Study ranks Brandon third ‘most desirable’ home hotspot in Canada in 2023

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This article was published 11/12/2023 (1004 days ago), so information in it may no longer be current.

Brandon ranked third among Canada’s top 10 “most desirable” residential hotspots for 2023 in a recent study conducted by Kelowna Homes, with data from The Canada Real Estate Association.

The study examined the year-on-year difference in average house prices from September 2022 to September 2023.

Powell River, British Columbia secured the top spot as the most sought-after area, boasting a 40.5 per cent rise in average house prices over the past year. Following closely is southern Quebec’s Sherbrooke, with a 29 per cent increase in house prices from 2022. The average house price in Sherbrooke costs $515,155, a $115,732 rise from last year.

Claiming the third spot, Brandon witnessed a notable 24.5 per cent surge in average house prices in just a year, capturing the imagination of home seekers and real estate enthusiasts alike.

Brandon Area Realtors president Zach Munn said the feat is due to a culmination of unique characteristics and attractions that continue to drive the Wheat City’s desirability as a residential hub, noting Brandon has witnessed steady population growth and an almost routine appreciation in real estate values.

“In eight out of last 10 years, our average residential prices have experienced an upward trajectory,” Mann told the Sun. “Our average price for residential homes this year stands at $311,349, reflecting a substantial increase from $266,303 a decade ago.”

He listed Brandon’s robust economic landscape, strong industry employers spanning agriculture, food processing, and petrochemicals, as well as prominent educational institutions like Brandon University, Assiniboine Community College, and the Brandon Research and Development Centre as the drivers of the growth.

Brandon’s allure as a well-rounded city offering comprehensive amenities, education, and entertainment, complemented by its proximity to provincial parks, lakes, and Riding Mountaion National Park for leisure and secondary property opportunities are also source of attraction to the city. Being close to Canadian Forces Base Shilo, he said, positions Brandon as a primary hub for trade and commerce in the Westman region.

“This data suggests that owning and holding real estate in Brandon for more than a few years has been generally a safe investment,” Munn said. “We have so much to offer, and as a community, we should promote that to continue our growth.”

The recognition of Brandon’s remarkable growth in the real estate landscape, he said, gives emphasis to the city’s promising future as an appealing residential destination.

Trois-Rivières, Quebec secured fourth place in the rankings with a 21.4 per cent surge in average house prices, now standing at $353,062. Following closely in fifth place was Alberta’s Lloydminster, witnessing a 17.5 per cent increase in average house prices and holding the third-most affordable average house price among the top 10, currently at $281,849.

Thunder Bay in Ontario and Kelowna in British Columbia claimed joint sixth place, each experiencing a 14 per cent rise in house prices.

Seventh went to Nova Scotia’s Cape Breton, marking a 12.6 per cent increase in average house prices, maintaining the most affordable rates among the top 10 at $206,600.

Lethbridge, Alberta’s third-largest city, took the eighth spot, with a 12.3 per cent increase in average house prices, currently at $364,155.

Securing ninth place is Central Alberta, boasting an average house price of $386,053, with a 12.1 per cent rise from last year. Finally, rounding off the top 10 is Nova Scotia’s Annapolis Valley, with a 10.8 per cent increase in house prices, reaching an average price of $306,700, reflecting a $29,900 price difference from 2022.

At the opposite spectrum, Portage la Prairie, Man. was among Canadian municipalities that had notable decreases in average house prices.

A spokesperson from KelownaHomes.ca expressed fascination with the newest hotspots, highlighting British Columbia’s Powell River as 2023’s most desirable place to live, attributing its appeal to being the largest and most accessible community on the Sunshine Coast, offering a blend of business, culture, and nature, including lakes, beaches, and abundant outdoor recreation.

The study also observed shifts in territories, with the Northwest Territories experiencing a substantial 45.5 per cent surge in average house prices, while Yukon stands as the only territory witnessing a decrease in average house prices.

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