Fastest Growing Cities in Canada, 2024 – All Aboard!
Canada, a captivating fusion of breathtaking landscapes, vibrant culture, and a thriving economy, has earned its reputation as a welcoming haven for people worldwide. Whether drawn for studies, employment, or a permanent home, Maple Leaf Country offers various reasons for migration.
From a peaceful climate and excellent healthcare to friendly citizens and a robust economy, the fastest growing cities in Canada provide an overall comfortable and enriching life. The unique charm lies in the harmonious coexistence of diverse cultures, making the country an ideal place to live, work, and build a life. As migrants start their new lives, accommodation becomes an integral aspect of their new lives. Exploring the intricacies of the real estate Canada market becomes crucial, ensuring they make informed decisions in this land of opportunities.
Save Max brings you a snapshot of the real estate landscape. Stay with us as we tell you the best provinces to live in and the fastest growing cities in Canada in 2024. Climb aboard the Canadian real estate express with confidence, whether you are a first-time home buyer or an investor.
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Rollercoaster 2023
2023 was a shaky year for the real estate market. According to the Canadian Real Estate Association (CREA), December 2023 witnessed a 5.1% YoY increase, with the national average home price reaching $657,145.
However, 2024 brings hope to the sector. Despite concerns about interest rates and inventory, homeownership remains the choice for over 70% of Canadians. The Bank of Canada is anticipated to announce rate cuts, and preliminary data suggests a housing market gaining momentum, buoyed by lower borrowing rates, a resilient job market, and pent-up demand. The national prices are projected to stabilize in the second quarter, gradually rising in the latter half of 2024 and into 2025.
Fastest Growing Cities in Canada
Some provinces stood out as sellers’ markets, reflecting robust demand compared to available listings. Several cities attracted new residents and businesses last year, promising a vibrant future with flourishing job markets, affordable housing, and an enviable quality of life.
As we list the top five fastest growing cities in Canada for 2024, we also discuss the growth opportunities in these dynamic urban communities, where economic vitality continues to shape real estate trends.
Calgary, Alberta: A Booming Economy
Calgary, located in the province of Alberta, takes the top spot in the fastest growing cities in Canada. The city has expanded recently, attracting individuals and businesses from various sectors. With a notable seven-spot jump to No. 21 among North American tech talent markets, the city is set for remarkable growth in 2024.
Calgary’s strong economy, driven by the energy, technology, and finance industries, has created numerous job opportunities, making it an attractive destination for professionals seeking career growth. The city’s tech appeal is complemented by its top 60 global startup ecosystem ranking and Canada’s highest concentration of head offices per capita.
With a record-breaking 49,754 migrants in 2022, a thriving job market, and affordable housing, Calgary’s trajectory promises continued opportunities and growth in the coming years. The average price of Calgary homes for sale in December 2023 stood at $540,090.
Calgary promises its residents a high standard of living with affordable housing options compared to other major Canadian cities. The city’s natural beauty, with the nearby Rocky Mountains and Banff National Park, provides residents with ample opportunities for outdoor activities and a healthy lifestyle. With its continued growth trajectory, Calgary is poised to offer more opportunities in 2024 and beyond.
Alberta, with Calgary, Edmonton and Lethbridge on the lists of fastest growing cities in Canada, offers a thriving economy driven by industries such as energy and technology. The province’s affordability and natural beauty make it an appealing destination for homebuyers, investors and businesses.
Vancouver & Kelowna, British Columbia: Tech Hubs
British Columbia, with Vancouver and Kelowna as its high-growth cities, is a hotspot for technology, outdoor enthusiasts, and those seeking a high standard of living. The province’s strong economy, cultural diversity, and stunning landscapes contribute to its growth and desirability.
In 2023, Greater Vancouver showed resilient growth, with its average home price rising 7% year-over-year to $1.29M.
The city is a tech innovation center, with a 68.6% growth in tech talent occupations from 2017 to 2022, and is near major tech hubs like Seattle and Silicon Valley. Vancouver offers a high quality of life, with breathtaking natural scenery, cultural diversity, a vibrant arts scene, and robust healthcare and education systems. With its continued appeal to tech companies and professionals, the city is en route to maintaining its status as one of the fastest growing cities in Canada.
