By Remitbee - Feb 24, 2022
Are you planning to invest in a home in Canada? Well, I have two pieces of news, one bad, one good.
It is predicted that this 2022, prices of houses in Canada will keep on rising. With a limited number of homes available for occupancy, Canada’s housing bubble continues to grow this 2022. And with the expecting arrival of over 400,000 new immigrants in Canada this 2022, you might find yourself competing with these new immigrants who may be interested in buying homes in the country.
However, don’t let your hopes drop!
There are cities in Canada that offer affordable residential real estate options.
This article will highlight the top 5 cheapest cities in Canada you may purchase or rent a residential home for budget-conscious property seekers. Let’s begin!
Regina, or the Queen City, is Saskatchewan's capital and second-largest city. It also serves as the province’s commercial center. This city is perfect for students and families who enjoy history, culture, and modernity. This city houses plenty of parks, recreational facilities, healthcare centers, and shopping malls. You can also drive almost anywhere in the city within 20 minutes, enabling you to save time and money on gas.
Regina is a good place to invest in real estate and reside in because it offers a cheaper cost of living than other metropolitan centers in Canada. The average home price here is $273,885. You may invest in a townhouse with two to three bedrooms and one to two bathrooms for this value.
If you love the sun, you will surely love Thunder Bay, the sunniest city in Eastern Canada, which receives nearly 2,200 hours of sunlight per year. Thunderbay is known for its high employment levels, accessibility to healthcare, walking urbanism, a convenient commute, and arts and sports communities. Because of the numerous advantages of living here, Thunder Bay secured its spot as one of the places in Canada you should reside.
Thunder Bay has the most affordable housing market in Ontario though professionals predicted a 17 percent rise in its real estate market value in 2021. If you want to buy a house here, an ideal budget would be $258,738. For this value, you may purchase a modestly-sized detached house with one to two bedrooms and one bathroom.
Trois Rivières is a city in the Mauricie administrative region of Quebec and serves as the region’s economic and cultural hub with almost 400 years of history. This city allows residents to enjoy low-cost living, scenic outdoors, and economic dynamism. Another advantage of living here is its accessibility to Montreal and Quebec City, two of the biggest commercial cities in Canada. However, this city can have freezing winters and higher taxes.
On average, you would need to spend about $255,694 for a house in Trois Rivières in Québec. You can occupy a spacious duplex home with two bedrooms and a bathroom for this price.
The top two on our list is Saguenay, an oasis sitting on the Saguenay River in the valley of Saguenay Graben, middle of Northern Quebec. This picturesque city is surrounded by lakes, rivers, hills, valleys, making it an attractive address to property seekers who love laid-back living and nature. It is also a favourite destination of tourists in Canada.
Exploring the great outdoors, such as going to parks, museums, aquariums, and zoos, are some of the leisure activities you can do here with your family and friends. Don’t forget to taste their world-renowned cheese here too!
Living in this beautiful paradise-like place won’t break the bank. The average price of real estate properties here is $206,242. For this amount, you can house your family in a single-family house with three bedrooms and two bathrooms.
Landing at the top of our list is Saint John in New Brunswick. This city is the cheapest city in Canada to purchase real estate properties. Located on the Bay of Fundy, Saint John is known for the Reversing Rapids, a phenomenon caused by the colliding bay tides with the Saint John River.
Saint John is filled with amazing historic architecture, shopping malls, dynamic art scenes, and parks. Here, things and time meet halfway. Its communities span from historic to modern and from urban to rural. Whatever type of living experience you are after, you can indeed find it here.
Another advantage of living here is the affordable cost of living. The average home price in Saint John in New Brunswick is only $199,853! For this amount, you can occupy a single-family house generously spaced with three bedrooms and two bathrooms.
We hope this list helps you know which cities in Canada you can find the most affordable housing options. If you need help exchanging currencies or sending money from Canada to abroad, avail RemitBee’s services.
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