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Home » Housing, Jobs, & Money

Buying a house? Canada’s 6 cheapest cities

Submitted by on May 20, 2010 – 2:40 pmOne Comment

welcome-to-new-brunswick-1Forbes recently ranked The Cheapest Canadian Cities To Buy A House, and the winner?

It’s cer­tainly not Vancouver, which posted the largest price increase of Canada’s major mar­kets in the first quar­ter of 2010.

And it’s not Toronto either, although a sharp increase in the num­ber of homes for sale this spring is open­ing up more options for poten­tial buyers.

No, the Number 1 cheap­est city in Canada to buy a home isn’t actu­ally a city at all — it’s the entire province of New Brunswick.

The Forbes arti­cle sang the praises of New Brunswick by noting:

Low hous­ing prices com­bined with a higher-​​than-​​average income level make Moncton, St. John and Fredericton great options for buy­ers look­ing for a deal. According to the Canadian Real Estate Association (CREA), the aver­age hous­ing price in St. John and Frederiction is around $169,000, with the provin­cial aver­age hov­er­ing around $155,000.

Here’s the Forbes list of Canada’s cheap­est cities for homebuyers:

  1. Anywhere in New Brunswick
  2. Sydney and Cape Breton County, Nova Scotia
  3. Windsor, Ontario
  4. Gatineau, Quebec (just across the river from the nation’s cap­i­tal, Ottawa)
  5. Charlottetown, Prince Edward Island
  6. Regina, Saskatchewan

But the good news for home­buy­ers across Canada, accord­ing to the Canada Mortgage and Housing Corporation, is that the hous­ing mar­ket will move towards “bal­anced con­di­tions” over the next two years as sales slow down slightly and inven­tory lev­els increase.

The CMHC is fore­cast­ing that the aver­age home sale price across Canada is expected to sta­bi­lize through the end of 2010 and then rise mod­estly in 2011.

New Brunswick photo by tukanuk (flickr)

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