When you think of Canada, images of clean cities, breath-taking wilderness, good quality of life, and laid-back people likely come to mind. Unsurprisingly, the country has a thriving expat community and offers so much. If you’re planning to relocate to Canada and are looking for the most affordable places to live, you’ve come to the right place. With real estate prices skyrocketing across Canada in recent years and little indication of them decreasing anytime soon, finding affordable homes in the country can seem impossible. It’s no wonder that purchasing a house, especially in certain Canadian cities, has become an expensive proposition that is completely out of reach for those with modest incomes. The exorbitant prices, particularly in cities like Toronto and Vancouver, have continued to pose challenges for numerous homebuyers in recent years. In light of this, identifying the cheapest city to buy a house in Canada becomes even more important for prospective buyers.
According to a recent report from Zoocasa, even the least expensive places to live in Canada demand a significant financial commitment for people, especially solo buyers. The national average home price has increased by 23% since last year that takes it to $621,525. The report also states there are 18 markets where the average home price is below the national average despite this amazing growth in almost every market in Canada. For instance, St John Newfoundland – the cheapest market in the report was shown below the average with some homes listed for under $200,000. However, other markets such as London and St. Thomas was found under the national average cutoff. Toronto and Vancouver were undoubtedly the highest in Canada, lying well above the national average at $967,885 and $1,089,096 respectively.
Have you been seeking the cheapest houses in Canada but couldn’t find great deals for your dream home in the country? Well, we know you may be wondering where exactly to find an affordable place to live in Canada. Fret not as we have compiled here a list of the cheapest places to live in Canada to buy a home.
However, before proceeding further, we would like to discuss a few advantages of buying a home in Canada. Take a look:
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- There is a steady growth in land and home values seen in Canada throughout the year.
- Homeowners can take advantage of an array of tax breaks and credits.
- Each payment on your home builds up the equity and gets you a little closer to owning the property.
- For those buying a house, mortgage payments generally stay the same for the entirety of the mortgage. But the property taxes and other expenses still may vary.
- You can make the renovations and alterations in your property unlike renters that will ultimately lead to the high value of the home at the time of selling it.
Now that you are aware of some of the major benefits of home buying in Canada and you cannot wait to own your dream home in this beautiful country, let’s learn about the cheapest Canadian cities to put down roots:
Sydney and Cape Breton County, Nova Scotia
While looking for the cheapest houses in Canada, you’ll come across Sydney. The largest city on Cape Breton Island that is renowned for owning some of the lowest housing prices in Canada. The average cost of a home at just $98,338. As per a statement by Linda Smardon, the president of the Nova Scotia Board of Realtors. Buyers were confused about entering the real estate market based on the economy at the end of 2008. It was the middle of 2009 when the recovery from double-digit sales started decreasing. And dollar volume gave the hope for a brighter 2010 for the real estate market and consumers started building again. Though it’s not easy to find a great-value home for any due to the slow economy. However, those who wish to own an ocean-side cottage with incredible views. But cannot afford west coast prices can find an ideal place to buy on the island.
Charlottetown, Prince Edward Island
Charlottetown in Prince Edward Island is home to some of the cheapest houses in Canada and makes an affordable option for home buyers due to a low average housing price of $188,000 and a slightly higher than average income level. However, you need to be prepared for an extremely isolated and small-town vibe all across the province due to the population of more than 32,000; the island is compact enough to be explored on driving in less than a day. The driving factors in the local economy of the province include health care, government and education. Moreover, an ideal combination of sandy beaches, golf courses, wildlife and seafood in Charlottetown ensures a peaceful living environment in the province and makes it a perfect place to find a relaxing summer vacation home.
New Brunswick
Counted among 13 provinces and territories of Canada, New Brunswick is the cheapest province in Canada for home buying. The cities in the province like Moncton, St. John and Fredericton are great options to find a wonderful deal. As per the Canadian Real Estate Association (CREA), the average home price in Fredericton and ST. John is around $169,000 with the average hovering of the province around $155,000. There are good job opportunities in finance, health care and education in the urban centres of New Brunswick. Alternatively, the rural areas are renowned for forestry, fishing and mining; both McCain Foods and Irving Oil are located in the province. New Brunswick is where you can find the characteristics of all Maritime provinces. There are quaint clapboard homes with convenient access to the great outdoors, however, these homes do not have the same schizophrenic weather patterns affecting Nova Scotia.
Windsor, Ontario
Windsor is a city in southwestern Ontario with an array of options for the cheapest places to live in Canada. Located close to Detroit, Michigan and tied to its dying automotive industry, Windsor has a high unemployment rate that leads to the lower housing prices in the area. The average housing price here in the city is $164,123. However, the Hiram Walker & Sons Distillery, the University of Windsor and tourism in the city are a reason for employment for many, able to take advantage of investment opportunities in real estate hoping it will be better in the near future. Moreover, the mild winters and long, hot summers in Windsor are also the factors that make Windsor an ideal option to reside in Ontario.
Gatineau, Quebec
Your search for the cheapest place to buy a house in Quebec ends here. Gatineau, a city in western Quebec, located on the northern bank of the Ottawa River. It is one renowned place for cheap houses for sale in Ottawa. Especially for those working in the nation’s capital. Located just a 10-minute drive away from Ottawa. Gatineau makes an affordable housing option with an average price of $100,000, lower than the prices in Ottawa which is why people choose to get a home here. They too take advantage of the subsidized daycare system and tax breaks of Quebec. Unlike other suburban areas, Gatineau gives a small-town feel despite sitting on the edge of the Ottawa River, making it attractive to buyers. In addition to this, locals do not need to commute to government jobs across the river since federal government locations have started to exist in the town in recent years.
