Top 10 of CREA’s list of most affordable cities to buy a house in Canada
Ten cheapest places to buy a house in Canada
Jonathan Russell
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Four cities on this list are found in one province
Vancouver and Toronto are not the only white-hot housing markets that are out of reach for the average Canadian homebuyer. While the housing market is cooling slightly, buying a home remains a dream for many. There is hope, however—if you are willing to move. Here are the 10 cheapest places to buy a house in Canada.
Saguenay, Quebec
The price of an average home in Saguenay, Quebec, is just $267,353—the cheapest average cost of a home on this list. That number comes from the Canadian Real Estate Association (CREA), which researched the cheapest areas to purchase a property in Canada at the moment.
Situated in the middle of northern Quebec, on the Saguenay River in the valley of Saguenay Graben, Saguenay is surrounded by rivers, valleys, lakes and hills, making it a top destination for tourists and anyone who loves the outdoors. Within the community, there are aquariums, zoos, museums and parks to explore, as well as world-renowned cheeses.
Newfoundland and Labrador
Throughout the entire province of Newfoundland and Labrador, whose capital city is St. John’s (not to be confused with Saint John, New Brunswick), the average price of a home is $280,200. That figure represents a year-over-year increase of 10.8%.
Saint John, New Brunswick
Saint John, New Brunswick, is the third cheapest place buy a house in Canada, with an average home price of $294,900, according to the CREA. In fact, up until recently, Saint John was the most affordable city in the entire country to purchase a property.
Full of historic architecture, a great music scene, and plenty of parks, Saint John is located on the famed Bay of Fundy, and is known for the reversing rapids. And due to its location, Saint John offers everything from an urban to rural lifestyle, including both the modern and historic.
Provincially, New Brunswick recently lost out as the most affordable province in Canada. (Saskatchewan now holds that designation.) The average home price in New Brunswick shot up nearly $142,000 in the last three years. The calculated benchmark of the cost of a home in N.B. last spring—which includes townhouses, condos, and homes—hit nearly $314,000, according to CREA. Compared to three years ago, that is nearly double the price and is over 34% higher than just year prior.
Regina, Saskatchewan
The average price of a home in Saskatchewan’s capital city of Regina, otherwise known as the Queen City, is $322,800, a year-over-year decrease of 3.5%. The second-largest centre in the province, Regina serves as Saskatchewan’s commercial centre and is ideal for students and families who love modernity, culture, and history.
Regina is also a very green city with a plethora of parks and recreational facilities, as well as top-tier health-care centres and shopping malls. It is also easy to get around, with driving times almost anywhere within the city taking about 20 minutes, which not only saves you time but gas money as well. For these reasons, Regina has a cheaper cost of living than most other metropolitan areas in the entire country.
Quebec City
The average price of a home in the census metropolitan area (CMA) of Quebec is $325,600. That figure represents an annual increase of 11.6%, according to CREA. In fact, of the top 20 cheapest places to purchase a property in Canada, CREA found that six are located in the province of Quebec.
Trois-Rivières, Quebec
Trois-Rivières, Quebec, has an average home price of $330,431, which is a year-over-year increase of 29.5%. With a nearly 400-year history, Trois-Rivières is this region of Quebec’s cultural and economic hub, offering its residents a low cost of living, a scenic outdoors economic optimism. Another major perk for Trois-Rivières is its proximity to a couple of Canada’s biggest commercial and cultural hubs—Montreal and Quebec City. For its location and its affordability, however, you may have to put up with higher taxes and freezing cold winters.
Thunder Bay, Ontario
Don’t count out Thunder Bay, Ontario—it is known as the sunniest city in Eastern Canada, enjoying nearly 2,200 hours of sunlight each year. With an average home price of $358,051 and a year-over-year increase of 12.5%, Thunder Bay offers high levels of employment, good commute times, enthusiastic arts and sports communities and great access to health care. While it is the most affordable housing market in Ontario, experts predict a significant rise in the real estate market value.
Saskatoon, Saskatchewan
The second city on this list based in Saskatchewan, and the largest centre in the province, Saskatoon comes in at number eight on our list. The average cost of a home here is $376,100, with year-over-year increase of 5.4%.
Edmonton, Alberta
The only city in Alberta on this list (although Calgary came in at 13th on CREA’s top 20), Edmonton’s average home price is at $402,800. That figure represents a year-over-year increase of 8.4% in Alberta’s capital city.
Sherbrooke, Quebec
Rounding out the top 10 of CREA’s list of most affordable cities to buy a house in Canada is Sherbrooke, Quebec. The average price of a home here is $435,525, a year-over-year increase of 12%.
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