When looking for the cheapest real estate in Canada, it's important to remember that prices vary greatly from province to province. Properties in smaller towns and rural areas also tend to be cheaper than those in major urban centers, so, if you're willing to live outside of a big city, you may be able to find cheap real estate for under $400k.
Furthermore, detached homes tend to be more expensive than condos or townhomes, so if you're flexible on the type of property you're looking for, you may be able to find a very affordable option. Getting a house for as low as $276,000 is not only possible but there are plenty of options to choose from. Cities like Saint John, Quebec, and Saskatoon offer some of the cheapest real estate in Canada along with a high quality of life, all without breaking the bank.
Choosing a place to call home is one of the most important decisions in anyone's life. It determines the quality of life, access to working opportunities, amenities, and even the people you'll call friends and neighbours for the following years. It's also an important financial decision, since getting a mortgage to buy a home and being able to afford it is paramount for your financial health and peace of mind. With this in mind, we have compiled a list of ten of the cheapest cities to buy real estate in Canada. Whether you're a student, a first-time home buyer or just looking for a more affordable city to call home, there's sure to be a Canadian city that fits your needs.
#1 Saint John, New Brunswick
Saint John is one of the cheapest regions to buy property in Canada. The city also has a very low cost of living.
As a single adult, you can expect to spend $2,597 per month including rent. In this area, the average home price for a single-family home is $275,700, which is the cheapest real estate in Canada.
Related: Discover the cities with the cheapest rent in BC.
#2 Gatineau, Québec
The average home price in Gatineau, Québec, is $435,000 for a single-family house. The city has a relatively low cost of living compared to many other provinces in Canada. According to the 2018 Canadian Living Costs Index.
This means that day-to-day expenses like groceries and transportation are very affordable in Gatineau. Housing costs in Gatineau are much lower than the national average. The average price of a home in Gatineau is just over $300,000, while the national average is closer to $500,000.
Gatineau also has several programs and incentives in place to help first-time homebuyers. For instance, the city offers grants worth $5,000 to buy properties. This can go a long way toward making your dream of owning a home a reality.
So if you're looking for an affordable place to buy property in Canada, Gatineau should be at the top of your list.
#3 Saskatoon, Saskatchewan
The average home price for a single-family house in Saskatoon, Saskatchewan, is $337,800.
Saskatoon, Saskatchewan, is often lauded as one of the most affordable regions to buy property in Canada. It's not hard to see why – the median house price in Saskatoon is just over $300,000, which is significantly lower than the Canadian average.
A close third in terms of the cheapest real estate in Canada, several factors contribute to Saskatoon's affordability. For starters, the city is an affordable place to live. Expenses like food and transportation are relatively inexpensive compared to other major Canadian cities. In addition, Saskatoon's housing market has been relatively stable in recent years.
This stability makes it an attractive option for buyers looking for a long-term investment. Prices in Saskatoon have slowly but steadily increased over the past few years, which is good news for those looking to buy a home soon.
Overall, Saskatoon's combination of affordability and stability makes it an appealing option for first-time home buyers and investors.
#4 Sudbury, Ontario
The average home price for a detached house in Sudbury, Ontario, is $449,358. Sudbury has a relatively low cost of living, meaning your mortgage payments will go further.
The region offers affordable housing options, whether you require a starter home or a luxurious estate.
Related: Discover the cities with the cheapest rent in Ontario.
#5 Winnipeg, Manitoba
A single-family home costs about $339,900 in Winnipeg, Manitoba. The city has a population of just over 700,000 people and is located in the province of Manitoba.
Winnipeg is known for its diverse culture and heritage, as well as its friendly and welcoming community.
The average cost of a home in the city is just over $300,000, which is significantly lower than the national average. Additionally, a wide selection of properties is available on the market, so you're sure to find something that meets your needs.
#6 Sherbrooke, Québec
As of August 2022, the average house price in Sherbrooke was $340,000. For many reasons, Sherbrooke, Québec, is one of the cheapest regions to buy property in Canada.
First, Sherbrooke is one of the most affordable parts of the country to live in. This is because Sherbrooke is a smaller city and does not have the same high costs associated with living in a larger metropolitan area. Sherbrooke also has some affordable housing options available, making it an attractive choice for those looking to purchase a property on a budget.
#7 Regina, Saskatchewan
Regina, Saskatchewan, is one of the cheapest regions to buy property in Canada. The average price of a home in Regina is just over $330,600 in July 2022, which is lower than the national average price of a home, which is $500,000.
