Buying a home is a major investment — one that seems to get more expensive every year. Heading into 2024, that appears to remain true. According to a new report from Royal LePage, projected minor interest rate cuts in the back half of 2024 will push home prices up 5.5 per cent year over year to $843,684.
The good news is that those increases aren’t expected to happen until the back half of the year. So, if you’ve been thinking about moving or if you’ve been saving up to purchase a new home, there’s no time like the present.
But where should you settle down? According to the report, home prices are expected to increase in all major Canadian markets, and Calgary may see the biggest gains of all. Still, the real estate market has been wild these past four years, so nothing is set in stone.
For now, we looked at the average home prices in each Canadian province as of November 2023. Read on to see the cheapest provinces to buy a house in right now, as per the Canadian Real Estate Association, and how they compare to November’s $646,134 national average.
New Brunswick
Average Price: $287,900
Average Household Income: $70,000
Many people can live comfortably in New Brunswick thanks to the low cost of living. If you’re looking for city living, Moncton is the most expensive area to buy a house, with an average price tag of $336,300. If you don’t mind heading north, however, you can purchase a home with an average price of $163,000.
Newfoundland & Labrador
Average Price: $291,300
Average Household Income: $71,500
More than 500,000 people populate Canada’s easternmost province, where affordable housing and rent provide valid options for many. St. John’s is the most expensive area; however, its average house price is still reasonable, at $335,400.
Related: The Most Expensive Houses in the World — and Who Owns Them
Saskatchewan
Average Price: $324,400
Average Household Income: $82,000
There are many beautiful provincial parks and plenty of outdoor adventures ready to be had in Saskatchewan, not to mention a vibrant art scene and plenty of culture. The province is home to 1.1 million people, who enjoy an average of 2,000 to 2,500 hours of sunshine annually. Homes in Regina, the province’s capital, average a price tag of $305,000. Or, you could spend a little bit more and head to Saskatoon, the province’s most populated area, and get a home for the average price of $380,000.
Manitoba
Average Price: $328,564
Average Household Income: $79,500
Manitoba boasts diverse cultures and has the largest French-speaking community west of Ontario. According to the provincial government, the province also has some of the country’s lowest home and auto insurance, as well as electricity rates. If you want to live in Winnipeg, the average home costs $332,700. However, head to Portage La Prairie, and the average home price decreases to $221,678.
Prince Edward Island
Average Price: $361,800
Average Household Income: $73,500
There are many breathtaking views and a vast coastal vibe to appreciate in Canada’s smallest province, where rush hour doesn’t exist. There’s also a low crime rate and a high quality of education, making it a coveted place to live, no matter where on the island you land.
Related: The Hottest Real Estate Markets in Canada Right Now
Nova Scotia
Average Price: $390,000
Average Household Income: $71,500
Bluenosers enjoy more than 7,400 kilometres of coastline in this Eastern province, which also features forests, lakes and farmlands. If you want the best of that nature plus the convenience of city living, Halifax homes are among the province’s most expensive, with an average of $509,300. Head over to Cape Breton, however, and you may find a home with a $210,900 price tag.
Alberta
Average Price: $446,919
Average Household Income: $96,000
Alberta has tons of stunning natural landscapes, from the Canadian Rockies to the Badlands. It is also one province where residents don’t have to worry about paying PST. The average price of a home in Calgary is more expensive than the rest of the province, at $557,400. However, head north to Edmonton, and that average drops to $368,200.
Quebec
Average Price: $485,407
Average Household Income: $72,500
There is a ton of culture to enjoy in Quebec, not to mention nearly eight million French speakers. The province also has its own star system, French language programming, and many beautiful natural landscapes. Because it’s so big, the average home price fluctuates a lot. For example, a home in Montreal averages out at $514,300, but in Trois Rivières, that drops to $349,243.
Related: These Are The Loneliest Cities in Canada, According to a Study
Yukon
Average Price: $495,853
Average Household Income: $100,000
The cost of living in Yukon can be expensive, but there are also plenty of jobs, from mining to government. Yukon is also where you can take in the Northern Lights, enjoy natural hot springs, and spend time in the great outdoors.
Northwest Territories
Average Price: $520,506
Average Household Income: $127,000
There are plenty of available jobs in the Northwest Territories, the province with Canada’s highest median household income. There are many natural resources up north, including notable lakes to visit, canyons, parks, and the Nahanni National Park Reserve, which is a national park and a UNESCO World Heritage Site.
Ontario
Average Price: $833,525
Average Household Income: $91,000
Ontario is the second-largest province in Canada, so while it’s populous (14.57 million people lived there as of 2019), you can still find small-town living. However, many big cities and diverse job opportunities exist for those who desire a more bustling lifestyle. Ontario is multicultural and offers many beautiful natural sights, not to mention housing prices that greatly vary. The average price for a home in the GTA and surrounding areas varies from 1 to 1.2 million, but head up to North Bay, and that average drops to $389,400.
Related: This Is What $1 Million Gets You in Major Cities Across Canada
British Columbia
Average Price: $964,371
Average Household Income: $85,000
There is no shortage of breathtaking views when living in B.C., but the westernmost province is also known for its diversity, growing economy, and wide range of workplaces. It is also the most expensive province to buy a house in. In Vancouver, the average house price is $1.185 million, but head to BC Northern, and homes retail for an average of $396,284.
