According to the latest data from the Canadian Real Estate Association (CREA), month-over-month home prices are inching upwards. Compared with record high prices seen in early 2022 however, current 2023 prices are quite low. Still, at $662,437, the average price of a home in Canada remains out of reach for many. As it’s expected that activity will pick up in the coming spring market, potential homebuyers might be wondering where they can find an affordable home.
To better understand where home buyers may find pockets of affordability, Zoocasa analyzed the average home price in 20 regions across Canada to understand how much the price fell below or above the national average price. We also curated a list of example homes in each market that sold within a $25,000 range of the average home price.
Average Home Price Below National Average in 14 out of 20 Regional Markets
Despite small month-over-month price gains, home prices have been trending downwards for several months. This puts 14 markets below the national average of $662,437, and only 6 markets above that mark, giving potential home buyers glimmers of hope in many areas of the country.
With an average home price of $268,400, Saint John is the most affordable region. Its annual change was also the lowest on our list, dropping only 0.1% from last year. Impressively, Saint John has an $855,000 price difference with the most expensive region, Greater Vancouver. The next most affordable city, Regina, comes out $41,800 higher at $310,200 with a year-over-year decrease of 2%.
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Notably, Calgary, Saskatoon and Halifax-Dartmouth were the only regions with positive year-over-year changes in home prices: Calgary was up 1.8%, Saskatoon was up 3.3% and Halifax-Dartmouth was up 3.4%. On the other hand, the largest year-over-year decrease in the average home price was seen in London and St. Thomas, at -25.1%. This drop helped keep the region under the national average, with an average home price of $583,500.
Not surprisingly, Greater Vancouver, Greater Toronto and Fraser Valley topped the list with average home prices well above the national average. Greater Vancouver’s average home price of $1,123,400 is nearly double the national average, while Greater Toronto’s wasn’t much cheaper either at $1,091,300.
Check out our infographic below highlighting the average home price in 20 regional housing markets across Canada, and where the average home price is above or below the national average. Further below find a sampling of home listings available in each region where the average home price is below the national average.
Sample Listings in Canada’s Most Affordable Regions
- Niagara Region
- Average Home Price: $627,500
- Annual Price Change: -22.4%
- What you could buy: 4737 Epworth Circle
- List Price: $629,900
- Property details:
- Detached
- 3 beds, 2 bath, 2 parking
- Ottawa
- Average Home Price: $613,000
- Annual Price Change: -13.9%
- What you could buy: 30 Gray Crescent
- List Price: $609,990
- Property details:
- Row
- 3 beds, 3 baths, 3 parking
- London and St. Thomas
- Average Home Price: $583,500
- Annual Price Change: -25.1%
- What you could buy: 7 Olympic Crescent
- List Price: $575,000
- Property details:
- Detached
- 3 beds, 2 baths, 0 parking
- Windsor-Essex
- Average Home Price: $565,400
- Annual Price Change: -2.3%
- What you could buy: 903 Hall
- List Price: $549,990
- Property details:
- Detached
- 4 beds, 3 baths, 0 parking
- Calgary
- Average Home Price: $518,100
- Annual Price Change: +1.8%
- What you could buy: 302 Covecreek Close Ne
- List Price: $530,000
- Property details:
- Detached
- 3 beds, 2 baths, 4 parking
- Halifax-Dartmouth
- Average Home Price: $484,000
- Annual Price Change: +3.4%
- What you could buy: 29 Limardo Drive
- List Price: $469,900
- Property details:
- Detached
- 4 beds, 1 bath, 0 parking
- Sudbury
- Average Home Price: $401,100
- Annual Price Change: -13.7%
- What you could buy: 345 Ontario Street
- List Price: $379,900
- Property details:
- Single Family
- 3 beds, 3 baths, 0 parking
- Saskatoon
- Average Home Price: $372,400
- Annual Price Change: +3.3%
- What you could buy: 1114 K Avenue S
- List Price: $379,900
- Property details:
- Single Family
- 3 beds, 2 baths, 0 parking
- Edmonton
- Average Home Price: $365,100
- Annual Price Change: -5.9%
- What you could buy: 9316 109 Av Nw
- List Price: $369,900
- Property details:
- Semi-Detached
- 3 beds, 2 baths, 2 parking
- Regina
- Average Home Price: $310,200
- Annual Price Change: -2%
- What you could buy: 355 Avon Drive
- List Price: $299,990
- Property details:
- Row
- 2 beds, 4 baths, 0 parking
- Saint John
- Average Home Price: $268,400
- Annual Price Change: -0.1%
- What you could buy: 197 Prince Street
- List Price: $259,900
- Property details:
- Single Family
- 3 beds, 2 baths, 0 parking
If you’re looking to enter one of these markets, it’s important to speak with a local realtor who can give you specific information and guidance about the local real estate market. Give us a call today to get advice on your home buying journey.