Many factors contribute to the low cost of housing in Regina. First, the city has a relatively small population, so there is less demand for housing.
Additionally, the economy in Regina is one of the strongest with low unemployment rates, so people are likely to move to the city in search of employment. Lastly, the provincial government provides many subsidies and tax breaks for first-time home buyers.
#8 Québec, Québec
The average home price for a single-family house in Québec, Québec, is $320,647. The province of Québec is one of the cheapest regions to buy property in Canada. Québec has the second-lowest property tax rate of any Canadian province.
Québec also has a low cost of living compared to many other provinces in Canada. This is partly because the province has its own currency, which is pegged to the American dollar.
As a result, prices for goods and services are generally lower in Québec than in other parts of Canada. Québec has some government programs in place that help make it easier for people to purchase a property. For example, the province offers a down payment assistance program for first-time homebuyers.
This program can provide up to $6,250 for a home purchase. Québec is home to many smaller towns and cities that offer more affordable housing options than larger metropolitan areas. These areas often have lower prices for both buying and renting.
#9 Trois Rivières, Québec
You can expect to spend about $160,000 for a single-family house in Trois Rivières, Québec. Trois Rivières is a relatively small city, so there is less housing competition. This results in lower prices for buyers. It is one of the cheapest regions to buy property in Canada for many reasons.
One is that the cost of living in Trois Rivières is lower than in most parts of the country. This means that you can expect to find lower prices on everything from groceries to gas.
Also, the Quebec government has instituted several programs to help first-time home buyers afford a home in the province.
#10 Thunder Bay, Ontario
A detached 2-bedroom house with one bathroom costs about $258,738 in Thunder Bay, Ontario. Thunder Bay, Ontario, is one of the cheapest regions to buy property in all of Canada. The average price for a home in the city is just over $200,000, which is significantly lower than the national average of about $500,000.
A number of factors have influenced this low cost of living, including the relatively small size of the city and its location in Northern Ontario. In fact, one of the primary reasons that Thunder Bay is such an affordable place to live is that it is a smaller city.
Thunder Bay is also located in Northern Ontario, which has traditionally been one of the cheaper regions of the province. This is because it is less developed than the southern part of the province and, as such, has lower land values. With prices significantly below the national average, it is an excellent place to get more bang for your buck.
How To Save Money When Purchasing A House
When purchasing a house, it is important to save money wherever you can. Here are some tips on how to save money when buying a house:
Tip #1 Get Pre-approved For A Mortgage
By getting pre-approved for a mortgage, you will have an idea of how much you can spend on a house. This will help you narrow your search to houses within your budget.
Tip #2 Shop Around For A Mortgage
Once you know how much you can spend on a house, shop around for a mortgage. There are many different lenders, and each one will offer a different interest rate. Find the lender that offers the best interest rate and terms for you.
Tip #3 Negotiate The House Price
Once you have found the perfect house, it is time to negotiate the price. If you are not comfortable negotiating, plenty of real estate agents can help you. Get the best deal possible on the house to save money.
Tip #4 Get A Home Inspection
A home inspection is an excellent way to ensure you get what you are paying for. A home inspector will look for any problems with the house that could cost you money in the future.
Tip #5 Get Energy-efficient Appliances
Energy-efficient appliances can help you save money on your monthly utility bills. This is an excellent way to save costs in the long run.
Tip #6 Get A Home Warranty
A home warranty is one of the best methods of protecting yourself from expensive repairs in the future. If something goes wrong with the house, you will be covered.
So there you have it, the 10 cheapest real estate markets in Canada. It's important to keep in mind that while cities like Saint John and Thunder Bay may be cheaper than others, they still offer a lot in terms of amenities and quality of life. If you're thinking of making a move to one of these cities, be sure to do your research ahead of time so you know what to expect.
FAQs On The Cheapest Real Estate In Canada
Which province has the lowest housing cost?
New Brunswick has the lowest housing cost in Canada. The province has many beautiful coastal towns and cities, as well as picturesque rural areas. One of the main attractions of New Brunswick is its low cost of living. Housing costs in the province are the lowest in the country, and utility rates are also very affordable.
Related: Discover 10 cities to buy cheap real estate in BC.
Where do most Canadians live?
Canada's population is highly concentrated in the southern half of the country. The majority of Canadians live within 200 kilometres of the U.S. border, and the majority of the population is located in the provinces of Ontario and Quebec.
The northern regions of Canada are sparsely populated, with most of the population living in small towns and villages. There are many reasons for this concentration of population, including the fact that the climate is more hospitable in the south, and that there are more economic opportunities.