Buying Your First Home? Check Out These Neighbourhoods

If you’re thinking about buying your first home, now could be the perfect time, with interest rates finally trending downward and affordable prices in many Canadian housing markets. So, where are these places? Let’s take a deeper dive into the data.

Buying a Home for the First Time? Check Out These Neighbourhoods

RE/MAX recently published the findings of its 2024 Liveability Report and identified the most-liveable neighbourhoods based on a variety of factors, including the homebuyer personas and their key priorities, from retirees to city-living households with children. The extensive study included a list of the best neighbourhoods for first-time homebuyers.

Here are the top cities with neighbourhoods perfect for first-time homebuyers:

Calgary, Alberta

The Calgary real estate market is booming. While it had been one of Canada’s best-kept secrets, officials opened Pandora’s Box, and now many people want to plant roots in the Western city. It is hard to blame them when the city possesses a broad array of positive attributes, including affordability.

The average residential price is a little more than $600,000, according to the Calgary Real Estate Board (CREB). This is below the national average of nearly $700,000. Unfortunately, because of the population boom occurring in Calgary and the rest of the province, conditions are tight, meaning competition is fierce for lacklustre inventories, be it detached houses or townhouses.

Of course, various inner-city communities offer more than affordability. They can be a stone’s throw away from public transit, parks, schools, and neighbourhood shops.

Best neighbourhood in Calgary for first-time homebuyers:

• Red Carpet

Edmonton, Alberta

Searching for affordable homes as well as neighbourhoods with exceptional architecture, friendly environments, and nature? Edmonton has these communities scattered over the city that also suit your budget. Data from the Realtors Association of Edmonton (RAE) found that the median selling price for a home in Edmonton was $418,000, up more than seven per cent from a year ago. Additionally, all residential categories — detached, semi-detached, row, and condominiums — sold for median prices below $500,000.

Best neighbourhoods in Edmonton for first-time homebuyers:

• Deep South
• Maple Ridge
• Mill Woods Town Centre
• Westview Village

Regina, Saskatchewan

Many of the neighbourhoods in Regina are historic, dating back more than 100 years. Like the broader Saskatchewan real estate market, the Regina housing sector is exceptional for first-time homebuyers. In addition to cheap housing, Regina neighbourhoods are “brimming with potential,” according to the RE/MAX 2024 Liveability Report.

The Saskatchewan Realtors Association (SRA) found that the benchmark price for a home sold in Regina was a little more than $318,000 in June, up 0.5 per cent from the same time a year ago.

Best neighbourhood in Regina for first-time homebuyers:

• North Central

Winnipeg, Manitoba

Winnipeg provides residents with everything necessary to enjoy impeccable living standards, from easy access to schools and parks to walkable businesses and shops. Of course, for first-time homebuyers, prices are also within household budgets. The average price for a detached house in downtown Winnipeg rose five per cent year-over-year to $447,884, according to the Winnipeg Regional Real Estate Board (WRREB).

Best neighbourhoods in Winnipeg for first-time homebuyers:

• North Kildonan
• River Heights
• West Kildonan

More Housing Supply Is Coming

Royal Bank of Canada economists recently put out a research note that should please prospective homebuyers: housing inventories are replenishing at a fast pace. This is happening as a result of new construction activity and an increase in new and active listings.

“Growth in new listings continued to outpace sales in Canada’s more expensive markets, and inventories are continuing to grow—even in the busy Calgary market,” wrote RBC economist Rachel Battaglia in a July note. “The influx of supply has shifted more of the bargaining power to buyers, who in some markets are still extracting price concessions from sellers.”

So, while first-time homebuyers explore their cities’ top neighbourhoods, they can find bargains, sharp discounts, and lower prices in these places because of the supply injections occurring across the country.