{"id":22606,"date":"2023-06-21T06:00:00","date_gmt":"2023-06-21T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22606"},"modified":"2023-06-20T14:42:07","modified_gmt":"2023-06-20T18:42:07","slug":"below-average-home-prices-canada-may-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/below-average-home-prices-canada-may-2023\/","title":{"rendered":"Affordable Canadian Regions: Explore Below Average Home Prices and Available Properties"},"content":{"rendered":"\n<p>National home sales and prices have been consistently trending upward for most of this year, with the <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-may-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">national average home price hitting $754,700 in May 2023<\/a> &#8211; the highest since July 2022 according to the Canadian Real Estate Association.&nbsp;<\/p>\n\n\n\n<p>In the midst of <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">rising interest rates<\/a>, it&#8217;s uncertain whether this upward climb will continue for long as previously confident buyers may take a step back. Still, the largest problem plaguing the market right now is a lack of inventory, which could actually keep prices propped up.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>Prospective homebuyers looking for affordable entry points into Canadian markets will be relieved to learn that&nbsp;several local markets still have average home prices below the national average. Zoocasa analyzed average home prices in 23 regional markets across Canada to determine where home prices are the most affordable, and where the most growth is happening. We also curated a list of currently available homes (as of June 21, 2023) in some of the most affordable regions.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">16 Out of 23 Regional Markets Have Average Home Prices Below the National Average<\/h2>\n\n\n\n<p>As you move away from metropolitan cities like <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> or <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a>, the affordability of housing generally improves. This unsurprisingly puts <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saint John<\/a> on top as the most affordable market on our list, with an average home price in May 2023 of $281,100 &#8211; $473,600 cheaper than the national average and $906,900 cheaper than the most expensive market, Vancouver. However, in terms of price growth, it lags behind other affordable markets and has shown only 3.8% growth since January 2023.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/property-taxes-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How Property Tax Differs Across Canada in 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>With an average price of $451,000, <a href=\"https:\/\/www.zoocasa.com\/search\" target=\"_blank\" rel=\"noreferrer noopener\">Sudbury<\/a> saw the largest price growth this year at 17.9%, while its northern neighbour <a href=\"https:\/\/www.zoocasa.com\/north-bay-on-real-estate\">North Bay<\/a> had the second-largest price growth this year at 11.7%. <a href=\"https:\/\/www.zoocasa.com\/north-bay-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Moncton<\/a>, <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London &amp; St. Thomas<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ottawa<\/a> all had price growth of over 7% since January 2023 with average prices at $323,700, $619,800, and $645,400 respectively.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1551\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8.png\" alt=\"\" class=\"wp-image-22607\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8-116x300.png 116w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8-396x1024.png 396w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8-768x1985.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8-594x1536.png 594w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-73-8-793x2048.png 793w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Most Expensive Markets Significantly Higher than the National Average<\/h2>\n\n\n\n<p>The only markets less than $100,000 above the national average are <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a>, with an average price of $777,5000 in May 2023, and <a href=\"https:\/\/www.zoocasa.com\/guelph-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Guelph &amp; District<\/a>, with an average price of $843,300 in May 2023, both still out of reach for the average homebuyer. The remaining five regions all have average home prices more than $100,000 above the national average, and in the case of <a href=\"https:\/\/www.zoocasa.com\/fraser-valley-c-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Fraser Valley<\/a>, Greater Toronto, and Greater Vancouver that amount more than doubles.&nbsp;<\/p>\n\n\n\n<p>Greater Vancouver\u2019s average price of $1,188,000 is more than triple that of <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a>, <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a> and Winnipeg. Greater Toronto isn\u2019t far behind with an average price of $1,164,400 in May 2023. Both regions saw modest price growth since January 2023, at 6.6% and 8.8% respectively. Kitchener-Waterloo had the most price growth however at 8.9% since the beginning of this year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Staggering Sales Growth for All Regions Driven by Hot Competition<\/h2>\n\n\n\n<p>This year has demonstrated that buyers were ready to hop off the sidelines and enter the market, regardless of conditions. This is reflected in the more than 100% sales growth that many regions saw since January 2023. In fact, the only region with less than 100% sales growth since January 2023 is Quebec CMA, which still experienced notable growth of 66%.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/top-canadian-cities-to-buy-in-real-estate-in-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Top Canadian Cities to Buy Real Estate in 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The largest sales growth was found in Guelph &amp; District, at a whopping 387.4% and North Bay at 363%, however, it\u2019s worth noting that because both markets are small, North Bay had just 125 sales in May 2023, the rate of increase seems more staggering. Larger markets also benefitted from increased buyer activity, with Greater Vancouver seeing home sales increase by 231.2%, Greater Toronto up by 190.7%, and <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a> at 162.3%.