As real estate prices in Canada continue to rise, it's becoming more difficult for many potential homebuyers to find an affordable home that fits their budget. However, there is still hope.
According to the latest data from the Canadian Real Estate Association (CREA), month-over-month home prices are inching upwards. Compared with record high prices seen in early 2022 however, current 2023 prices are relatively low.
Still, at $662,437, the average price of a home in Canada remains out of reach for many Canadians. As it’s expected that activity will pick up in the spring market, potential homebuyers might be wondering where they can find an affordable home.
According to a new study from Zoocasa, which looked at 20 regions across Canada, 14 of them have an average home price below the national average of $662,437. In fact, Ontario alone is home to five of these regions where you can buy a home below the national average price.
The findings revealed the most affordable region on the list is Saint John, with an average home price of $268,400 and a decrease of only 0.1% from last year. The next most affordable city is Regina, with an average home price of $310,200 and a year-over-year decrease of 2%. Calgary, Saskatoon, and Halifax-Dartmouth were the only regions with positive year-over-year changes in home prices, while London and St. Thomas experienced the largest year-over-year decrease at -25.1%.
On the other end of the spectrum, Greater Vancouver, Greater Toronto, and Fraser Valley topped the list with average home prices well above the national average. Greater Vancouver's average home price of $1,123,400 is nearly double the national average, while Greater Toronto's was not far behind at $1,091,300.
But for those looking for an affordable home, Ontario has five regions with prices below the national average. So, don't lose hope! With Zoocasa's analysis, finding a home within your budget is possible.
You can see how every analyzed market performed in the infographic below.
