10 Most Affordable Cities to Buy Property in Canada

Introduction

Canada’s real estate market is diverse, with property prices varying significantly across different cities. While some cities like Vancouver and Toronto are known for their high property prices, there are many cities where you can find affordable homes. Here are the 10 most affordable cities to buy property in Canada, along with their average house prices in 2023¹².

The Most Affordable Cities

1. Brandon, MB: Known for its affordable housing and low cost of living, Brandon offers a small-town feel with all the amenities of a larger city¹. The average house price in 2023 was $265,690¹.
2. Saint John, NB: With an average house price of $297,400 in 2023, Saint John offers affordable seaside living and a growing economy¹.
3. Regina, SK: Regina combines affordable housing with a high standard of living. The average house price in 2023 was $308,700¹.
4. Saint John’s, NL: Known for its vibrant culture and stunning landscapes, Saint John’s had an average house price of $338,900 in 2023¹.
5. Moncton, NB: Moncton is one of the fastest-growing cities in Atlantic Canada with an average house price of $340,700 in 2023¹.
6. Winnipeg, MB: Winnipeg combines affordable housing with a robust economy. The average house price in 2023 was $342,800¹.
7. Edmonton, AB: Known for its thriving job market and high standard of living, Edmonton had an average house price of $373,400 in 2023¹.
8. Saskatoon, SK: Saskatoon offers a balance of urban and suburban living with an average house price of $381,900 in 2023¹.
9. Red Deer, AB: With an average house price of $386,053 in 2023, Red Deer offers affordable housing and a high quality of life¹.
10. Calgary, AB: Known for its high standard of living and vibrant economy, Calgary had an average house price of $553,300 in 2023¹.

Price Trends

• The benchmark condo/apartment price in Canada increased by 1.4% year-over-year to $535,400 in November 2023³.
• The benchmark townhouse/row/multiplex price in Canada increased by 1.2% year-over-year to $667,800 in November 2023³.
• The benchmark single-family home price in Canada increased by 1.0% year-over-year to $788,200 in November 2023³.

Please note that these are average or median prices and actual prices can vary based on the specific location, size, and other factors of the property. For the most accurate and up-to-date information, it’s best to consult with a local real estate professional or use online real estate platforms.

Conclusion

While property prices in Canada can be high in some areas, there are still many cities where you can find affordable homes. Whether you’re a first-time homebuyer or a seasoned investor, these cities offer great opportunities for real estate investment. As always, it’s important to conduct thorough research and consider your personal circumstances before making a decision.