Most Expensive & Least Expensive Housing Markets in Canada
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The housing market in Canada is very stable. However, prices can fluctuate depending on the region being looked at. To help make some sense out of everything, here are the most and least expensive housing markets in Canada:
Most Expensive Housing Markets
To start things off, let’s take a look at the most expensive places to live in Canada housing markets. Some of these cities might be great places to live, but they’ll cost an awful lot of money:
The City of Vancouver is seen as one of the most costly places in all of Canada. It’s dubbed ‘seriously unaffordable’ by many real estate experts. The most recent figures for the average house price in Vancouver are shocking. For people in this city, houses will cost a staggering 10.8 times more than the average household income. The average price is thought to be around $750,000! Although the city is a wonderful place to live, with figures like that, it’s way out of most people’s price range, and tops Canada housing markets as the priciest housing investment that you're likely to make across Canada.
Another well-known city that’s highly expensive to live in. The housing market in Toronto is hardly any better than the one in Vancouver. It’s the second-most expensive place to purchase a home in the country. The average house price is around $480,000, which is far less than Vancouver. However, when you look at this regarding the average yearly wage, it doesn’t look good. House prices in Toronto are 6.8 times as much as what people earn on average each year. So, it can hardly be seen as the most affordable housing market in the world. Again, it’s a brilliant city to visit and enjoy lots of cool cultural things. But, for the majority of Canadian residents, it’s just too expensive to live in.
The third most expensive housing market in Canada is the city of Victoria. The average price sits at approximately $421,939. Again, this doesn’t make for good reading when compared to the average annual wage of Canadian residents. It's about six times as much as what people are earning on a yearly basis. To buy a house in Victoria, you have to be very well off. Some experts believe the reason for high housing costs is down to the warm climate. Lots of Canada is still dealing with snow during the start of March. But, residents of Victoria are enjoying a relatively warm spring, complete with plenty of flowers.
All three of these cities are popular tourist destinations and well-known across the world. Perhaps this is the reason they’re all so expensive to live in. The housing markets are reserved for people with a high income. As such, the areas can be very nice to live in, and crime rates are generally quite low.
Least Expensive Housing Markets
Having seen the most expensive housing markets, some might assume Canada is a costly place to live. However, at the other end of the spectrum, things can be very affordable for residents of this wonderful country. Below are the least expensive places to buy a house in Canada:
The small city of St John represents one of the least expensive housing markets in the country. Although the average price has risen in the last decade, it’s still well below the national average. In the whole of Canada, the average house price is around about the $350,000 mark. In St John, you can get a house for an average of $165,000. This is more than half as much as the national average, meaning residents can get a great deal here. Plus, the market here is said to be fairly steady. Prices will rise over time, meaning it’s a safe place to make an investment. A house bought here ten years ago is now worth 60% more!
Moncton is another city that can boast very affordable house prices for the Canadian public. Much like St John, the average price falls well below the national mark. A house in Moncton can cost around $175,000. There’s plenty to do in this city, and it has a large metropolitan area. This makes the low average price all the more impressive. Buying a house here will cost Canadians 2.3 times the average annual salary. Although this might look like a lot, it’s very reasonable. Especially when compared to the more expensive housing markets in the country. It’s interesting to note that both Moncton and St John are found in the province of New Brunswick. So, if someone is looking for a cheap area of Canada to live in, this is the best place.
Moving over to Ontario and Thunder Bay is another city with affordable housing. The average house price here is slightly higher than the previous two cheap cities. It comes in at a tad over $200,000 but is still way below the national average. What sets this city apart is that it’s one of the cheapest places to live in the province of Ontario. This region is typically an expensive place to buy a house, so Thunder Bay is a rarity. A quick look at some of the average housing prices in other cities will back this point up. In the City of Hamilton, the average price is a whopping $400,000! That’s double what people pay in Thunder Bay, and is higher than the national mean too. Then, there’s the capital city Ottawa, that has a housing market that falls in line with the national average. So, it’s plain to see that Thunder Bay represents great value for money in this expensive province.
It’s clear that the housing market in Canada can be very diverse. There’s a very obvious pattern appearing when you look at the country on the whole. If someone wants to live in one of the big, popular, cities, then they have to pay top dollar. People can get more bang for their buck if they choose a house in a smaller city, where the housing market is far less expensive. Of course, it all boils down to how much someone earns and what house they’re looking for. Any stats and figures in this piece are taken as an average. So, it stands to reason that one can find houses that are cheaper or more expensive that what’s been quoted.