10 Canadian Regions With Below Average House Prices

Among the many unexpected consequences of the COVID-19 pandemic has been a demographic shift due to people who were used to working in downtown offices now working from home. That appears to be a genie that won’t fit back in the bottle so easily, and now that work-from-homers realize they can live pretty much anywhere, there’s been something of an exodus from big, expensive cities to more affordable areas. Keeping this in mind, research compiled by Zoocasa has identified the cheapest places to live in Canada as of early 2021, based on the average percentage of price growth in each region.

Getty Images

1 / 10

10. Sherbrooke, QC

The Sherbrooke CMA (census metropolitan area) includes not just the city of Sherbrooke, but also nearby Magog and Waterville, which together comprises Quebec’s fourth largest region. With an annual price growth of 19 per cent, bargains abound. In fact, the average home price is just $320,000 – which is enough to purchase a three bedroom, two bathroom house.

Related: 10 Incredibly Cheap Houses for Sale in Canada in 2021

Getty Images

2 / 10

9. Thunder Bay, ON

Home prices in the Ontario city of Thunder Bay experienced a 16 per cent price growth over the previous year. Even with that growth, the average home price is stunningly low at just $258,738.

Skyline image of the Canadian city Calgary, Alberta

Getty Images

3 / 10

8. Calgary, AB

While an average home price of $518,237 is the highest on this list, the fact is that Calgary has experienced a growth rate over the previous year of just 15 per cent – one of the lowest in Canada.

View of the skyline in Quebec in the winter

Getty Images

4 / 10

7. Quebec, QC

One of the country’s most beautiful, historic cities is also one of Canada’s most affordable when it comes to home prices. With just 14 per cent annual growth, the average home price in Quebec CMA is a mere $313,811. That’s enough for a three bedroom, two bathroom single family home in the heart of La Belle Province.

Getty Images

5 / 10

6. Winnipeg, MB

With annual home price growth coming in at just 10 per cent over the previous year, this prairie metropolis boasts an average home price of $320,000 – more than enough to pick up a three bedroom detached home.

Getty Images

6 / 10

5. Saguenay, QC

Saguenay CMA is the result of the amalgamation of the cities of Chicoutimi, Jonquière, La Baie and Laterrière, along with the municipalities of Lac-Kénogami and Shipshaw. Like Winnipeg, the region has experienced a 10 per cent annual growth in home prices, with the average home price coming in at an affordable $206,242.
Related: This is What $500K Can Buy Throughout Canada

Photo of a lighthouse in Saint John, New Brunswick

Getty Images

7 / 10

4. Saint John, NB

This Maritime metropolis has seen an average annual price increase of just eight per cent, remaining as one of Canada’s most affordable cities when it comes to home ownership. Expect to be able to purchase a three bedroom, two bathroom home for under $200,000, given that the average home price in Saint John is just $199,853.

View of Canadian city Saskatoon from the water

Getty Images

8 / 10

3. Saskatoon, SK

With annual price growth of just seven per cent, the average price of a home in Saskatoon is $331,555. For that price, prospective homebuyers can set their sights high, since that’s enough to purchase a four bedroom, two bathroom bungalow.

Skyline image of the downtown core in Edmonton, Alberta

Getty Images

9 / 10

2. Edmonton, AB

The cost of homes has risen just five per cent in Edmonton since the previous year. As a result, the average home price is an affordable $375,874.

Related: Amidst the Pandemic, People Are Leaving Cities, Causing a Price Surge in Rural Areas

Photo taken in the Canadian city of Regina

Getty Images

10 / 10

1. Regina, SK

Regina has seen the lowest annual price growth in the entire country; in fact, home prices in this prairie city actually decreased when compared to the previous year, with a negative three per cent annual price growth. As one might expect, real estate is exceptionally affordable here, with an average home price of $273,885.