With a booming house market in many regions across the country, this begs the question – what are the most affordable cities to buy a home in Canada right now?
This is an extremely relevant question for most potential home owners and those who are looking to make the move to a more affordable city, province even. This is an especially important concern for those who have a lot of debt and overall bad credit.
If you fall under any of the above mentioned categories – or all of them for that matter – here is a breakdown of some of the most affordable Canadian cities to look into buying a home, right now.
Thunder Bay, Ontario
First on this list of most affordable cities is Thunder Bay, Ontario. The average house prices there was recently calculated at approximately $260 000. Now to put this into perspective we have seen prices in other parts of Ontario, for example Toronto reaching the $700, 000 to million dollar mark. Job opportunities also appear to be strong in this region – and a wide range of employment areas, such as the medical, educational and government industry sectors.
Moving over a little further to the left of Ontario, we have Winnipeg, Manitoba. Compared to Thunder Bay, house prices in comparison are a little bit higher, sitting close to the $300 000 price point. The actual range for bungalow homes is $273 636 and $371 943 for two-story homes – this price range, while up approximately 3.6% from the previous year, are still somewhat more favourable than other parts of Canada.
Heading on back over to Ontario, where the median house price in Brantford, Ontario currency sits at approximately $319 900. Just two years prior, the price was only about
$250 000, so the city is also on the rise as a country-wide housing marking continues to grow. That being said, Brantford is still a more affordable place to purchase a home compared to other parts of Ontario.
Only about an hour drive from Brantford, next we have Hamilton. This Ontario city is also one of the more reasonably price housing markets, although it is not that far from Toronto and other Ontario cities where prices are soaring. While it is true that Hamilton is considered a hot market at this point in time – its average housing price of $443,000 still reflects more affordability than other areas.
A glance at the East Coast . . .
Last but not least, looking at the overall house prices of homes in the East coast, these remain much more favourable versus their West Coast and Central Canadian counterparts. For example, prices on the East Coast in provinces such as Prince Edward Island, New Brunswick, and Nova Scotia have house prices falling more so within the $164 000 – $236 000 range. If home owners are looking to relocate and soak up some East Coats charm, then knowing that these regions do offer more overall affordability might also be an important draw.
While cities such as Toronto and Vancouver, and even Calgary now have elevated house prices, perhaps it is time to look at some alternative geographical options. If however you don’t want to venture too far from your stomping grounds, then there are smaller nearby cities that do provide a more affordable recourse.
If you are looking to downsize from your current house, as well as work towards being able to pay off a lot more of your debt – relocating to a more affordable city and home can be an effective method of achieving this important goal.
No one wants to live under the burden of bad credit as this can have many negative implications on your finances as well as your mental well-being. If you are looking to lower your stress level, then taking steps to lower your overall cost of living can free up some extra money – money you can instead use to start rebuilding your credit.
Fortunately, there are many beautiful and vibrant Canadian cities that come in all shapes and sizes. Many of these cities have a lot to offer – starting with more affordable living arrangements for you and your family.