Where to Find the Cheapest Real Estate in Canada

Housing affordability continues to be an issue in the Canadian real estate market. From 6 per cent mortgage rates to the difficulty of putting together a 20 per cent down payment, first-time homebuyers are trying to overcome all the hurdles to achieving the homeownership dream.

Despite the long list of obstacles impacting households, they can still find some of the cheapest real estate in Canada. But how? Well, it might not be downtown Toronto or the Greater Vancouver Area, but prospective homebuyers can come across affordable real estate markets nationwide.

So, where are these places anyway? Here is some of the cheapest real estate in Canada:

Where to Find the Cheapest Real Estate in Canada

Cheapest Real Estate in Newfoundland and Labrador

According to the Newfoundland and Labrador Association of REALTORS® (NLAR), the Home Price Index (HPI), which tracks price trends more accurately than using average or median price pressures, was $291,100 in May. This is up 5.6 per cent compared to the same time a year ago. Additionally, here is a breakdown of the various property categories:

• Single-Family Homes: $293,100
• Townhomes: $305,900
• Condominiums: $228,900

If you wish to reside in St. John’s, the benchmark price is $340,900. Single-family homes sold for $354,800, while the benchmark price for apartments was $228,500.

Cheapest Real Estate in Prince Edward Island

New data from the Prince Edward Island Real Estate Association suggest the benchmark price for homes sold in the PEI real estate market in May was unchanged at $364,800.

James Marjerrison, the head of the PEI Real Estate Association, recently told CBC that market activity will continue to pick up steam as the number of new listings surged 30 per cent and sales are gaining momentum. With mortgage rates expected to come down, more families could come across cheaper real estate options.

Cheapest Real Estate in Cape Breton, Nova Scotia

In May, the Nova Scotia Association of Realtors (NSAR) reported that the average price of homes sold was $265,207, the cheapest real estate in the province. By comparison to the broader provincial housing market, the benchmark price was $410,400.

Cheapest Real Estate in Sault Ste. Marie, Ontario

Do you think Ontario real estate is out of reach? Perhaps if you are strolling through Toronto or Ottawa, then it might be difficult to locate the cheapest real estate options in the province. However, there is the Sault Ste. Marie’s real estate market has seen benchmark prices hover around $300,000 this year.

Cheapest Real Estate in Brandon, Manitoba

While prospective homeowners will consider Winnipeg as their first choice in the Manitoba real estate market, the Brandon housing market enjoys some of the cheapest real estate in the Prairies. The median sales price for single detached homes was $325,000 in May, up more than 12 per cent compared to the same time a year ago, according to local real estate association statistics. Now, the year-to-date median price was $315,000.

Cheapest Real Estate in Regina, Saskatchewan

The Saskatchewan real estate market still ranks at the top of Canada’s affordable housing lists. But what about inside the province? Some of the cheapest real estate is situated in Regina, which maintained a benchmark price of $319,800 in April. This is tens of thousands of dollars cheaper than the Saskatoon housing market, where the benchmark price was close to $40,000 in April, according to the Saskatchewan Realtors Association (SRA).

Cheapest Real Estate in Edmonton, Alberta

Affordability is quickly dwindling in Alberta because of the sizable population increase. These days, it seems like everyone is relocating to the Western province. As a result, there is intense competition for housing. However, the province still has cheap housing options, such as the Edmonton real estate market. According to the Realtors Association of Edmonton, the benchmark price in the Greater Edmonton Area was below $400,000 to finish the first quarter of 2024.

Cheapest Real Estate in South Peace, British Columbia

The affordable housing ship has sailed in Vancouver and Victoria. Still, because British Columbia is immense and gorgeous, other housing options exist across the Western province. One of the cheapest real estate markets in British Columbia? South Peace. According to the British Columbia Real Estate Association (BCREA), the average selling price in May was $306,847. Although this is up nearly eight per cent year-over-year, it continues to be one of the most affordable housing markets in the country.

Housing Affordability Is a Reality in Canada

The Canadian real estate market has stabilized over the last few years. It is still a tough climate, but buyers and sellers can take comfort in the fact that there is a bit more certainty in the environment. Interest rates are poised to come down, housing stocks are improving, and the overall economy has averted a recession. In the end, if Toronto and Vancouver are out of your range, Canada has other exceptional places to plant new roots without breaking your budget.