5 Communities Where Home Sales Soared in 2024
A handful of Canadian communities went against the grain by posting increases of more than 20% compared to 2023, so what’s the secret to their success?
While each of these areas had distinct reasons for attracting more than their fair share of interest from home buyers, a quick look at the five Canadian communities that had the highest year-over-year growth in home sales in 2024 also reveals a few interesting trends in common.
No. 1: Lloydminster, Saskatchewan – 26.4% growth*
This year, the town of Lloydminster, Saskatchewan, handily topped the list with an impressive 26.4% growth in home sales (Lloydminster, Alberta, had a growth of 12.3%, for anyone who may be curious). Even a brief look at the community of 32,000 people offers a few fairly clear reasons for what has made it so attractive to home buyers.
First, Lloydminster can lay claim to being Canada’s only true “border city” as it straddles the border between Alberta and Saskatchewan, where it’s incorporated in both provinces as a single municipality. This allows the town to offer easy access to all the recreational and economic opportunities that both provinces provide.
Lloydminster is also well-known for its serene natural setting, small town charm, and wide range of local attractions, from outdoor parks, beaches, and playgrounds for the kids, to skiing at nearby Mount Joy. It’s also something of a golfer’s mecca, with nine local courses to challenge golfers of any level of skill or experience.
Lloydminster also hosts a whole slate of community events and festivities all year round, from Heritage Day in August to its Winterfest celebration each February. But even with so much to recommend it, both the cost of housing and the overall cost of living are still remarkably affordable compared to many other parts of the country. As a result, Lloydminster was recently named one of the fastest-growing communities in Canada—all of which added to its top-of-the-charts growth in home sales.
No. 2: Edmonton, Alberta – 26% growth
Also in the Prairies, the city of Edmonton, Alberta, landed the No. 2 spot in 2024 with a 26% increase in home sales.
Home to a thriving arts and cultural scene, the Royal Alberta Museum, Canada’s largest sports and entertainment complex and, of course, the largest indoor shopping mall in North America, Edmonton has much to offer its 1.1 million residents.
But even with some fairly robust increases in recent years, the average cost of housing in Edmonton is still attractively affordable compared to higher-priced cities like Toronto, Calgary, and Vancouver. This could help explain both the sharp rise in home sales, as well as the substantial influx of people moving to Edmonton from other provinces, especially Ontario and British Columbia.
On the downside, if Edmonton’s home sales and population continue to grow at the same rate, it could lead to a lack of available housing inventory that might start pushing those bargain prices higher.
No. 3: Sherbrooke Census Metropolitan Area, Quebec – 24.6% growth
The third sport belongs to the Census Metropolitan Area (CMA) of Sherbrooke, Quebec (population 181,000) which saw its home sales soar by 24.6% in 2024 compared to the same time last year.
Sherbrooke’s rich heritage, expansive network of parks and outdoor spaces, great quality of life and its beautiful setting on the banks of the Saint-Francois and Magog rivers all make it a great place for both new and current residents to call home.
But according to local experts, the main reason behind this impressive growth is a population boom that’s been driven in large part by the city’s reputation as an education hub. This has led to large numbers of people moving to the city from other provinces and across Quebec, including the more than 40,000 students that attend its eight local colleges and universities.
No. 4: Yukon Territory – 24% growth
For our final two spots, we’re going north.. In at No. 4 is the Yukon Territory, which saw home sales increase by 24% in 2024.
Among its many attractions, the Yukon (a population of 46,000 people) offers both residents and visitors the chance to experience its unique history and heritage, a seemingly endless list of once-in-a-lifetime outdoor adventures, thriving First Nations cultures and some of Canada’s most stunning natural scenery. It’s not surprising the Yukon has experienced a dramatic growth in both home sales and prices.
The growth was likely fuelled by the combination of a shortage of available housing inventory, continued growth in the local economy, a shortage of available land around most of the larger communities to build or develop new housing, and the historically slow construction and development timelines that are traditionally associated with building in the Territories. This is especially true in the capital city of Whitehorse, where single-family homes are routinely listed for an average of around $800,000.
#5: Northwest Territories – 22.1% growth
To the east of the Yukon, the Northwest Territories (population of 45,000 people) saw a similarly striking increase of home sales in 2024, with year-over-year growth of 22.1%.
The Northwest Territories have long been one of Canada’s premier destinations for jaw-dropping natural beauty, all-season outdoor adventures and unique Indigenous experiences. It’s also one of the best places in the world to see the spectacular Aurora Borealis, or Northern Lights.
Like the Yukon to the west and Nunavut to the east, growth in both population and the demand for housing reached all-time highs in the Northwest Territories during the COVID-19 pandemic, when many Canadians were looking to move away from more densely-populated cities in the south. Also similar to its neighbours, much of the territory’s current growth in demand can be attributed to shortages of inventory and supply for both renters and home buyers.
For both the Yukon and the Northwest Territories, the shortage of available land, high development costs and lack of inventory are all pushing housing prices higher, and creating some of the lowest vacancy rates in the country. But as long as their populations and economies keep growing, and people keep coming, it doesn’t look like the growth in prices will have a significant negative impact on home sales anytime soon.
Rounding out the Top 10
While these five spots topped our list, several other communities across the country also posted some seriously notable results. In total, these were the top 10 communities with the highest growth in home sales year-over-year in 2024:
Lloydminster, Saskatchewan: 26.4%
Edmonton, Alberta: 26%
Sherbrooke CMA, Quebec: 24.6%
Yukon Territory: 24%
Northwest Territories: 22.1%
Rideau-St. Lawrence, Ontario: 18.1%
Swift Current, Saskatchewan: 17.2%
Fort McMurray, Alberta: 16.9%
Montreal CMA, Quebec: 16.2%
Moose Jaw, Saskatchewan: 14.8%
What about your community?
Curious to find out how home sales are trending in your community this year? What about a community you’re thinking about moving into? Ask a local REALTOR®!
In addition to answering any questions you may have, a REALTOR® can give you direct access to all the most accurate and up-to-date real estate news, information and expert advice you’ll need to make the best and most-informed decisions for you and your family.
*Based on a year-over-year comparison of home sales in January to November 2024 compared to January-October 2023.