Okay, I know this website is called Run From Canada, but what happens if you’re like millions of Canadians who can’t pack up and leave due to financial constraints or other domestic responsibilities?
Well, it’s time to hunker down and ride out the storm in an area with the cheapest housing in Canada! Although these meccas are hard to find, if you play your cards right and snag one quickly, you could make out with some cold hard Canadian equity if you hold on long enough.
You may think that I’m crazy and that there are no “cheap housing options” in Canada, as our housing price graphs look like hockey sticks. But, that’s where you’re wrong… well, okay, you’re right but after we’ve scoured the housing reports, analyzed real estate data, and asked experts, we’ve identified where you’ll find the cheapest housing in Canada.
Now, let’s jump into it, and we guarantee you these places may want to make you stick around.
Why is Finding the Cheapest Housing in Canada a Tough Task?
Now this is a question we get asked all the time. It comes down to numerous factors happening in the Canadian economy. For the sake of time, here are the three main reasons why affordable real estate is hard to find in Canada right now:
1. Financialization of Housing
People in Canada were once considered a stern home-owning nation, with the percent of Canadians in owner-occupied housing at 66.5% in 2021. 66.5% is decent making it the sixth highest home owning nation in the G20. Due to this lust of real estate, locals and foreigners have turned it into a financial tool to get rich. In fact a large portion of canada’s GDP is locked into real estate as it’s further became a tool for making money or investing.
2. Massive Immigration and Low Supply
Furthermore, our already low supply of housing has been exacerbated by mass immigration into the country. The origins of our massive immigration is made clear in our article on why jobs are increasingly hard to find in Canada which you should read for context. Essentially, we’ve let more people in than we can house further straining the supply and demand balance.
3. Lack of Building
The last straw is our lack of house building in the country. We have the skilled labour to get houses built, but with a large bureaucracy, red-taped building system, and high cost of building materials, Canada can’t scale up the amount of buildings to keep up with demand of newcomers coming in.
The Cheapest Housing in Canada Revealed:
Alright, enough with the jibber-jabber, here are the locations where the cheapest housing in Canada exists. Please note data has been taken from many sources which I’ve added at the bottom of this page. Also please note that the prices may change after this is posted.
Now let’s see where the last bastions of affordable Canadian living remain, in order of affordability:
Bathurst, New Brunswick
Topping off our list of affordable housing in Canada, is the city of Bathurst, New Brunswick. Here, you can get a nice detached pad for under 200K Canadian. That’s a steal thesedays. Plus, you’ll get to know its tight-knit community which hosts 1,000km of groomed snowmobile trails, making it a winter sports haven that turns into the Snowmobile Capital of Atlantic Canada in winter.
Average home price: $179,592
Miramichi, New Brunswick
Calling all hallmark movie lovers and salmon fishermen! Miramichi, a hospitable and quaint city, is perfect for those who love nature, especially fishing, given its proximity to the famous Miramichi River. Miramichi offers a great balance of community spirit and access to outdoor activities, giving great long-term cottage vibes.
Average home price: $193,621
Saint-Georges, Quebec
Saint-Georges serves as an affordable yet economically burgeoning area for the working man or woman in Canada. It’s a significant manufacturing centre, suitable for those looking for opportunities in this sector. Saint-Georges is the largest city in Quebec’s Beauce region and is known for its dynamic manufacturing industry making it a decent area to start a new life if you’re a blue collar worker.
Average home price: $231,095
Montmagny, Quebec
Montmagny, located near Quebec City, offers a blend of small-town charm with much needed city amenities. Known for manufacturing and production, it’s ideal for those who appreciate a quieter lifestyle but still want access to city conveniences. House prices here are quite affordable, however, you’ll have to brush up on your
Average home price: $246,630
Prince George, British Columbia
This service-industry-driven city is great for those seeking job opportunities in a smaller city with lower living expenses.Despite its smaller population, Prince George is home to the University of Northern British Columbia and has a rich forestry industry history.
