As home prices drop, here's what you can get in Canada's most affordable markets
The average price of all residential property types in Canada fell to $629,971 in July, a significant drop from the record-high average of $816,620 recorded in February. (Both figures are not seasonally adjusted.)
While most Canadian real estate boards and associations saw a drop in the average price of residential properties, regions that have maintained some of the lowest prices throughout the pandemic continue to do so, said Shaun Cathcart, CREA’s senior economist and director of housing data and market analysis.
“The places that were always affordable continue to be affordable,” he told CTVNews.ca in a telephone interview on Tuesday. “The further away you are from major cities … [in] that sort of middle part of the country, that is definitely where you’ll find the most affordable house prices.”
Regions such as Saguenay, Que., Saint John, N.B. and Trois-Rivières, Que. had the most affordable home prices across Canada in July. Cathcart also pointed to rural parts of provinces such as New Brunswick, Quebec, Ontario, and Saskatchewan, as having low average home prices compared to other parts of the country.
Additionally, activity within these regions remains relatively strong, Cathcart said. With more affordable home prices, markets in these areas aren’t as sensitive to interest rate hikes as some of Canada’s more expensive markets, such as the Greater Toronto and Vancouver Areas.
“Sales in the Maritimes didn’t get the memo because it’s so much more affordable,” Cathcart said. “In Quebec, the Maritimes and the Prairies, activity is still above average.”
With lower average home prices, it’s possible more people will move to places where housing is more affordable, Cathcart said, especially with Canada’s inflation rate remaining high. CTVNews.ca has compiled a list of properties currently on the market in some of the most affordable regions across Canada.
Year Built: 1988
Lot Size: 301.7 sq. m
Located on a 301-square-metre lot, this house in Saguenay, Que. features three bedrooms and two bathrooms. In the kitchen are black granite countertops and bright white cabinets. Several exposed brick walls line the home, which also has a fully finished basement. A detached garage sits behind the property, and the backyard includes a deck.
SAINT JOHN, N.B.
Year Built: 1976
Property Size: 209 sq. m
Lot Size: 426.98 sq. m
This four-bedroom, two-bathroom home is just a short drive away from uptown Saint John, N.B. Making up the main floor are dining and living rooms, as well as a large eat-in kitchen complete with a new stove and dishwater. On the upper level is a sizeable master bedroom as well as a newly renovated bathroom. The finished basement can be used as either a family room, office or gym.
Year Built: 1919
Property Size: 137.52 sq. m
Lot Size: 212 sq. m
Built in 1919, this semi-detached home combines wood floors with interior brick walls. Along with five bedrooms and one bathroom, the house also has a spacious common area with a wood fireplace on the main floor. At the entrance of the home is a veranda, while the backyard area is surrounded by greenery. The house is within walking distance of the city centre and key amenities in Trois-Rivières, Que.
NEWFOUNDLAND AND LABRADOR
Year Built: 1967
Property Size: 137.5 sq. m
Lot Size: under 0.2 hectares
Located near Quidi Vidi Lake in St. John’s, N.L., this end unit townhouse has three bedrooms and two bathrooms. An open-concept living and dining area with large windows and a propane fireplace occupies the main floor. On the upper floor are a storage room, bathroom, and three bedrooms with enough space to serve as a TV room or office instead. In the backyard is a deck, storage shed and inflatable hot tub.
THUNDER BAY, ONT.
Year Built: 1910 to 1920
Property Size: 142.14 sq. m
Lot Size: under 0.2 hectares
In addition to three bedrooms and two bathrooms, this Thunder Bay, Ont. home also has a contemporary kitchen that connects to a large sunroom. With enough space to serve as an additional living room, the sunroom also offers views of the fully fenced backyard and patio. The combined living and dining rooms inside have a wood burning fireplace, and a walkout basement completes the home.
Year Built: 1969
Property Size: 80.64 sq. m
Lot Size: 290.41 sq. m
This updated bungalow features three bedrooms, two bathrooms and a finished basement. The main level has laminate floors throughout, as well as large windows that allow natural light to enter the home. The open-concept floorplan blends the living room with the dining and kitchen area, which has plenty of cabinet and counter space. A large patio occupies the backyard, and the home itself is a short drive from downtown Regina.
Year Built: 1945
Property Size: 94.76 sq. m
Lot Size: 526.76 sq. m
With a spacious front lot and backyard, this Saskatoon home is surrounded by greenery. In the backyard is a sizeable deck along with trees and garden boxes full of flowers. Inside, hardwood floors run across the living and dining areas, and a stone-clad wood burning fireplace creates a cozy atmosphere. The kitchen has stainless steel appliances and a tile backsplash, while three bedrooms and an updated three-piece bathroom sit on the top floor.
Year Built: 1928
Property Size: 101.2 sq. m
Lot Size: N/A
Situated in Quebec City, this apartment unit is located on the first floor of a newly renovated building, and features new insulation, doors and windows. The unit has three bedrooms and one bathroom, as well as an open-concept living, dining and kitchen area with white walls throughout. Nearby are the Cartier-Brébeuf National Historic Site, and the St. Charles River.
Year Built: 1910
Property Size: 101.64 sq. m
Lot Size: 290.32
This three-bedroom, one-bathroom home in Winnipeg’s Lord Roberts neighbourhood features a number of upgrades, having been recently renovated. These include a new kitchen, updated floors on the main level, and a new bathroom with an oversized tub. On the main floor is an eat-in kitchen and sizeable sunroom that can also serve as an office space. Completing the home are a basement and large backyard with a deck.
Year Built: 2019
Property Size: 49.8 sq. m
Lot Size: N/A
Built in 2019, this condominium suite has one bedroom and one bathroom, as well as a den. In the kitchen are white cabinets and quartz countertops that extend to create a breakfast bar. The unit also has a balcony that offers views of downtown Edmonton. Residents have access to the building’s rooftop patio, as well as amenities such as a spa and pool.