In September, nearly every major market experienced a month-over-month decline in the average home price according to the Canadian Real Estate Association. Likewise, the average national price of a single-family home has been on a downward trend for four months, with the average price now at $815,300. Buyers can benefit from these softening prices, with more supply to choose from as well, but if you want to live in one of the largest metropolitan areas in the country you’ll still have to pay a hefty price.
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So where can motivated buyers find single-family homes for an affordable price? Zoocasa analyzed average single-family home prices in 20 markets across Canada to determine which are below the national average and where the most growth is happening. We also curated a list of currently available homes (as of November 8, 2023) in some of the most affordable cities.
7 Cities Have Average Single-Family Home Prices Below $500,000
We often hear of condo apartments as being an affordable entry point into the real estate market, but in many cities, the average price of a single-family home is even below that of the average price of a condo in Toronto or Vancouver. Of the cities we analyzed, 13 cities have an average single-family home price below $716,600 – the average price for a condo in the Greater Toronto Area in September 2023 – including London & St. Thomas, Halifax-Dartmouth, and Winnipeg.
The most affordable city on our list is Saint John with an average single-family home price of $298,600 – that’s more than $500,000 below the national average price of a single-family home and more than $1,700,000 less than the most expensive region, Greater Vancouver. The value of homes in Saint John is also increasing by an annual rate of 7.6% meaning homebuyers here can not only benefit from more affordable prices but also a greater chance of building equity.
Another standout city for affordability and an opportunity to build equity is Sudbury, where the average price for a single-family home was $449,400 in September with an annual price growth rate of 9.7%. The only other city with an annual price growth rate above 9% is Calgary with a rate of 9.6%. At $633,300, the average price for a single-family home in Calgary is roughly $180,000 cheaper than the national average.
The six regions with an average single-family home price above the national average are all in British Columbia and Ontario, with Greater Vancouver and Fraser Valley taking the top two spots – both with an average single-family home price above $1,500,000. Greater Toronto has the third-highest average single-family home price of the regions we analyzed at $1,345,4000, followed by Victoria at $1,169,400, and Hamilton-Burlington at $918,000. Kitchener-Waterloo has the average single-family home price closest to the national average at $832,900, but it is still almost $20,000 higher.
Sample Listings in Canada’s Most Affordable Regions
Saint John
- Average Home Price: $298,600
- Annual Price Change: 7.6%
- What you could buy: 244 Charlotte West Street
- List Price: $299,900
- Property details:
- Detached
- 4 beds, 2 baths
- Walking score 61/Transit score 30
Regina
- Average Home Price: $326,300
- Annual Price Change: -2.8%
- What you could buy: 1712 Alexandra Street
- List Price: $324,900
- Property details:
- Detached
- 3 beds, 2 baths
- Walking score 55/Transit score 42
Edmonton
- Average Home Price: $424,00
- Annual Price Change: -0.5%
- What you could buy: 8716 180 St Nw
- List Price: $424,888
- Property details:
- Detached
- 5 beds, 2 baths
- Walking score 81/Transit score 69
Sudbury
- Average Home Price: $449,400
- Annual Price Change: 9.7%
- What you could buy: 1830 Hampden Crescent
- List Price: $444,830
- Property details:
- Detached
- 3 beds, 2 baths
- Walking score 42/Transit score N/A
Halifax-Dartmouth
- Average Home Price: $534,300
- Annual Price Change: 8.3%
- What you could buy: 5 Dubonnet Drive
- List Price: $529,000
- Property details:
- Detached
- 4 beds, 2 baths
- Walking score 26/Transit score 34
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 discuss your home-buying plans.
