Home prices have fallen below the national average in 14-out-of-20 regional housing markets, according to a report by Zoocasa.
In a release on Thursday, the real estate brokerage said it analyzed 20 housing regions across Canada and found 14 markets where the average home prices fell by more than $25,000.
Saint John, N.B., took the top place for the most affordable region, with an average home price of $268,400.
The next most affordable city to buy a home in is Regina ($310,200), followed by Quebec CMA (census metropolitan area, $315,300.)
Earlier this month, the Canadian Real Estate Association reported the average price of a home in Canada was $662,437 in February.
While the national home price is down 18.9 per cent from the all-time record posted in February 2022, it’s still up more than $50,000 from January.
If you were looking to buy a home in Canada’s most affordable market, you could potentially have at least two bedrooms for less than $300,000.
For example, a house currently listed in Saint John has a price tag of $259,900 with three bedrooms, two baths, a fireplace and a view of the Saint John River.
Another home in one of Canada’s most affordable markets has two bedrooms, and four baths for $299,990. The Regina house listing also advertises a soaker tub, double car garage and a backyard that looks bigger than many parks in Toronto.
A home for sale in Regina. (Re/Max Crown Real Estate)
The most expensive real estate markets above the national average won’t take most avid housing observers by surprise.
There are only two major regional housing markets with average home prices above $1 million.
The Greater Vancouver Area takes the cake for the highest home price above the national average ($1,123,400), which is almost double the Canadian average.
The Greater Toronto Area was close behind in February with an average price of $1,091,300, and while that might seem like a lot, it’s still 17.7 per cent lower than prices from the same time a year ago.
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