Looking for a new city to call home? Well, a new report from Zoocasa about the most affordable cities for buying a house in Canada might give you some ideas.
The national average home price has been dropping steadily in recent months as markets like Greater Toronto and Greater Vancouver cool down, says Zoocasa.
Although house prices are still high in these areas, other desirable cities boast benchmark prices below $500,000.
The report reveals the average price for a single-family home, as well as the median-income household in each city to calculate how long it would take to save for the minimum down payment.
This is based on Statistics Canada’s household savings rate of 5.1%.
Canada’s most affordable cities for buying a house are based on the Canadian Real Estate Association’s September 2023 monthly report.
One of the most affordable cities is Regina, Saskatchewan, with a benchmark single-family home price of $326,000.
For that price, it would take the average family 3.6 years to save for the minimum down payment, which is $16,315.
Fredericton has an average price of $288,200 and it would take the average family 3.9 years to save the $14,410 needed for a down payment.
Below are the most affordable cities for buying a house in Canada right now, according to Zoocasa:
- Regina, SK: $326,300
- Fredericton, NB: $288,200
- Sault Ste. Marie, ON: $289,900
- Winnipeg, MB: $359,600
- Edmonton, AB: $424,000
- Greater Moncton, NB: $344,000
- St. John’s, NFLD: $352,500
- Saint John, NB: $298,600
- Saskatoon, SK: $432,200
- Quebec CMA, QC: $383,200
- North Bay, ON: $394,100
- Sudbury, ON: $449,400
- Halifax-Dartmouth, NS: $534,300
- Kingston & Area, ON: $565,600
- Bancroft & Area, ON: $472,700
And there you have it. So, house hunters, will you be setting your sights on any of these cities?
Leaving the big city could save you a huge chunk of change.