2021 was a great year for real estate in Canada, with a record-breaking more than 630,600 residential properties changing hands between January and December at an average price of $720,854, according to CREA, or the Canadian Real Estate Association.
With remote working becoming more widespread, first-time buyers have started looking at more affordable markets outside of big cities like Toronto and the most surprising places have become hot housing markets. Where are these markets though? Using CREA’s national price map for November 2021, we bring you the major housing markets where you’ll find the cheapest houses for sale in Canada right now, by province.
British Columbia: South Peace River
In British Columbia, the average house price was $992,844 in November 2021. You can still find some of the cheapest homes in Canada in the province, though: just head about 1,150 km north. In the South Peace River housing market, which includes Dawson Creek, Chetwynd, Tumbler Ridge and the village of Pouce Coupe, the average house price was $289.519 in November 2021, up 12.5 per cent from November 2020.
Alberta: South Central Alberta
In Alberta, the average house price in November 2021 was $429,543. The cheapest housing market in Alberta was South Central Alberta, about two hours’ drive east of Calgary. This area includes Brooks, Drumheller and Hanna. Here, the average home price in November 2021 was $250,913, up 5.9 per cent from the previous year.
Saskatchewan: Prince Albert
With a provincial average of $284,700, Saskatchewan has some of the cheapest houses in Canada. In Prince Albert, about 140 km northeast of Saskatoon, the average house price in November 2021 was $189,900, up 7.2 per cent from the previous year. Real estate here is so cheap you can easily become a homeowner before 40.
Manitoba: Portage la Prairie
In Manitoba, the average house price for November 2021 was $333,046. The cheapest of the major housing markets here was Portage la Prairie, some 85 km west of Winnipeg. In November 2021, houses here went for $180,360 on average. However, that was 16.4 per cent lower than the previous year and it might be worth spending a bit more for a house in Winnipeg, which has seen a 12.8 per cent increase in its still below average house prices.
Ontario: Timmins, Cochrane and Timiskaming Districts
Like in British Columbia, you need to head north if you want to find Ontario’s affordable housing towns. In the Timmins, Cochrane and Timiskaming districts, the average house price in November 2021 was $249,536: less than a third of the provincial average of $922,580. Unlike so many of the other markets with the cheapest home prices in Canada, though, home prices here have increased by a whopping 39.2 per cent from the previous year.
In Quebec, the average house price in November 2021 was $471,195. The cheapest of the major housing markets here was about 200 km north of Quebec City in Saguenay, where homes went for $225,282 on average: up 7 per cent from the previous year.
New Brunswick: Northern New Brunswick
One of the predictions for the real estate market in 2021 was that people looking for cheap houses for sale in Canada would turn towards Atlantic Canada. New Brunswick saw average home prices of 270,600 in November 2021: up 32.9 per cent from the previous year. The cheapest housing market in the province was Northern New Brunswick, which includes the seaside villages of the North Shore. The average home here went for $167,100, up 36.2 per cent from November 2020.
Nova Scotia: Cape Breton
In Nova Scotia, the average price for a home in November 2021 was $368,476. The cheapest of the major housing markets here was Cape Breton, where you could get a home for an average of only $186,807, up 6.5 per cent from the previous year. Imagine binge-watching Island of Bryan in your own island home!
Prince Edward Island
Prince Edward Island is so small that it’s considered one housing market. The average home price here was $341,380 in November 2021, up 8.7 per cent from the previous year. This makes the province still one of the most affordable places to buy vacation properties in Canada.
Newfoundland and Labrador: Saint John’s
In Newfoundland and Labrador, the average home went for $322,300 in November 2021. The cheapest of the major housing markets here was St. John’s, where the average home price was $289,400. This was an increase of 7.2 per cent from the previous year.
The North: Northwest Territories
Housing in the North is expensive. The cheapest housing market in this oft forgotten part of Canada is the Northwest Territories, where the average house sold for $378,683 in November 2021. However, unlike in the Yukon and Nunavut, where the real-estate market is booming, house prices in the Northwest Territories were 15.5 per cent lower than the previous year.