With the increasing demand and decreasing supply for affordable housing in Canada, it has made headlines over the past few months. Most couples and families are rethinking their decisions. When it comes to buying a new house, whether it is a smart decision to make with the current unstable housing market.
If you also want to look at more tips on how to live cheap in Canada, click here.
With increasing price on housing, most of the population have left big cities to live in sub-urban areas. With the possibilities of working from home being available during the pandemic. The workforce have started to use it as a factor to be cost effective.
Regions with affordable housing in Canada
With the national average price of homes, we have provided 11 regions to pick what suits your needs. Considering the rising price levels of real estate across Canada, we at founderactivity have mapped regions which have affordable housing.
below the Canadian Average despite large year-over-year (YOY) increases in the industry.
1. Saguenay, Quebec
Housing prices in Saguenay, Quebec are at average $267,353.
Pros and Cons of living in Saguenay, Quebec.
|High Quality of Life||Difficult Winter|
|Access to High-Quality Health Care||Language Difficulty|
|Effective Transportation System||Higher Taxes|
2. Saint John, New Brunswick
Housing prices in Saint John, New Brunswick are at average $294,900.
Pros and Cons of living in Saint John, New Brunswick.
|Tourist Attractions||Zero Nightlife|
|Moderate Weather||Lack of Jobs|
|A safe place to raise a family||Language Barrier|
3. Thunder Bay, Ontario
Housing prices in Thunder Bay, Ontario are at average $358,051.
Pros and Cons of living in Thunder Bay, Ontario.
|Nature||Costly healthcare system|
|Jobs and Employment||Visa requirements are tough|
|Cost of Living in Thunder Bay||Temperature can go to the extreme cold|
4. Regina, Saskatchewan
Housing prices in Regina, Saskatchewan are at average $322,800.
Pros and Cons of living in Regina, Saskatchewan.
|Cheap Public Transport||High Crime Rate|
|Great Public Health||Zero Nightlife|
5. Trios Rivières, Quebec
Housing prices in Trios Rivières, Quebec are at average $330,431.
Pros and Cons of living in Trios Rivières, Quebec.
|Lower Cost of Living||Linguistic Challenges|
|Beautiful Outdoor Environment||High Heating Bills|
|Proximity to Two of Canada’s Biggest and Most Commercial Cities||Harsh Winters|
6. Quebec CMA, Quebec
Housing prices in Quebec CMA, Quebec are at average $325,600.
Pros and Cons of living in Quebec CMA, Quebec.
|Affordable Electricity||Language Barrier|
|Lower Housing Costs||Higher Taxes|
7. Winnipeg, Manitoba
Housing prices in Winnipeg, Manitoba are at average $357,000.
Pros and cons of living in Winnipeg, Manitoba.
|Diverse Culture||Deficient Public Transport|
|Attractions and Destination||Slow Response to Crime and Criminality|
|Access to Health Care||Deficient Public Transport|
8. Sastakoon, Saskatchewan
Housing prices in Sastakoon, Saskatchewan are at average $376,100.
Pros and Cons of living in Sastakoon, Saskatchewan.
|Growing economy||Crime rate is relatively high|
|Education||Low Pop culture entertainment options|
|Nature’s beauty||Cold Winters|
9. Edmonton, Alberta
Housing prices in Edmonton, Alberta are at average $402,800.
Pros and Cons of living in Edmonton, Alberta.
|Friendly Locals||Crime Rates are high|
10. Newfoundland and Labrador
Housing prices in Newfoundland and Labrador are at average $280,200.
Pros and Cons of living in Newfoundland and Labrador.
|Low Crime Rate||Unemployment|
|Great Outdoors||Population Decline|
|Low Cost||Cost of Transport|
11. Sudbury, Ontario
Housing prices in Sudbury, Ontario are at average $356,633.
Pros and Cons of living in Sudbury, Ontario.
|Outdoor Life||Icy Winter|
|Thriving Economy||Roads are very dangerous|
|Social Life and Recreation||Quality of education is low|
Tips to look for suitable housing
Here are some tips for you to be prepared to buy a home. But you cannot jump to conclusion without knowing what you should prepare beforehand, for your home buying process to go smoothly;
- Down Payment
To purchase a house, a down payment should be paid. But do you know the value of your down payment? It is best to have 20% of cost of the price of your desired home. If that is not possible, you have the ability to obtain a housing mortgage loan.
- Additional Costs
Secondly, down payment is not the only cost that you will have to bear. You must have additional funds or a rough estimate amount to pay for the closing of the housing deal. If not, your mortgage provider/ lender can help you with your closing costs.
- Affordable Price Range
The house you pick, it should be an area you were previously looking at and within your housing budget. Your housing budget will depend on your savings you have put aside to buy a new house. And if you have committed to mortgage housing loan, your income also becomes an important factor.
After the payments prep work,
- Look at homes for sale
By this stage, most customers who are looking to buy housing would have hired a real estate agent. But what is different in Canada that is, as the customer, you do not need to pay your real estate agent a commission. It is the seller who pays the real estate agent and the customer’s agent.
- Make your offer
Once you have picked the right home of your choice, you will have to make an offer. If you have obtained a real estate agent, they will assist you with this part of the process.
- Close the deal
When your offer is accepted, you will need to hire a real estate lawyer. They will help you with the legal documentation of the ownership of your new house.
Coming to the end of this article, we have compiled all the information that you would need when moving to any region in Canada with affordable housing. Every piece of information that deemed important from the national average prices, possible advantages and disadvantages in the regions to tips when making your first home purchase.