Hamilton, Edmonton and Quebec City are outliers for different reasons.Christinne Muschi/The Canadian Press
The general story in Canada’s housing market is that there are few buyers, lots of sellers and both parties often feel that the price is not right. It’s a morose situation across most of the country.
But there are a handful of Canadian markets that are bucking this trend, whether they’re falling hard due to the chaos south of the border by U.S. President Donald Trump, or they’re lifted because of a rush of buyers heading to more affordable communities.
Data from Wahi, a digital real estate platform, and Real Property Solutions, a Canadian property valuation service provider, found that national prices increased modestly in June with a 1-per-cent year-over-year increase. It follows a 1-per-cent increase in May, and tied for the lowest rate of growth since August, 2023.
We spoke to three real estate professionals across the country to highlight some of the Canadian markets that are notable for performing either better or worse than the national average.
Hamilton
Hamilton performed dismally in RPS-Wahi’s June index, with prices dropping 4 per cent on a year-over-year basis. That’s worse than the 3-per-cent drop in nearby Toronto, a market that is notably struggling from a condo market collapse, cuts to immigration and more people heading to suburbs.
Mike Heddle, a broker with The Heddle Group Royal LePage State Realty, said trade uncertainty is affecting the Hamilton area particularly hard because a large portion of its economy revolves around steel, a commodity being targeted by Mr. Trump’s tariffs.
As a result, the number of listings has nearly doubled and he estimates his team is doing fewer open houses than in the pandemic.
He said there is four or five months of inventory in Hamilton, a level he hasn’t seen in roughly a decade.
CREA cuts 2025 forecast again but says home sales are rebounding from ‘chaotic start’
Wahi’s report also noted that Hamilton real estate sales hit a 15-year low in June.
Benjy Katchen, chief executive officer of Wahi, said that even though it’s early days in the trade war, the uncertainty has a negative impact.
“Is there going to be a tariff, isn’t there going to be – it’s that uncertainty that’s seizing up the markets,” Mr. Katchen said.
Meanwhile, Mr. Heddle said what should have been a busy few spring and summer months just haven’t materialized.
Edmonton
Everyone has heard of the rally in Calgary real estate prices in recent years, but Edmonton is now outpacing its rival to the south.
The RPS-Wahi report found Edmonton prices grew by 9 per cent in June from last year, nearly double the 5-per-cent growth seen in Calgary.
Mr. Katchen said that prices were still much lower in Edmonton, giving the market much more room to grow fast.
Mortgage broker Joe Jacobs, based in Calgary, said affordability has been one of the biggest drivers for the growth in this region, both in real estate prices and low taxes.
“Coupled with the strong job market that has been present for some time now, and Alberta looks like the best bet for many for an affordable place in Canada with great opportunity,” Mr. Jacobs said in an e-mail.
In Calgary, condos become a hard sell
As people worry about cuts to the manufacturing sector in Ontario cities such as Windsor and Oshawa, Mr. Katchen said places like Edmonton are benefitting from Prime Minister Mark Carney’s rhetoric around nation-building.
“Sentiment there feels stronger than in the manufacturing sectors,” Mr. Katchen said.
“Our new government has said we want to be an energy superpower, and it appears the federal government isn’t going to be as opposed to energy development.”
However, Mr. Jacobs said the talk of nation-building is positive, but “the general consensus is ‘we’ll believe it when we see it.’”
“This said, if jobs keep coming here … we will see continued demand and housing growth.”
Quebec City
The story of the steep growth in Quebec City’s real estate prices is another one of people flocking to affordable communities – and driving up prices as a result.
Quebec City had some of the largest price increases in the RPS-Wahi report, with 13-per-cent growth year-over-year in June.
Mr. Katchen said Quebec City has always been a cheap market, especially compared with Montreal.
Opinion: How cities are holding back home-building
In recent years, Quebec City has been closing the gap. In June, prices rose only 7 per cent in Montreal – also a formidable figure that is much higher than the national average.
Data from the Canadian Real Estate Association show the benchmark price in the Quebec City area was $420,700 in June, compared with $576,800 in Montreal and $691,643 nationally.
“Montreal is way more affordable than, say, Toronto, but Quebec City is that much more affordable than Montreal,” Mr. Katchen said.