Brockville, Ontario
Formerly Elizabethtown, Brockville is one of the most beautiful places in Ontario lying on the banks of the Saint Lawrence River. This politically independent city is often called the “City of the Thousand Islands”. Since it is located in the thousand island region and is an ideal place for the cheapest real estate in Canada, With population of nearly 22,000. The local economy of Brockville is based on tourism and various other services but the main employers in the city are the large industrial manufacturers. With a lot to bring to the table for home buyers such as well-maintained city operations, versatile outdoor activities and an array of benefits, the city makes an affordable option to live in Canada. The primary average real estate cost here is $294,524.
Regina, Saskatchewan
Also called the Queen City, Regina is one great place in the province of Saskatchewan popularly known for the cheapest real estate in Canada. With a healthy economy with an average housing price of $250,826, the city offers great opportunities for buyers to find an affordable home. This place is majorly known for its job opportunities in the natural gas and oil industries such as Imperial Oil, a refinery in the city, however, the University of Regina and a combination of recreational spaces, vast green parks and a rich arts and culture scene too lead to an increase in the number of people residing here. However, there is a higher crime rate in Regina than in other parts of Canada. Therefore, you need to keep this thing in mind while purchasing a home here.
Wetaskiwin, Alberta
Lying some 70km south of Edmonton, Wetaskiwin is an active, rural city of around 12,600 people in the central heartland of the Province of Alberta. It was originally a sliding town depending on the railways. However, the economy of the city is now based on agriculture, tourism and oil and gas. The primary real estate with an average cost of $257,962 makes Wetaskiwin a much cheaper place to live than other cities in Alberta. Moreover, the city is well-known for clean air and good water. Since it is surrounded by a large fertile agricultural area with a large number of lakes and parks. Other factors that make Wetaskiwin a great place to live in Canada include easy commuting distance, the wonderful climate in all four seasons and a fairly low cost of living.
Drummondville, Quebec
Lying 109 km to the east of Montreal on the Saint-François River. Drummondville is a beautiful city with cheap houses in Quebec. Even though the city was founded in 1815 during the War of 1812 to house British soldiers. About 96 percent of the city’s population of 68,600 speak French as their first language. Owning a house in Drummondville will make you experience what life was like here in the 19th century. The primary average housing cost here is $250,140. The economy of Drummondville majorly depends on the electric power dams on the Francois River. And the Hemming Rapids that enhanced the industrial growth of the town in the early 1900s.
Rouyn-Noranda, Quebec
Rouyn-Noranda is counted among the most dynamic cities of Quebec with a rich entrepreneurial spirit and an average housing cost of $240,191. The city is the urban heart of Abitibi-Témiscamingue with an economy revolving around copper since it is popularly known as the National Copper Capital of Canada. Those in love with a true bucolic feel can choose this place to buy their dream home. Since it is a rustic gem sprinkled with public art and surprising traces of history and culture. Besides, pristine lakes, hills, and forests in the surroundings make Rouyn-Noranda a beautiful place to live in Quebec.
Sault Ste. Marie, Ontario
Sault Ste. Marie, affectionately known as “the Soo” is an amazingly picturesque community in Ontario with a population of nearly 73,000. Urbanites seeking a great quality of life amidst incredible natural beauty. Cheap housing and several employment opportunities in Ontario cannot miss out on Sault Ste, Marie. The third-largest city in Ontario and one of the cheapest places to rent in Ontario. It is beautifully nestled in the heart of Great Lakes combining major elements of big-city living with tranquillity. The main factors of job opportunities in Sault Ste. Marie include steel tourism and renewable energy, and the primary average real estate cost here is $238,013.
Cornwall, Ontario
Moving to Cornwall proves to be a great decision for one and all. It is a vibrant city in eastern Ontario lying on the banks of the Saint Lawrence River that connects to the neighbourhood of Rooseveltown, New York in the United States.
Home to a population of over 47,000 people, this vibrant city makes a great housing option in Ontario with an average primary real estate price of $211,715. A healthy mix of business opportunities, affordable housing and world-class amenities is a major factor that draws a large number of home-buyers. A majority of people residing here work in call centres.
Wrapping It Up
Before you seal the deal, you need to keep a few considerations in mind. The cost of living and disposable incomes, with a range in property, sales and income taxes vary among different provinces in the country. Some places will cost you more for goods as compared to others depending on the place of their production and the medium of their transportation to a city. Besides, there are some places to live in Canada with added municipal taxes to real estate sales. Moreover, do not forget to do a thorough inspection of the property you are planning to buy since there could be something wrong with it due to a low price. However, that doesn’t mean you cannot buy your dream home at a fairly low price.
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Frequently Asked Questions (FAQs)
Counted among the cheapest places to live in Canada, Quebec City ranks as the most affordable of the 15 largest places to live in Canada. The estimated living cost in the city is around 1,600 Canadian dollars per month.
With close to 1.3 million people living and ranked the fourth-best city to live in the world, Calgary is one of the best cities to migrate to in Canada.
As per the Economist’s 2017 ranking of the most livable cities of the world, three Canadian cities namely Vancouver, Toronto and Calgary placed in the top ten cities based on five major factors including education, healthcare, infrastructure, environment and stability.
Calgary is said to be one of the best places to live and work in Canada due to its great job opportunities and affordable living options. The city also ranked as the fifth most livable city in the world in The Economist’s International Weekly edition for seven straight years. Where is the most affordable place to live in Canada?
Which is the best place to migrate to in Canada?
Where should I move to in Canada?
Which is the best city to live and work in Canada?
