Thinking about making another area in Canada your new home? If so, then you will likely want to know where the most affordable cities to buy a home in Canada are located.
Well, it is no surprise which ones will not be found on this list. These of course include, Vancouver, Toronto, Montreal, and Calgary …. where housing prices albeit may have slowed down since April and June, however are still higher than what many people may in fact, deem affordable.
To begin with, while the average price of homes across Canada has fallen a reported 14% since the spring, many still believe the overall housing market will remain relatively stable across the country throughout the remainder of 2017.
Here is glimpse at the 5 most affordable cities to buy homes in Canada.
1) HALIFAX, NS
First on the list, is Eastern Canada. Halifax, in particular, continues to offer the most affordable homes, especially when compared to other prices across the country. The average price this year for homes in this region sat at approximately $228,000.
It is important to mention that in St.John’s, NFLD prices, are actually closer to $162,000. However, that said, the bleak job market perhaps in comparison to other eastern Canadian cities is perhaps quite telling when it comes to this lower price, perhaps even offsetting the benefit of buying a more ‘affordable’ home in this area.
Other eastern provinces however, are also comparable with similar prices, especially compared to their Quebec ‘neighbours’. Due to these prices, while having also risen since the previous year, still offer an affordable alternative for home owners looking to make a move to the east coast.
2) THUNDER BAY, ON
The current median price for Thunder Bay homes have also ranged this year from about $235,000 – 249,000, also notably well below the $300,000 mark. Again, while this average is still more than it was in 2016 by 6.6%, homes in this Ontario city still remain more affordable than most.
When compared to homes in Guelph, Kitchener/Waterloo, and of course Toronto (with a current average house price of $772,000), this certainly may seem more manageable for many prospective home buyers.
3) WINNIPEG, MB
Moving over towards the prairies, we have Winnipeg, Manitoba. While house prices in this area actually rose slightly in the month of June, compared to many other cities, where prices took a bit of a dip, Winnipeg still appears to offer rather affordable accommodations.
In June, Winnipeg prices moved upwards and recorded at a 2.8% increase compared to where they were the previous year. While a modest increase was also observed from May ($302.587) to where they have been since June ($302,983) of this year, this still makes Winnipeg one of the more economical housing markets in the country.
4) EASTERN QUEBEC REGION
While, of course this does not include the prices currently found in Montreal ($362,000, a likely result of booming condo sales), other cities in Quebec are worthy of this list as their house prices are more affordable.
Aside from the freak summer snow they received this month, less surprising are the house prices in that area, which on average have continue to sit around $303,000 across this region.
5) BRANTFORD, ON
Finally, moving back over to Ontario, where it is no secret that house prices have been setting records in Toronto, as well as surrounding areas, it is Brantford that still remains more resonantly priced.
While Brantford has been experiencing continually strong housing market increases, this city still offers average house prices below the $400,000 mark. With the median home sale price reaching about $399,016, higher than the above mentioned cities, yet once again it also puts things into perspective, when compared to Vancouver home averages of $785,189 and Toronto at $547,786.
Once again, even though the national average for house prices has fallen since April and even more so as recently as June, prices still remain relatively higher than the same time last year across most of the provincial cities. With that being said, this is the situation that we find ourselves in and with this information you can seek out the most affordable homes by continuing to follow along with current housing market across Canada.
If you are thinking about relocating in the near future or wondering what your own home resale value might be in your area, it is a good idea to look at the current prices and how affordable each city across the country are in relationship to one another. In addition to this, it is also beneficial to learn more about where these prices may also be headed in the near future.