Average Home Price: $265,000.
Regina, Saskatchewan
Regina, known for its fast-growing economy, is perfect for those looking for a balance of job opportunities and affordable living. Regina is a hub for industries like manufacturing, agriculture, tourism, and mining if you’re in to that. Perhaps a touristic visit first may be the best move to uncover this unique gem of a city.
Average Home Price: $268,300
Rimouski, Quebec
Rimouski is an emerging hub for marine research and science, ideal for those interested in these fields. The city offers a blend of affordable living and innovation. Rimouski is increasingly recognized for its contributions to marine science and research.
Average home price: $282,364
Saskatoon, Saskatchewan
Not just another prairie city, Saskatoon is home to the University of Saskatchewan, and is a vibrant city with a strong educational and cultural scene. It’s also the economic hub of central Saskatchewan, and offers a balance of urban life and affordability, ideal for students and families alike.
Average Home price: $300,500
Medicine Hat, Alberta
Medicine Hat offers a low cost of living with a focus on renewable energy and a growing arts and cultural scene. Medicine Hat, known as “The Gas City” due to its large natural gas reserves, offers a blend of affordable living and economic stability. The city, with a population of around 63,000, is noted for its sunny weather and expansive parks. It’s ideal for those seeking a balance of city comforts and the tranquillity of a smaller community.
Average Home Price: 319,000
St. John’s, Newfoundland and Labrador
Interesting fact: As the oldest city in North America, St. John’s is renowned for its colorful houses and maritime history.St. John’s, the capital of Newfoundland and Labrador, is known for its colorful architecture and vibrant cultural scene. With a population of around 110,000, it’s the easternmost city in North America, offering stunning coastal views and a rich maritime history. The city provides a unique blend of small-town charm and city amenities, appealing to those who appreciate a slower pace of life with the convenience of urban living.
Average Home Price:$364,000
Edmonton, Alberta
Edmonton, the capital of Alberta, and nicknamed the “Festival City of Canada” due to its numerous cultural events and festivals, combines affordable living costs with rich cultural heritage and ample employment opportunities. Many Ontarians are now packing their bags and heading west to a hotter job market which pays higher wages.
Average Home Price: $376,800
Terrace, British Columbia
Terrace is ideal for those who love the outdoors, Sasquatch watching, hunting and fishing. It also offers affordable living amidst stunning natural landscapes.
Terrace, nestled in the Skeena Valley in British Columbia, is a haven for outdoor enthusiasts. With a population of approximately 11,500, it’s a gateway to wilderness adventures, boasting world-class fishing, skiing, and hiking opportunities. The city is known for its affordable living costs, making it an attractive option for those who value nature and outdoor activities.
Average home price: 350,000 to 450,000
Understanding Canada’s Inter-provincial Migration Patterns
If we take a visit to Stats Canada we can see the strongest inter-provincial migration was seen in the provinces of Alberta, New Brunswick, PEI, Newfoundland and Nova Scotia. Many economists point to retirees in Ontario and BC looking for cheaper cost of living adding to the population of these regions. But if we break it down by age, it’s actually mostly 25 to 35 year olds migrating.
So whats the deal with the migration spike in young people heading to these corners of Canada out East and West? Well, the data shows that 25 – 35 year olds are leaving due to housing costs. Ontario’s cost of living crisis has hit a nerve with young Canadians and newcomers who are looking for an exit route to a more affordable Canadian dream.
To Lock in or Leave Canada?
If you aren’t sold on these lovely destinations… Well, I don’t blame you. Perhaps international migration is more your style. If so, we’ve developed a quiz just for you that takes in 22 custom parameters based of your preferences and matches you with a country that suits your preferences. It’s called the Leaving Canada Quiz and you can take by clicking the button bellow:
Looking to leave Canada?
Take the country quiz to see where you belong!
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