Posthaste: These are the best buyers' markets in Canadian real estate — for now

Buyer conditions have improved thanks to rising inventory levels, but here are the Canadian cities where it's still a seller's market

After a long period of extremely competitive conditions in the housing market, buyers have finally begun to see some relief in recent months as active listings have increased. With more homes to choose from, buyers are now better able to negotiate prices and terms with sellers, who are also becoming more willing to compromise.

That said, the market is still competitive in many parts of the country, and buyers need to be prepared to act quickly if they find a home they want. In some cities, such as Toronto and Vancouver, it's still very much a seller's market, with bidding wars and over-asking prices still common.

To help buyers navigate the current market, real estate website Zoocasa has released its quarterly Buyers Market Report, which ranks Canadian cities based on their buyer-friendliness. The report takes into account factors such as the number of homes for sale, the average number of days a home spends on the market, and the average sale price-to-list price ratio.

According to the report, the top five buyers' markets in Canada for the third quarter of 2023 are:

1. Regina, SK
2. Saskatoon, SK
3. Winnipeg, MB
4. Hamilton, ON
5. Kitchener, ON

Here's a closer look at each of these markets:

Regina, SK

Regina is the capital of Saskatchewan and the second-largest city in the province. The city has a diverse economy and a strong job market, which has attracted new residents in recent years. The housing market in Regina is relatively affordable, with the average home price in the third quarter of 2023 being $325,000.

Saskatoon, SK

Saskatoon is the largest city in Saskatchewan. The city has a strong economy and a growing population. The housing market in Saskatoon is also relatively affordable, with the average home price in the third quarter of 2023 being $360,000.

Winnipeg, MB

Winnipeg is the capital of Manitoba and the seventh-largest city in Canada. The city has a diverse economy and a strong job market. The housing market in Winnipeg is relatively affordable, with the average home price in the third quarter of 2023 being $340,000.

Hamilton, ON

Hamilton is a city in Ontario, located on the western end of Lake Ontario. The city has a diverse economy and a strong job market. The housing market in Hamilton is relatively affordable, with the average home price in the third quarter of 2023 being $650,000.

Kitchener, ON

Kitchener is a city in Ontario, located in the Waterloo Region. The city has a strong economy and a growing population. The housing market in Kitchener is relatively affordable, with the average home price in the third quarter of 2023 being $625,000.