Canada is a vast and diverse country, with many different regions and lifestyles to choose from. Whether you are looking for a city, a suburb, or a rural area, there is a place for you to call home. However, not all places are equally affordable, especially in the current real estate market. If you are looking for a bargain, you may want to consider some of the cheapest places to buy a house in Canada.
Top 10 Cheapest Places to Buy a House in Canada
According to various sources, here are the top 10 cheapest places to buy a house in Canada as of 2023:
1. Saguenay, Quebec
The price of an average home in Saguenay, Quebec, is just $267,353—the cheapest average cost of a home on this list1. Saguenay is located in the Saguenay–Lac-Saint-Jean region of Quebec, about 200 km north of Quebec City. It is surrounded by nature, with the Saguenay River, the Saguenay Fjord, and the Laurentian Mountains nearby. Saguenay offers a low cost of living, a vibrant culture, and plenty of outdoor activities.
2. Red Deer, Alberta
Red Deer is the third-largest city in Alberta, with a population of about 100,000. It is located halfway between Calgary and Edmonton, making it an ideal location for commuters and travellers. The average home price in Red Deer is $356,779, which is well below the provincial average of $478,000. Red Deer has a strong economy, a diverse community, and many amenities and attractions.
3. Regina, Saskatchewan
Regina is the capital city of Saskatchewan and the second-largest city in the province. It has a population of about 230,000 and is known for its history, culture, and green spaces. The average home price in Regina is $323,950, which is significantly lower than the national average of $716,000. Regina offers a high quality of life, a low unemployment rate, and a friendly atmosphere.
4. Brandon, Manitoba
Brandon is the second-largest city in Manitoba and the largest city in the Westman region. It has a population of about 50,000 and is located along the Assiniboine River. The average home price in Brandon is $310,252, which is very affordable compared to other cities in Canada. Brandon has a stable economy, a diverse population, and many cultural and recreational opportunities.
5. Newfoundland and Labrador
Newfoundland and Labrador is Canada’s easternmost province and consists of the island of Newfoundland and the mainland Labrador. It has a population of about 520,000 and is known for its stunning scenery, rich history, and unique culture. The average home price in Newfoundland and Labrador is $312,000, which is one of the lowest in Canada. Newfoundland and Labrador offers a relaxed lifestyle, a low crime rate, and a strong sense of community.
6. Saint John, New Brunswick
Saint John is the largest city in New Brunswick and the oldest incorporated city in Canada. It has a population of about 130,000 and is located on the Bay of Fundy. The average home price in Saint John is $313,000, which is very reasonable compared to other coastal cities in Canada. Saint John has a historic charm, a vibrant culture, and many natural attractions.
7. Edmonton, Alberta
Edmonton is the capital city of Alberta and the fifth-largest city in Canada. It has a population of about 1 million and is located on the North Saskatchewan River. The average home price in Edmonton is $408,961, which is still below the national average despite being one of the largest cities in Canada. Edmonton has a booming economy, a diverse population, and many festivals and events.
8. Quebec City
Quebec City is the capital city of Quebec and one of the oldest cities in North America. It has a population of about 800,000 and is located on the St. Lawrence River. The average home price in Quebec City is $414,000, which is very reasonable for such a historic and beautiful city. Quebec City has a rich heritage, a lively culture, and many attractions and landmarks.
9. Trois-Rivières, Quebec
Trois-Rivières is the second-oldest city in Quebec and the ninth-largest city in the province. It has a population of about 140,000 and is located on the St. Lawrence River at the mouth of the Saint-Maurice River. The average home price in Trois-Rivières is $415,000, which is very affordable for a city with such a long history and a strategic location. Trois-Rivières has a strong economy, a diverse culture, and many recreational and educational opportunities.
10. Thunder Bay, Ontario
Thunder Bay is the largest city in Northwestern Ontario and the tenth-largest city in the province. It has a population of about 120,000 and is located on the shores of Lake Superior. The average home price in Thunder Bay is $419,000. which is well below the provincial average of $1,045,000. Thunder Bay has a stunning natural environment, a vibrant community, and many amenities and services.
Buying a house in Canada can be challenging, especially in the current market conditions. However, there are still some places where you can find affordable housing that suits your needs and preferences. Whether you are looking for a city, a suburb, or a rural area, there is a place for you to call home in Canada. You just need to do some research, compare your options, and be flexible and open-minded.
Most Asked Questions and Answers
Q: What are the benefits of buying a house in Canada?
A: Buying a house in Canada can offer many benefits, such as:
- Building equity and wealth over time
- Having more space and privacy
- Having more control and freedom over your property
- Having more stability and security
- Enjoying tax advantages and incentives
Q: What are the drawbacks of buying a house in Canada?
