The Greater Vancouver and Toronto areas are the most expensive housing markets in Canada, with average prices of $1,223,700 and $1,210,600, respectively, pushing the national average to $807,400..Obviously, there are many markets that are less expensive and based on average prices* tabulated by the Canadian Real Estate Association, real estate website Zoocasa has calculated the 10 most affordable large cities and regions in Canada for housing..Here they are, in order of affordability..Saguenay, Quebec.The average price is just $267,353. “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,” says Zoocasa. “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 the average price of a home is $280,200,” says Zoocasa..Saint John, New Brunswick.No. 3 on the list, with an average price of $294,900. “In fact, up until recently, Saint John was the most affordable city in the entire country to purchase a property,” says Zoocasa. “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 stepped aside as the most affordable province in Canada, with Saskatchewan now holding the title. “The average home price in New Brunswick shot up nearly $142,000 in the last three years,” says Zoocasa. “The calculated benchmark cost in New Brunswick 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.” .Regina, Saskatchewan.“The average price of a home in Saskatchewan’s capital city, also known as the Queen City, is $322,800,” says Zoocasa. “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 of Quebec City is $325,600,” says Zoocasa. “That figure represents an annual increase of 11.6%. The province of Quebec is home to six of the 20 most affordable markets in Canada.”.Trois-Rivières, Quebec.The average price is $330,431. “With a nearly 400-year-old history, Trois-Rivières is the region’s cultural and economic hub, offering its residents a low cost of living, a scenic outdoors economic optimism,” says Zoocasa. “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.Thunder Bay 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, Thunder Bay offers high levels of employment, good commute times, enthusiastic arts and sports communities and great access to health care,” says Zoocasa. “While it is the most affordable housing market in Ontario, experts predict a significant rise in the value of real estate.”.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,” says Zoocasa. “The average cost of a home is $376,100, with a 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 $402,800,” says Zoocasa. “That figure represents a year-over-year increase of 8.4% in Alberta’s capital city.”.Sherbrooke, Quebec.“Rounding out the top 10 list of most affordable cities to buy a house in Canada is Sherbrooke, Quebec,” says Zoocasa. “The average price is $435,525.”.* Average prices based on CREA data for the month of June 2022, seasonally adjusted. To qualify for the list, each market had to show at least 3.5% annual price growth from June 2021.