Kelowna, also in British Columbia, has seen remarkable growth in recent years, driven by its desirable lifestyle and economic opportunities. The city’s population grew by 14% between 2016 and 2021, making it a popular destination for families and individuals seeking a high quality of life. Kelowna’s fantastic climate, with warm summers and mild winters, appeals to many Canadians who enjoy outdoor and recreational activities.
In addition to its natural beauty, Kelowna boasts a strong economy, with opportunities in tourism, agriculture, and technology. The city’s thriving arts and culture scene, wineries, and abundant outdoor recreational activities make it an attractive place to live and visit. Kelowna’s real estate market is a testament to its growing popularity among homebuyers and investors, and places the town firmly on the list of the fastest growing cities in Canada.
Halifax, Nova Scotia: A Hub for Immigration and Innovation
Nova Scotia is actively investing in talent cultivation, earmarking $17 million to expand computer science programs in the province. The digital and ICT economy is a significant player in Nova Scotia, contributing over $2.5 billion in gross output and involving more than 1,300 companies and organizations. This sector represents 10% of the province’s business sector output and employs over 25,000 individuals. Nova Scotia’s appeal extends to immigrants and interprovincial migrants, offering a welcoming atmosphere, affordable housing, and ample job opportunities. The province’s commitment to innovation and entrepreneurship ensures ongoing growth, positioning Nova Scotia as a thriving talent, technology, and economic development hub.
Halifax, the capital of Nova Scotia, has rapidly risen as one of Canada’s fastest-growing cities, drawing immigrants and interprovincial migrants with its welcoming atmosphere, robust job market, and lower housing costs than other urban areas. Forecasts from the Halifax Partnership project an impressive population surge, potentially reaching 650,000 within the next fifteen years. Beyond demographics, Halifax has become a beacon for innovation and entrepreneurship, boasting a thriving startup ecosystem and a supportive business environment that attracts tech companies and creative professionals. The city’s picturesque waterfront, rich history, and vibrant cultural scene add to its allure, making Halifax not just a destination for residents but also positioning it prominently among the fastest growing cities in Canada.
Waterloo, Ontario: A Hotspot for Tech and Education
Ontario is a top-rated destination with a diverse economy, top-notch educational institutions, and an exceptional quality of life. Recognized for the second consecutive year as Canada’s most competitive province, Ontario is a powerhouse boasting over 400,000 ICT workers.
The province is set to leverage a projected $29 trillion global opportunity in AI, 5G, and quantum technologies. Ontario has secured over C$25 billion in automotive and EV battery-related investments, creating thousands of high-paying jobs. Ontario is Canada’s premier business destination with strong support for life sciences, boasting a resilient and robust economy.
In Ontario, Waterloo has gained recognition as a prominent tech and education hub. The city is home to leading tech companies, including BlackBerry and OpenText, and renowned educational institutions like the University of Waterloo and Wilfrid Laurier University. Waterloo’s strong focus on research and innovation has fostered a thriving tech ecosystem, attracting startups, investors, and talent worldwide.
In addition to its tech prowess, Waterloo offers a high standard of living and affordable housing options. The city’s vibrant downtown core, cultural events, and recreational activities make it an attractive place to live and work. With its proximity to Toronto, one of the country’s biggest economic centers, Waterloo will continue to experience considerable population growth in the coming years, and be one of the fastest growing cities in Canada.
Full Speed Ahead in 2024
The fastest growing cities in Canada, including Calgary, Vancouver, Kelowna, Halifax, and Waterloo, will continue to shine bright in 2024. These dynamic urban centres showcase diverse attractions, from breathtaking natural landscapes to thriving job markets and affordable housing options.
Noteworthy additions to this list are Chilliwack and Moncton, both firmly on the Real Estate Canada express train. As we look into 2024, these cities are set to continue their strong pull for individuals and businesses alike, contributing to Canada’s vibrant economy and cultural diversity. Whether drawn by 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.
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