Canada Housing Market

As housing affordability continues to be a major concern in Canada, many are looking for cities where they can buy a home without breaking the bank. Based on a Royal LePage report, here are the most affordable cities in Canada for 2024, listed with their key affordability metrics.

1. Thunder Bay, Ontario

Aggregate Price Q1 2024: $299,300
Monthly Mortgage Payment: $1,563.25
2022 Provincial Median Total Household Income: $84,400
Affordability Factor: 22.2%

Thunder Bay tops the list as the most affordable city in Canada. With an aggregate home price under $300,000 and an affordability factor of 22.2%, this city offers significant financial relief for prospective homeowners.

2. Saint John, New Brunswick

Aggregate Price Q1 2024: $267,900
Monthly Mortgage Payment: $1,400.01
2022 Provincial Median Total Household Income: $67,000
Affordability Factor: 25.1%

Saint John is known for its lower monthly mortgage payments, making it the second most affordable city. With an affordability factor of 25.1%, it’s an attractive option for those looking to reduce their housing costs.

3. Red Deer, Alberta

Aggregate Price Q1 2024: $392,900
Monthly Mortgage Payment: $2,049.85
2022 Provincial Median Total Household Income: $95,000
Affordability Factor: 25.7%

Red Deer offers a balanced mix of affordability and quality of life. With a reasonable aggregate home price and an affordability factor of 25.7%, it’s a great choice for families and professionals alike.

4. Trois-Rivières, Quebec

Aggregate Price Q1 2024: $339,300
Monthly Mortgage Payment: $1,771.21
2022 Provincial Median Total Household Income: $74,600
Affordability Factor: 28.5%

Trois-Rivières is the most affordable city in Quebec, boasting low monthly mortgage payments and an affordability factor of 28.5%. It’s a fantastic option for those seeking a budget-friendly lifestyle.

5. Edmonton, Alberta

Aggregate Price Q1 2024: $442,200
Monthly Mortgage Payment: $2,306.18
2022 Provincial Median Total Household Income: $95,000
Affordability Factor: 28.9%

Edmonton is a top choice for many Canadians, especially those from Greater Toronto and Greater Vancouver. With an affordability factor of 28.9%, it offers a blend of affordability and metropolitan amenities.

6. Regina, Saskatchewan

Aggregate Price Q1 2024: $379,700
Monthly Mortgage Payment: $1,981.24
2022 Provincial Median Total Household Income: $81,600
Affordability Factor: 29.1%

Regina stands out with an affordability factor of 29.1%. It’s an excellent city for those looking to enjoy a lower cost of living while still benefiting from urban conveniences.

7. St. John’s, Newfoundland and Labrador

Aggregate Price Q1 2024: $342,200
Monthly Mortgage Payment: $1,786.28
2022 Provincial Median Total Household Income: $71,200
Affordability Factor: 30.1%

St. John’s is Newfoundland and Labrador’s most affordable city. With an affordability factor of 30.1%, it offers an appealing balance of cost and lifestyle.

8. Quebec City, Quebec

Aggregate Price Q1 2024: $426,800
Monthly Mortgage Payment: $1,914.19
2022 Provincial Median Total Household Income: $74,600
Affordability Factor: 30.8%

Quebec City is known for its rich history and cultural vibrancy. With an affordability factor of 30.8%, it remains a cost-effective option for those looking to buy a home.

9. Sherbrooke, Quebec

Aggregate Price Q1 2024: $366,900
Monthly Mortgage Payment: $1,914.70
2022 Provincial Median Total Household Income: $74,600
Affordability Factor: 30.8%

Sherbrooke matches Quebec City in affordability factor, at 30.8%. It’s a great choice for those seeking a balance of affordability and quality of life.

10. Winnipeg, Manitoba

Aggregate Price Q1 2024: $390,900
Monthly Mortgage Payment: $2,039.48
2022 Provincial Median Total Household Income: $77,000
Affordability Factor: 31.8%

Winnipeg offers a strong blend of affordability and urban amenities, with an affordability factor of 31.8%. It’s an ideal city for families and professionals.

11. Fredericton, New Brunswick

Aggregate Price Q1 2024: $342,200
Monthly Mortgage Payment: $1,786.28
2022 Provincial Median Total Household Income: $67,000
Affordability Factor: 32.0%

Fredericton is another affordable option in New Brunswick, with an affordability factor of 32%. It’s a welcoming city with a strong community feel.

12. Saskatoon, Saskatchewan

Aggregate Price Q1 2024: $425,700
Monthly Mortgage Payment: $2,220.40
2022 Provincial Median Total Household Income: $81,600
Affordability Factor: 32.7%

Saskatoon offers affordability and a vibrant lifestyle, with an affordability factor of 32.7%. It’s a great place for those looking to balance cost and quality of life.

13. Windsor-Essex, Ontario

Aggregate Price Q1 2024: $491,100
Monthly Mortgage Payment: $2,560.41
2022 Provincial Median Total Household Income: $84,400
Affordability Factor: 36.4%

Windsor-Essex is one of the few Ontario cities on this list, with an affordability factor of 36.4%. It’s a fantastic option for those seeking affordability in a more temperate climate.

14. Charlottetown, Prince Edward Island

Aggregate Price Q1 2024: $442,600
Monthly Mortgage Payment: $2,214.68
2022 Provincial Median Total Household Income: $72,700
Affordability Factor: 36.6%

Charlottetown is the most affordable city in Prince Edward Island, with an affordability factor of 36.6%. It’s a charming city with a rich history and welcoming community.

15. Gatineau, Quebec

Aggregate Price Q1 2024: $438,700
Monthly Mortgage Payment: $2,287.99
2022 Provincial Median Total Household Income: $74,600
Affordability Factor: 36.8%

Gatineau rounds out the list as the 15th most affordable city in Canada. With an affordability factor of 36.8%, it offers a cost-effective alternative close to Ottawa.

As housing affordability continues to challenge Canadians, many are considering moving to more affordable cities across the country. From Thunder Bay to Charlottetown, these cities offer a range of options for those looking to buy a home without breaking the bank. For more detailed insights and assistance with your move, visit [Your Website] and explore our comprehensive guides on Canada’s most affordable cities.

Source: Canadians are ready to ditch big cities for cheaper alternatives | Financial Post