A: Buying a house in Canada can also have some drawbacks, such as:
- Having higher upfront and ongoing costs
- Having more responsibility and maintenance
- Having less mobility and flexibility
- Facing market risks and uncertainties
- Dealing with legal and regulatory issues
Q: How much money do I need to buy a house in Canada?
A: The amount of money you need to buy a house in Canada depends on many factors, such as:
- The price of the house
- The type of mortgage you choose
- The interest rate and amortization period
- The down payment you make
- The closing costs and fees you pay
As a general rule, you should have at least 5% of the purchase price for the down payment, plus another 1.5% to 4% for the closing costs. You should also have some savings for emergencies and contingencies.
Q: How can I get a mortgage in Canada?
A: To get a mortgage in Canada, you need to:
- Have a good credit history and score
- Have a stable income and employment
- Have a low debt-to-income ratio
- Have enough savings for the down payment and closing costs
- Shop around for the best mortgage rates and terms
- Apply for pre-approval from a lender
- Submit your documents and information for verification
Q: What are the types of mortgages in Canada?
A: There are two main types of mortgages in Canada:
- Fixed-rate mortgages: The interest rate stays the same throughout the term of the mortgage, which can range from 6 months to 10 years. This type of mortgage offers more predictability and security, but less flexibility.
- Variable-rate mortgages: The interest rate fluctuates with the prime rate set by the Bank of Canada, which can change every month. This type of mortgage offers more flexibility and potential savings, but more risk and uncertainty.
Q: What are the costs of owning a house in Canada?
A: The costs of owning a house in Canada include:
- Mortgage payments: The principal and interest payments you make to repay your loan.
- Property taxes: The annual taxes you pay to your municipality based on the assessed value of your property.
- Home insurance: The monthly or annual premiums you pay to protect your property from damage or loss.
- Utilities: The monthly bills you pay for water, electricity, gas, internet, phone, etc.
- Maintenance: The regular or occasional expenses you incur for repairs, renovations, landscaping, etc.
- Condo fees: The monthly fees you pay if you live in a condominium or townhouse complex for common expenses such as garbage collection, snow removal, security, etc.
Q: How can I save money when buying a house in Canada?
A: There are some ways you can save money when buying a house in Canada, such as:
- Saving for a larger down payment to reduce your mortgage amount and interest costs
- Shopping around for the best mortgage rates and terms to lower your monthly payments
- Negotiating with the seller or agent to get a lower price or better conditions
- Choosing a cheaper or smaller house that meets your needs but not your wants
- Taking advantage of tax credits and incentives such as the First-Time Home Buyer Incentive or the Home Buyers’ Plan
Q: How can I increase the value of my house in Canada?
A: There are some ways you can increase the value of
Q: How can I increase the value of my house in Canada?
A: There are some ways you can increase the value of your house in Canada, such as:
- Making improvements and upgrades that are in demand and add functionality or appeal
- Keeping your house clean, well-maintained, and updated
- Hiring a professional appraiser or home inspector to assess your property and suggest areas for improvement
- Researching the market trends and prices in your area and comparing your house to similar ones
- Hiring a professional stager or photographer to showcase your house in the best light
Q: How can I sell my house in Canada?
A: To sell your house in Canada, you need to:
- Decide whether you want to sell it yourself or hire a real estate agent
- Prepare your house for sale by decluttering, cleaning, repairing, and staging it
- Set a realistic and competitive price based on your market analysis and appraisal
- Market your house online and offline using various channels and platforms
- Show your house to potential buyers and host open houses
- Negotiate with buyers and accept or reject offers
- Hire a lawyer or notary to handle the legal paperwork and closing process
Q: What are the best times to buy or sell a house in Canada?
A: The best times to buy or sell a house in Canada depend on many factors, such as:
- The season: Spring and summer are usually the busiest and most competitive seasons for buying and selling, while fall and winter are usually slower and less crowded. However, this can vary by region and year.
- The market: A seller’s market is when there are more buyers than sellers, which drives up the prices and demand. A buyer’s market is when there are more sellers than buyers, which lowers the prices and supply.
- The economy: The state of the economy affects the interest rates, inflation, income, employment, consumer confidence, and affordability of housing.
- The personal: Your personal situation, goals, preferences, and needs also influence when you should buy or sell a house.
Buying a house in Canada is a big decision that requires careful planning, research, and budgeting. However, it can also be a rewarding and fulfilling experience that gives you a sense of ownership, pride, and security. If you are looking for a cheap place to buy a house in Canada, you may want to consider some of the places on this list. They offer affordable housing options that suit different lifestyles and preferences. However, you should also weigh the pros and cons of each place and see if they match your expectations and requirements. Ultimately, the best place to buy a house in Canada is the one that makes you happy.