If you’ve been house hunting in Canada, you may have noticed that finding an affordable home can be a daunting task. However, according to RateHub’s March data, there are several cities in Canada where you can buy a house without breaking the bank, even on a moderate budget.
Topping the list is Winnipeg, where the average home price was $336,300 in March 2023. To secure a mortgage, you’d only need a minimum wage of $75,650.
Following Winnipeg is Edmonton, where an income of $81,950 is required to buy a house, with an average home price of $371,200.
Halifax comes in as the third cheapest option, with an average home price of $496,900 and an income of $104,660 required to secure a mortgage.
On the other end of the spectrum, Vancouver and Toronto are the most expensive cities on the list, with an income of $221,580 and $217,000, respectively, needed to buy a home.
Despite the rising interest rates, the average home prices in the top 10 markets in Canada have gone down over the past year, except for Calgary.
While the housing market is always full of surprises, these affordable cities provide hope for those seeking a home on a budget in Canada.
Thinking of buying a home? Step 1 is to get pre-approved for a mortgage. Click here and we will connect you to an experienced mortgage agent who is happy to help!
Canada Housing Market 
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