According to the latest Canadian Real Estate Association statistics, the average price for a home in Canada in December 2022 was $626,318. This was 12 percent less than the same time the previous year. Luckily it doesn’t mean that home ownership is only for the rich. If you’re looking for a very affordable starter property, you’ll need to look outside the major cities and be willing to put in some elbow grease to fix it up. Even if you can’t live in your new home full-time because it’s too far from your job, you can rent it out, which will help cover the mortgage and help you build that all-important equity. To inspire you, here are some of the cheapest real estate listings for February in each province.
Be sure to check out Canada’s cheapest houses in January 2023.
Saskatchewan: This Cottage in Spalding for $25,000
In Saskatchewan, the MLS® HPI benchmark price for a home in December 2022 was $316,100, up 0.3 percent from the same time the previous year.
Even when you factor in renovation costs, this one-bedroom, one-bathroom cottage in the village of Spalding, about 180 km east of Saskatoon, is a bargain. It’s listed for only $25,000 and comes with a wood-burning stove in the living room and a wood-shed and storage shed for all those logs. With some easy shade-loving plants, you can add colour to the yard with its lawn and mature trees and turn this property into a charming hideaway for one.
Alberta: This Three-bedroom Home in Andrew for $39,900
In Alberta, the average price of a home in December 2022 was $429,496, up 2.8 percent from the same time the previous year.
If you can work remotely, this three-bedroom, two-bathroom home in the village of Andrew, about 115 km northeast of Edmonton, is a great option. Listed for $39,900, it sits on a large lot three blocks down the street from Andrew School and the world’s largest mallard duck, with a shed and plenty of parking space. There’s a firepit already if you want to start making the most of your backyard space in winter.
British Columbia: This Mobile Home in Fort St. John for $40,000
In British Columbia, the average price for a home in December 2022 was $907,456, down 11.9 percent from the same time the previous year.
To find the cheapest real estate in the province, you need to head north. This mobile home, for instance, is located in Fort St. John and is listed for only $40,000. It has two bedrooms and two bathrooms and while it needs quite a bit of work, it has its own fenced yard.
Manitoba: This Two-bedroom Bungalow in Ethelbert for $45,000
In Manitoba, the average price for a home was $336,485 in December 2022, up 0.7 percent from the same time the previous year.
The unincorporated urban community of Ethelbert is nearly 400 km northwest of Winnipeg but it makes a great base from which to visit Dauphin Lake and Duck Mountain Provincial Park. Here you’ll find this two-bedroom, two-bathroom bungalow dating from 1968, with a detached garage/workshop on a large lot. The local school is a short walk away. With the property listed for only $45,000, you’ll easily be able to afford renovations like replacing the Sixties flooring.
Ontario: This Two-bedroom House in Manitouwadge for $95,000
In Ontario, the average house price in December 2022 was $812,338, down 12.2 percent from the same time the previous year.
With the prices for real estate in the GTA skyrocketing, your best bet for cheap real estate is to look in the countryside in the northern parts of the province. One of the most affordable housing towns in Ontario is the township of Manitouwadge, located on the shores of the eponymous lake some 330 km northeast of Thunder Bay. This sweet little two-bedroom, one-bathroom house, a short walk from the ski hill, comes with a garage and fenced yard and is listed for $95,000. If you need more space, the basement is ready for a quick makeover.
Quebec: This Three-bedroom Bungalow in Saint-Fabien-de-Panet for $49,000
In Quebec, the average home price in December 2022 was $458,792, down 0.9 percent from the same time the previous year.
This three-bedroom, one-bathroom bungalow is located about 3 km southwest of the municipality of Saint-Fabien-de-Panet near the border with the United States. Quebec City is about 130 km to the west. Listed for $49,000, the bungalow is surrounded by forest, get its water from the nearby lake and has a dry well sewage system. A wood stove helps to keep it warm but there is also electricity. It’s the perfect option if you want to get away from it all, as long as you don’t expect too many creature comforts.
New Brunswick: This Mini Home in Beresford for $59,900
In New Brunswick, the MLS® HPI benchmark price in December 2022 was $265,800, up 5.9 percent from the same time the previous year.
At 692 square feet, this mini home isn’t quite a tiny house but it comes pretty close. It has one bedroom and one bathroom as well as an open-plan kitchen and living area. The house is located on the outskirts of Beresford on New Brunswick’s north coast and is only a short drive from the beach. It’s listed for $59,900.
Nova Scotia: This Rustic Two-bedroom House in Upper Port La Tour for $69,000
In Nova Scotia, the MLS® HPI benchmark price for a home was $369,000 in December 2022, up 6 percent from the same time the previous year.
This rustic two-bedroom, one-bathroom house is located in the community of Upper Port La Tour, about 300 km southwest of Halifax. It’s a very short stroll down to the shore and is listed for $69,000. Like most houses in this price range, it needs some work but it’s easy to hook up to high-speed internet. The real work is in the yard but the fruit trees will inspire you to start growing veggies too. It’s all made easier by the presence of a workshop, two barns and sheds for storage.
Prince Edward Island: This Rural Property on Palmer Road for $120,000
On Prince Edward Island, the MLS® HPI benchmark price for a home in December 2022 was $352,300, up 5.6 percent from the same time the previous year.
This house on Palmer Road in the northwest of Prince Edward Island has two bedrooms and one bathroom and is just begging for its very own farmhouse facelift. It sits on a lot of 8.5 acres with its very own orchard where pears, plums and grapes are already growing. Also on the property, which is listed for $120,000, is a large barn with plenty of storage space for all those preserves you’ll be making. If you want to feel sand between your toes, the beach is a short bike ride away.
Newfoundland and Labrador: This Ocean-view Home in Springdale for $69,900
In December 2022, the MLS® HPI benchmark price for a home in Newfoundland and Labrador was $281,200, up 6.3 percent from the same time the previous year.
Properties with an ocean view tend to sell for closer to a million. This four-bedroom, one-bathroom home in Springdale, however, is listed for a mere $69,900. Naturally it has decks in the front and in the back so you can soak up the sun, breathe in the sea air of Island Rock Cove and experiment with the outdoor trends that will be big in 2023. The large kitchen comes with oak cabinets and all of the major appliances.
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