Kelowna 
It is no secret that single-family homes in Canada’s major cities command more than 1 million dollars and remain unattainable to those wishing to enter the housing market.
With national home sales reporting a notable increase, the competition is intensifying for buyers seeking affordability.
Zoocasa, a full-service real estate brokerage, conducted a detailed analysis which covered 20 markets across Canada, where budget-conscious buyers can find value and houses are below the national average price of $659,395:
- Affordable Markets in Canada:
- Regina offers the lowest average price at $318,600, nearly 52% below the national average, with a 32% year-over-year sales increase.
- Saint John follows, with homes averaging $343,500 and a 4.5% price uptick.
- Winnipeg is also competitive, with an average home price of $350,000 and a significant 12.8% sales boost.
- Equity Growth Potential:
- Sudbury has an average home price of $428,400, with a 12% annual growth in average home prices, offering a noteworthy opportunity for potential equity gains.
- Calgary‘s market is on the rise, with the average single-family home priced at $640,500, under the national benchmark but growing rapidly at a 11.9% annual rate.
Zoocasa’s analysis finds that British Columbia continues to command premium prices, with Greater Vancouver, Fraser Valley, and Victoria leading as the most expensive markets.
- Living Expenses Vs. Home Prices: Canadian Cities Where Houses Remain Affordable
Greater Vancouver, in particular, boasts the highest-priced homes, with an average price of $1,943,200, a figure nearly 195% above the national average. The average price of single-family homes in the Greater Toronto Area is $1,270,200.
While single-family prices in the Vancouver area remain high, home sales also significantly increased, with Greater Vancouver observing a striking 53% annual change in sales.
Edmonton saw a 46.3% rise, but Saint John experienced a minor dip in sales by 1.1%. Home prices in Niagara Region also decreased by 1.6%.
Zoocasa says the sales data and average prices were sourced from the Canadian Real Estate Association.