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sample Listings in Canada\u2019s Most Affordable Regions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Niagara Region<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $662,400<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 5.7%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/st-catharines-on-real-estate\/42-oliver-lane\" target=\"_blank\" rel=\"noreferrer noopener\">42 Oliver Lane<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $649,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Townhouse<\/li>\n\n\n\n<li>3 beds, 2 baths, 2 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Ottawa<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $645,400<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 7.1%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\/311-shepperton-st\" target=\"_blank\" rel=\"noreferrer noopener\">311 Shepperton Street<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $659,000<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Townhouse<\/li>\n\n\n\n<li>3 beds, 3 baths, 2 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. London &amp; St. Thomas<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $619,800<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 7.3%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\/4-fox-hollow-cres\" target=\"_blank\" rel=\"noreferrer noopener\">4 Fox Hollow Crescent<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $629,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 2 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Windsor-Essex<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $567,800<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 4.4%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/windsor-on-real-estate\/3201-morris\" target=\"_blank\" rel=\"noreferrer noopener\">3201 Morris<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $550,000<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. Calgary<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $540,700<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 6.8%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\/540-brookmere-cres-sw\" target=\"_blank\" rel=\"noreferrer noopener\">540 Brookmere Crescent Sw<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $539,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>4 beds, 2 baths, 4 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. Halifax-Dartmouth<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $529,500<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 5.4%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\/12-rosehurst-close\" target=\"_blank\" rel=\"noreferrer noopener\">12 Rosehurst Close<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $529,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Semi-Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. Sudbury<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $451,000<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 17.9%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/greater-sudbury-on-real-estate\/downtown\/224-tarneaud-st\" target=\"_blank\" rel=\"noreferrer noopener\">224 Tarneaud Street<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $439,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8. Saskatoon<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $380,100<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 4.2%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\/907-kolynchuk-bend\" target=\"_blank\" rel=\"noreferrer noopener\">907 Kolynchuk Bend<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $395,030<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 3 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">9. Edmonton<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $372,100<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 3.5%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\/9815-76-ave-nw\" target=\"_blank\" rel=\"noreferrer noopener\">9815 76 Av Nw<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $379,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;&nbsp;&nbsp;10. Greater Moncton<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $323,700<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 7.4%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/moncton-nb-real-estate\/74-north\" target=\"_blank\" rel=\"noreferrer noopener\">74 North<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $325,000<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 1 bath, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">11. Regina<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $316,100<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 2.7%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\/5513-4th-ave\" target=\"_blank\" rel=\"noreferrer noopener\">5513 4th Avenue<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $304,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>4 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">12. Saint John<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Average Home Price: $281,100<\/li>\n\n\n\n<li>Price Change Since Jan 2023: 3.8%<\/li>\n\n\n\n<li>What you could buy: <a href=\"https:\/\/www.zoocasa.com\/saint-john-nb-real-estate\/276-duke-st\" target=\"_blank\" rel=\"noreferrer noopener\">276 Duke Street<\/a>\n<ul class=\"wp-block-list\">\n<li>List Price: $299,900<\/li>\n\n\n\n<li>Property details:\n<ul class=\"wp-block-list\">\n<li>Detached<\/li>\n\n\n\n<li>3 beds, 2 baths, 0 parking<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re looking to enter one of these markets, it\u2019s important to speak with a local realtor who can give you specific information and guidance about the local real estate market. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to discuss your home-buying plans.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to join the summer market? <\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>National home sales and prices have been consistently trending upward for most of this year, with the national average home price hitting $754,700 in May 2023 &#8211; the highest since July 2022 according to the Canadian Real Estate Association.&nbsp; In the midst of rising interest rates, it&#8217;s uncertain whether this upward climb will continue for [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[58,76,1111],"tags":[],"class_list":["post-22606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-buying-a-home","category-canada"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Affordable Canadian Regions: Explore Below Average Home Prices and Available Properties | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Discover Canadian regions with below average home prices and explore the types of homes you can buy there. This comprehensive guide highlights affordable housing options across various provinces, providing insights on prices, property types, and local amenities. Whether you&#039;re a first-time buyer or seeking an investment opportunity, this guide will help you navigate the Canadian real estate market and find your ideal home without breaking the bank.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/below-average-home-prices-canada-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Affordable Canadian Regions: Explore Below Average Home Prices and Available Properties | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Discover Canadian regions with below average home prices and explore the types of homes you can buy there. This comprehensive guide highlights affordable housing options across various provinces, providing insights on prices, property types, and local amenities. 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