Canada House Prices; Where are the Cheapest Provinces to Buy a Home?

By Quality Move Management Inc / January 31, 2018

Canada is widely seen as an expensive place to live, particularly when considering the increasing costs of buying a home. In 2017, the national median price for homes sold was $496,532, so it is clear to see why many people think it is a struggle to buy a house in Canada.

The Canadian Real Estate Association (CREA) stated that the increase of Canada house prices in 2017 compared with that of 2016, has risen 5.7% in just 12 months, even if the quantity of sales dropped by 11.9%.

Almost half of the Canadian provinces have seen very minimal increase or a decline in average home price; it is provinces with extremely significant increases, such as British Colombia, that have hiked up that national average.

That being said, rapidly growing numbers of people are upping sticks and moving to a province that offers them more property for less money, in equally as idyllic surroundings.

Below, we will take a look at the average home price in Canada by province and also their main cities.If you are moving to Canada from the USA or cross-country moving in Canada, this will hopefully help you make an informed decision on the best places to live to suit your budgets, lifestyle and how to where to get the most for your money. 

  1. BRITISH COLOMBIA

British Colombia is in at number one for the most expensive property prices. The average property price for British Colombia in 2017 was $733,744, which is up 12.7 percent on 2016’s $654,699.

British Colombia is the third most populated province in Canada and so property is in high-demand. With thanks to the presence of many major cities, people are continually moving within Canada to BC or cross-border moving to the busy province.

So which cities are responsible for the property boom in British Colombia?

No surprise, Vancouver is top of the list in not only British Colombia, but across the whole country. At every turn of the head you can see a countless catalogue of reasons why people want to move to Vancouver. With a constant influx of newcomers, the median house price for the bustling and vibrant city was $1,050,300 in 2017.

Other highly populated cities in the province are Victoria, with an average house price of $625,800 and Kelowna at $615,122.

  1. ONTARIO

It may not come as a surprise that Ontario is in second place for most expensive Canadian provinces to buy a home, since it is home to the nation’s capital city, Ottawa and the power city that is Toronto. If you are moving within Canada or cross-border moving to Ontario from the USA, you will be sharing a province with an enormous 40 percent of Canada’s total human population.

The midpoint home value in Ontario is $559,102 which is a 4.5 percent increase on 2016. Out of the three major cities in the province, Toronto holds the title for the highest average property estimate at $743,500, up a whopping 7.2 percent in just 12 months. Secondly is Hamilton at $529,774 presumably due to its close proximity to Toronto. The cheapest out of the big three is surprisingly, Ottawa, Canada’s capital city where the average property costs less than half the price of a home in Toronto at $369,400.

  1. YUKON

Up in third place on our list is Yukon. The nature rich territory is sparsely populated and is home to Canada’s most idyllic wild landscapes, which could be the reason why homes in the province are sought after and therefore slightly more expensive.

The average cost of a property in Yukon is $432,464 and it has the most immense year-on-year increase out of all provinces. In 2016 you could buy a home for an average of $355,550 which is an enormous 21.6 percent increase. Whitehorse is Yukon’s only city, so naturally property prices are higher there than any town, with an average housing price-tag of $402,000.

  1. NORTHWEST TERRITORIES

Although there was a drop 6.4 percent on 2016, the Northwest Territories is still in at fourth place for the average cost of a home. The Northwest Territories has a compact population of 44,291 and an average property price of $422,572.

There are only four cities within the Northwest Territories which might play a part of its appeal and charm. The median price for a home in the territorial capital, Yellowknife, is $459,450. But even more impressive, during the winter months, you can often catch a glimpse of the aurora borealis.

  1. ALBERTA

The environmentally diverse province of Alberta has picturesque landscapes, the best of both city and countryside life and a flourishing job market, all of which is appealing if you are relocating. But if you are moving to Alberta, what can you expect to pay for a home?

Alberta currently has a modest average property price of $380,316, which has in fact decreased -3.9 percent on 2016’s overall value of $395,694. Out of all the popular cities for expatriates and Canadians in the most populated prairie province, Calgary comes in top of the list with a $496,532 average price tag on homes, 5.7percernt higher than that of 2016 giving us good indication increasing numbers of people are moving to Calgary, increasing demand for property.

In Edmonton, a home will set you back $357,126 on average, but if you are looking to save even more money whilst still having a busy city life, a home in Lethbridge will cost you $264,483.

  1. QUEBEC

Quebec is the second most populated province in Canada after Ontario, so it might be a surprise that it comes in sixth place when considering the cost of the average home. However, before thinking of property prices, if you are thinking of moving to Quebec, you should remember the population if largely French-speaking.

The midpoint price of a home in Quebec is a fairly respectable $298,780. This has seen a 4.4 percent rise on the average cost in 2016, so it is wise to invest soon. Another surprise about homes in Quebec is the capital City, Quebec, does not have the most expensive home prices. The median cost of a property in Quebec City is $274,743, but Montréal towers over this at $330,900.

  1. SASKATCHEWAN

Saskatchewan comes towards the middle of the chart when looking at the average house prices of Canada’s provinces. Saskatchewan’s median home value of $283,548 has lowered ever so slightly, with a 2.9percent decrease on 2016.  

At the close of 2017, Saskatchewan had an estimated population of 1,163,925, over half of which reside in Saskatchewan’s largest city – Saskatoon. Due to the popular demand of homes in the city, the average house property is in at $295,100, which comes in even higher than Regina, the capital city of the prairie province. You can buy a home in the capital city for roughly $282,900 and even cheaper is Prince Albert at $239,000.

  1. MANITOBA

Heading towards the end of our list, Manitoba features in eighth place. Manitoba has a landscape that primarily consists of mountains, forests, prairies and lakes, making it the ideal province for lovers of the outdoors.

But how much will it cost you to buy property here? The median value of homes is a decent $278,913, which has increased marginally on 2016 due to the heightened interest in the province. The three major cities in Manitoba all have similar price points when it comes to buying a home. The most populated city, Winnipeg, has a price point of $289,155, Brandon at $270,000 and Steinbach will set you back $279,000.

  1. NEWFOUNDLAND AND LABRADOR

Combined, Newfoundland and Labrador make up the most easterly province in Canada and have a population of 528,817.

The median price tag on homes in the eastern province is a respectable $252,029. The capital of the province is St John’s, where you can purchase a home for an average of $295,482, whereas moving to Mount Pearl, another major city in the province can save you a fair bit of money with the average property price sitting at $287,000.

  1. NOVA SCOTIA

Nova Scotia is the second smallest province in Canada and it is also one of the three Maritime Provinces. Nova Scotia is the destination of choice for thrill-seekers looking to go whale-watching due to its extreme tides.

But if you are looking to head to Nova Scotia on a more permanent basis, buying a property will cost you on average $241,055, which has risen a fairly steep 10.2percent on 2016’s prices. The two main cities in Nova Scotia are Halifax and Sydney. The midpoint property value in Halifax is $298,755, however in Sydney the median cost of a home is an astounding $145,379.

  1. NEW BRUNSWICK

….and last but by no means least, the ideal province for those moving to Canada on a budget, you will find the cheapest homes on average in New Brunswick!

The extremely beautiful province will set you back an average $158,014, an astonishing price tag when compared with the other Canadian provinces and there is still over $80,000 difference between New Brunswick and the next cheapest province - Nova Scotia.

The two major cities in New Brunswick are Moncton where you can find a home for $176,000 and Saint John, where the midpoint home is $159,050. Although the price tag is certainly a lot less, there is no compromising scenery or atmosphere.

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