Owning your own little piece of Canada is no easy task with real estate general being not that affordable, especially in the more populated areas. However if you pick well and do you research you may find a perfect place with more bang for your buck. Below you’ll find a reprint of my original article Canada’s Most Affordable Cities for Real Estate from The Random Forest.
Lets face it real estate in Canada, as a whole, is sky high! The first time I looked into a real estate agents window and looked at some of the home prices in Montreal I was absolutely stunned by the prices, considering the general cost of living not being outrageous.
Of course the value of a home is subjective and wages in Canada tend to be fairly good so it stands that real estate would reflect that too. There are also huge differences in price area to area and some cities are way different to others. It depends on local industries, transport connections and just general movements in the real estate markets.
I wrote about the subject over at Frugal Zeitgeist and instead of writing it all again I would like to share the bulk of the article below.
I was recently in Montreal for a few months. Montreal is an awesome Canadian city but it does suffer from very high property prices, especially if you want to be close to downtown. Oddly rent there can be very affordable.
Homes are more affordable in other cities though so let’s take a look at a few sources and see where may be a good place to buy. Here are the ten most affordable Canadian cities according to this article from CanadianMortgagesInc.ca. The house prices are said to be averages and the article was written October 2011.
- Trois Rivieres CMA - $161,559.
- Saguenay CMA - $164,705.
- Saint John’s - $169,290.
- Windsor - $172,400.
- Thunder Bay - $183,224.
- Sherbrooke CMA - $208,506.
- Sudbury - $231,400.
- Gatineau CMA - $232,676.
- London and St. Thomas - $234,309.
- Winnipeg - $237,421.
Coldwell Banker wrote a report on cheap and expensive housing in North America and looked at select Canadian markets. They looked at four-bedroom, two full bathroom home prices and their lowest prices can be seen below. The article in full can be seen here.
- Alberta – Lethbridge – $248,082
- British Columbia – Grand Forks – $269,812
- Manitoba – Winnipeg – $307,464
- Newfoundland – St. John’s – $440,825
- Nova Scotia – Amherst – $194,700
- Ontario – Windsor – $144,460
- Prince Edward Island – Stratford – $279,845
- Yukon Territory – Whitehorse – $405,465
MSN Canada also has a great article where they looked at what certain cities in Canada give you for under $350,000. The article can be read here. As an example they say in Vancouver (45 mins out of the city) you can pick up a little family home and in comparison in Moncton you can pick up a 2 storey 2,715 sq. ft home with a 100 sq ft lot.
The full original article can be read here: Canada’s Most Affordable Cities for Real Estate
Canada’s Most Affordable Cities for Real Estate, Thoughts….
Canada does provide a good standard of life all over if you can keep up a reasonable pay job or have a nice stash of income. Transportation can be expensive so it is sometimes harder to live in the cheaper more remote cities but some of the affordable places are not that remote at all. I love the country and maybe one day will consider going back there to live and you never know, maybe i’ll lay down some savings and buy a property.
What do you think of the real estate prices in your area of Canada?
Thanks for reading - Canada’s Most Affordable Cities for Real Estate