiful province of British Columbia, is one of the fastest-growing cities in Canada. Picturesque lakes, scenic hiking trails, and stunning mountain views surround this haven.
The town experienced a remarkable 14% population growth from 2016 to 2021, reaching 222,162 residents in 2022. As a renowned tourist destination, it attracts residents with its warm climate and diverse recreational opportunities.
However, the high demand for housing has driven prices up over the last year, posing affordability challenges. Despite this, Kelowna’s strong economy, natural beauty, and recreational appeal position it for continued growth in 2024.
Moncton, New Brunswick – A Thriving City
In New Brunswick, Moncton has seen remarkable growth, propelled by immigration and a surge in building permits. A substantial $22.5 million budget backs the city’s expansion.
Attracting professionals seeking career opportunities, its population rose from 162,824 to 171,608 in 2021-2022, with a surge in residents under 25, ensuring a vibrant future. Job opportunities, a favourable business environment, and affordable housing options drive Moncton’s appeal, making it a destination of choice for individuals looking to establish roots. With its focus on expansion and economic development, Moncton is set to continue to be one of the fastest-growing cities in Canada.
Halifax, Nova Scotia – A City of Immigrants and Opportunities
Halifax, the capital of Nova Scotia, has long been a popular destination for immigrants and interprovincial migrants. Substantial growth is on the horizon, with Halifax Partnership projecting a population of 650,000 within fifteen years.
A vibrant waterfront, affordable housing, and expanding job opportunities make Halifax an attractive investment hotspot. The city is home to several renowned universities and colleges, providing excellent opportunities for students.
Halifax presents a bright future for growth in 2024 as it manages to hold fast to its position on the list of the fastest-growing cities in Canada.
Waterloo, Ontario – A Hub of Innovation and Careers
Ontario’s Waterloo has emerged as a hub of innovation and job opportunities.
Due to its proximity to major markets, the city’s thriving manufacturing and tech sectors have been instrumental in attracting individuals and businesses seeking to relocate. The presence of prestigious universities, colleges, and vocational schools adds to the city’s appeal to young professionals and students.
Compared to nearby Toronto, many professionals and families are drawn to the city’s affordable housing options and high quality of life. With its strong emphasis on innovation, thriving job market, and educational opportunities, Waterloo continues to experience population growth in 2024.
Chilliwack, British Columbia – An Outdoor Enthusiast’s Paradise
Chilliwack is a city that lures outdoor enthusiasts with its great outdoors, including lakes, hiking trails, and breathtaking mountain views, attracting residents seeking an active and adventurous lifestyle.
One of the key factors contributing to Chilliwack’s growth is its affordability. Housing prices in this area of British Columbia are comparatively more reasonable, making it an attractive destination for Canadian first-time homebuyers. With its natural beauty, revitalized infrastructure, and affordable housing options, Chilliwack is positioned for continued growth in 2024.
A Bright Future for Canada’s Fastest Growing Cities
The fastest-growing cities in Canada offer a promising future for growth in 2024.
Kelowna, Moncton, Halifax, Waterloo, and Chilliwack showcase the diverse opportunities and attractions that make them highly sought-after destinations for individuals and families. From stunning natural landscapes to thriving job markets and affordable housing options, these cities have all the elements necessary for continued growth and prosperity.
As we look ahead to 2024, it is evident that these cities will continue to attract individuals and businesses, contributing to Canada’s vibrant economy and cultural diversity. Whether it’s the allure of recreational activities, employment opportunities, or a high quality of life, these fastest-growing cities embody what makes Canada an exceptional place to live, work, and thrive.