Buying a home in Canada is no easy feat! If you’re looking to purchase a house it’s good to be equipped with as much information as possible, including looking into areas in Canada with homes below the national average. We have the information that could help while on your house hunt – let’s take a look.
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According to the Canadian Real Estate Association, national home sales were up 12.9% month-over-month and 22% year-over-year in January which means that competition is heating up for potential homebuyers ahead of spring.
If you want to get ahead, Zoocasa analyzed average single-family home prices in 20 markets across Canada to determine which are below the national average.
Below national average
The national average for a single-family home in Canada is currently $659,395.
According to Zoocasa’s research Regina, Saskatchewan is the most affordable city on the list, with an average single-family home price of $318,600, nearly 52% lower than the national average price for a single home.
Saint John, New Brunswick is ranked as the second most affordable, boasting an average home price of $343,500.
The third most affordable is in Winnipeg, Manitoba with an average home costing $350,000 followed by Quebec CMA with an average home at $381,300 and Saskatoon, Saskatchewan at $419,400 for an average single-family home.
The rest of the list in order of regions and cities under the national average includes:
- Edmonton, Alberta
- Sudbury, Ontario
- Halifax-Dartmouth, Nova Scotia
- Montreal, Quebec
- Windsor-Essex, Ontario
- London & St. Thomas, Ontario
- Niagara Region, Ontario
- Calgary, Alberta
Above national average
What about the areas above the national average? Zoocasa also listed seven areas above the average single-family home price in Canada with three in British Columbia.
Greater Vancouver comes in as least affordable, sitting at $1,942,200 as the average price of a single-family home, more than double the national average.
Second in terms of least affordable is Fraser Valley, BC. The average single-family home is noted as costing $1,460,500 and third on the list for least affordable regions and cities is Greater Toronto, Ontario with the average single-family home listed priced at $1,270,200.
The rest of the list in order of regions and cities above the national average includes:
- Victoria, BC
- Hamilton-Burlington, ON
- Kitchener-Waterloo, ON
- Ottawa, ON
Now that you know the regions and cities in Canada with homes below the national average, has your mind changed on where you’ll be looking for your next property?