Finding affordable housing continues to be a challenging path for many Canadians. Luckily, the Canada Mortgage and Housing Corporation is expecting housing costs to come down during 2023. There is plenty of reason for optimism for those looking to find affordable housing in Canada, but there will always be varied costs depending on where you live.
Real Estate Company RE/MAX releases a yearly list of housing affordability in Canada. Using this information, where is the most affordable housing in Canada?
Most Affordable Locations In Canada To Buy A House
Many of the most affordable locations to buy a home in Canada are located in Western Canada. Alberta, Saskatchewan and Manitoba all feature multiple cities in the top 10 most affordable in Canada.
- Red Deer, Alberta
- Regina, Saskatchewan
- Brandon, Manitoba
- Edmonton, Alberta
- Thunder Bay, Ontario
- Saskatoon, Saskatchewan
- St. John’s, Newfoundland and Labrador
- Moncton, New Brunswick
- Calgary, Alberta
- Winnipeg, Manitoba
Most Affordable Provinces In Canada To Buy a House
Maybe you are not looking for a specific city, but rather a specific province or territory to buy a home in Canada. That stands to reason, as RE/MAX themselves reports that 64% of Canadians are willing to relocate to find their home but 50% say 100KM is the furthest they would go.
If you are more interested in looking at a region, rather than a specific city, here is the average cost to buy a home in every province and territory per the Canadian Real Estate Association.
- New Brunswick – $279,500
- Newfoundland and Labrador – $280,400
- Saskatchewan – $329,600
- Prince Edward Island – $358,200
- Manitoba – $358,390
- Nova Scotia – $400,500
- Alberta – $465,200
- Quebec – $490,000
- Northwest Territories – $496,100
- Yukon – $525,900
- Ontario – $929,900
- British Columbia – $1,018,000
Alternate Forms of Affordable Housing In Canada
Of course, there are more affordable housing alternatives in Canada. More and more people are starting to explore the benefits of shared housing, with 15% of those between the ages of 20 and 34 reporting living with roommates.
Shared housing can be a great alternative to entering the real estate market alone. The obvious financial costs are greatly reduced, which gives you flexibility to live a more adventurous lifestyle or save to eventually purchase your own home.
Though there are several methods to find the best people to share a home with, Happipad offers you a great option to find great roommates at affordable prices. By prioritizing the people, the platform gives you a real opportunity to find someone to live with that matches your lifestyle.
