By William Crooks
Local Journalism Initiative
Sherbrooke has been ranked as the second most desirable place to live in Canada, based on the surge in housing prices in 2023. A recent study conducted by real estate experts at KelownaHomes.ca provided a comprehensive analysis, utilizing data from The Canada Real Estate Association, highlighting the year-on-year growth in average house prices from September 2022 to September 2023.
Topping the list is Powell River in British Columbia, which saw an impressive 40.5 per cent increase in average house prices over the past year. Sherbrooke follows closely, securing the second spot with an astonishing 29 per cent rise in average house prices from the previous year. This increase reflects a growing interest in Sherbrooke, with the average house price now standing at $515,155, marking a $115,732 jump from last year.
This latest data sheds light on the dynamic shifts in Canada’s real estate landscape, spotlighting regions like Sherbrooke as burgeoning hotspots for homeowners and investors alike. The findings underscore the evolving preferences and priorities of Canadian homebuyers, with these areas emerging as key destinations for those seeking residential opportunities.
“We’ve got two universities, a French one and an English one,” explained local Real Estate Agent Max Messier, which both have a big impact on the market. The CIUSS de l’Estrie – CHUS hospital is also a big employer, Messier said, and is a comparatively rare feature of the area. Sherbrooke’s Industrial Park brings in a lot of people too, he added.
He sees a lot of people leaving Montreal, with the possibility of remote work making the Townships an attractive option. Many come for the bigger properties and make the commute back to Montreal once every one or two weeks.
The mountains, skiing, lakes and proximity to Montreal and the U.S. border are also important selling features. “Location is everything in the Townships.” Many are coming back to the Townships after leaving, recognizing its potential for a heightened quality of life.
According to the slightly different statistics Messier recently received, the 2023 median cost for a property in Sherbrooke was $377,000. Last year it was $350,000. The average price of a property is $486,000.
Messier acknowledged the 29 per cent increase in average price from last year, but cautioned against assuming this will continue. “I’d like to have a crystal ball, believe me,” he said wryly. He emphasized that those who properly maintain their properties are likely to make a profit. It is clear from the data this year, he insisted, that non-maintained houses’ prices do not increase. This is a change from the pandemic years, where every property increased in value regardless.
During the pandemic, prices did not quite double, but increased dramatically, he continued. Before 2020, one could find something for around $200,000. Now, it is impossible, he said, “below $300,000 to $350,000 – forget about it.”