Tired of the relentless bidding wars and skyrocketing house prices in Toronto and Vancouver?
By comparing average home prices and median household incomes in Canadian cities, we’ve come up with a short list of the most affordable Canadian cities to purchase a home:
1. Saint John and Fredericton, New Brunswick
House prices are largely affordable in Saint John and Fredericton, according to the Canadian Real Estate Association (CREA). The province’s urban centres have jobs in healthcare, finance, and education. Major employers, like Irving Oil and McCain Foods, are also based in New Brunswick.
2. Charlottetown, Prince Edward Island
A slightly higher than average income level – and lower than average house prices – make Charlottetown an affordable option for homebuyers.
But with a population of just over 32,000, it may not be for those looking for the hustle and bustle of a big city. Those who choose to move can expect a small-town feel, which is prevalent throughout the whole province.
Government, healthcare, and education are the driving factors of the local economy. Like Cape Breton, Charlottetown’s sandy beaches, wildlife, seafood, and golf courses make it a great place to settle in, or find a relaxing vacation home.
3. Gatineau, Quebec
Found on the other side of the Quebec border from Ottawa, Gatineau has become a popular place to buy a home for many who work in the nation’s capital. A mere 10-minute drive from Ottawa, buyers in Gatineau can also take advantage of Quebec’s subsidized daycare system and tax breaks.
As opposed to other suburban areas, Gatineau sits on the edge of the Ottawa River and still has a quaint, small-town vibe to it. These qualities make it attractive to buyers who’re tired of congestion and pollution.
Not all locals commute to government jobs across the river, as the federal government has established locations in Gatineau in recent years.
4. Windsor, Ontario
Windsor’s close proximity to Detroit, Michigan, means there’s a high unemployment rate and house prices have taken a nosedive. On the upside, the University of Windsor and the Hiram Walker & Sons Distillery employ thousands who are able to take advantage of real estate investment opportunities in the hopes that the city will recover in the coming years.
With milder winters and longer, warmer summers than the rest of Ontario, Windsor’s bargains could be an attractive option for homebuyers.
