Top 10 Most Affordable Housing Markets In Canada (2024)

The cost of housing in Canada has skyrocketed in the past year, and surveys indicate that it will get pricier in the coming years. This singular fact has made finding decent accommodation at a decent price difficult for many Canadians in major cities. Reports have revealed that many Canadians have resorted to moving from the big cities to neighboring smaller towns that seem to offer decent accommodation at a reasonable price.

The average price of homes in Canada is $621,525, and with a lot of people moving, several affordable housing markets have emerged in the various regions of Canada. Some regions offer decent accommodation at reasonable prices across Canada. However, Newfoundland and Labrador have been discovered to have the cheapest housing markets in Canada, with an average home price pegged at CAD$ 277,032. 

Top 10 Most Affordable Housing Markets In Canada

1. Newfoundland and Labrador 

The Newfoundland and Labrador region is located in the eastern part of Canada. It is a combination of Newfoundland Island and the Labrador region. Its capital city is St. John’s, which doubles as the biggest city in the region. The region’s residents are friendly, and they often boast that the sun rises first there. 

The region has scenic scenery with stunning beaches, icebergs, breaching whales, and incredible skyscapes. You would enjoy outdoor activities like kayaking and hiking in the summer, fall, or late spring, as well as skiing and snowboarding in the winter. The region has the cheapest housing market in Canada, with an average home price of CAD$277,032.

2. New Brunswick 

Located between the Atlantic Ocean and the State of Maine, New Brunswick is the biggest maritime region in Canada, with a land area of 72,908km². The region’s population of about 800,000 residents is spread across 8 cities, 26 towns, and 61 villages, with Fredericton as its capital city. The region is home to Canada’s most gorgeous and cherished cities and tourist destinations. 

Similarly, the region is home to a massive collection of wildlife. Furthermore, the region is replete with galleries, microbreweries, and top-notch seafood restaurants. Residents in New Brunswick get to enjoy a low cost of living and access to an affordable housing market with an average home price of CAD$ 315,888.

3. Saskatchewan 

The Saskatchewan region is a part of the Savannah region, on and it is surrounded by the USA, Alberta, Manitoba, and the Northwest Territories. The name is derived from a Cree word that means swiftly flowing river. The region’s population of over 1,098,352 people is spread across 16 cities, with Regina as its capital city. 

The region is renowned as the biggest wheat producer in the country, all thanks to the vibrant agricultural sector of the region. Oats, Canola, barley, rye, and forage crops are other agricultural products that the region produces in large quantities. The region has one of the cheapest housing markets, with an average home price of CAD$334,100.

4. Prince Edward Island 

Burrowed in the Gulf of Saint Lawrence, Prince Edward Island is the smallest naval region in Canada. The region’s population of over 154,331 residents is spread over 2 cities, 10 towns, 50 communities, and one resort metropolis, with Charlottetown as its capital and biggest city. The island has many stunning beaches that attract windsurfers and birdwatchers. 

Tourism, Fishery, and agriculture are the leading sectors of the region’s economy. The region is renowned as one of Canada’s biggest potato producers, with an annual production of about 1.3 billion Kilograms. The region offers one of the cheapest housing markets in Canada, with an average home price of CAD$354,280.

5. Nunavut 

Nunavut, which means Our Land, is located in Northern Canada. It covers most of the Arctic Archipelago, and it is the biggest region in Canada, with a total land area of 2,038,722 km², covering one-fifth of the country’s total land area. The region’s population of over 36,858 people spreads across the region’s 24 hamlets, with Iqaluit, which means the place of fish, as the region’s capital city. 

Fishery, resource harvesting, tourism, and arts and crafts are the foremost sectors of the region’s economy. The region’s capital city is renowned for having the second-highest tide in Canada. The region offers one of the cheapest housing markets in Canada, with an average home price of CAD$ 400,000.

6. Manitoba 

Located between Ontario and Saskatchewan, Manitoba is one of the savanna regions in Canada. The region is a land of diverse cultures, clean air, and safe cities. The region’s population of over 892,507 residents is spread across the 10 cities in the region, with Winnipeg as the region’s capital city. The capital city also doubles as the region’s biggest city. 

Aerospace, agriculture, construction, energy, and the retail industry are the leading sectors of the region’s economy. The region’s capital Winnipeg motivated the creation of Winnie the Pooh. The housing market in Manitoba is one of the cheapest housing markets in Canada, with an average home price of CAD$ 439,535.

7. Nova Scotia 

Located on Canada’s southeastern coast, Nova Scotia, meaning New Scotland is the second-smallest region of Canada after Prince Edward Island, with a total land area of 52,942.27 km². Nova Scotia has a population of over 923,598 residents that are spread over 25 towns, with Halifax as the region’s capital city. 

The region is renowned for apples, lobsters, fish, blueberries, and high tides. Agriculture, mining, energy, Forestry, and Fishery, are the dominating sectors of the region’s economy. The average home price in the region is CAD$ 450,581.

8. Alberta 

The region of Alberta is a savannah region located in western Canada that was named after the fourth daughter of Queen Victoria, Princess Louise Caroline Alberta. Alberta has a population of over 2,837,511 residents that spreads across 19 cities and 10 towns, with Edmonton as the region’s capital city. 

The economy of the Alberta region is heavily dominated by the agriculture, mining, oil and gas, forestry, fishery, manufacturing, and tourism sectors. The region is renowned for being home to 19 historic sites and is one of the largest producers of grains and livestock in Canada. The average home price in Alberta is CAD$ 472,700.

9. Quebec 

Located in eastern Canada, Quebec is the biggest region by land area, with 1,365,128 km². Quebec’s population of about 8,639,642 residents is spread across 227 towns, 43 villages, 136 parishes, 42 townships, 2 united townships, and 658 metropolises. Quebec City is the region’s capital city. 

The region’s economy is largely dominated by the transportation, defense, tourism, and manufacturing sectors. The region is renowned for its vast array of historic sites and museums. The average home price in Quebec is CAD$ 472,800.

10. Northwest Territory 

Located in Northern Canada, the Northwest Territory has the biggest lake in Canada, the Great Bear Lake, which covers 31,153 km². The region’s population of over 41,070 residents spread across 1 city, 4 towns, 1 village, 11 hamlets, 3 charter communities, and 4 community governments. Yellowknife doubles as the region’s capital and only city. 

The region’s economy is largely dominated by mining, transportation, jewelry, and tourism. The region is renowned for being a quiet and comfortable region. The region takes the last spot on our list of the cheapest housing markets in Canada, with an average home price of CAD$ 486,000. 

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Closing 

Canada is renowned for being the country with the best quality of life globally. However, the cost of housing is on the high side. You would agree that the average price of homes is used to determine the regions that offer the cheapest housing markets in Canada. Thankfully, several regions offer affordable housing prices, and Newfoundland and Labrador top the list of such regions.

I would love to know the housing markets in the regions outlined above that you would love to explore, so please tell me about them in the comment section below. Similarly, if you’ve got any comments, thoughts, or opinions, please don’t hesitate to drop them in the comment section below. I am looking forward to reading from you. 

Cheers!