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23 Cheapest Housing Markets in Canada
Zarah Hamid
8 min read

In This Article:

In this article, we will cover the 23 cheapest housing markets in Canada. If you wish to skip our detailed analysis, you can move directly to the 5 Cheapest Housing Markets in Canada.

Overview of the Canadian Real Estate Market

As reported by the Canadian Real Estate Association, home sales and prices for March remained unchanged on a monthly basis. National home sales grew by 0.5% month-over-month in March. The actual national average sale price went up by 2% year-over-year during the month. In March’s second week, an increase in supply was witnessed which drove more sales in the month’s last week. The number of newly listed homes declined by 1.6% month-over-month in March but new listings jumped in April’s first week. Although the March statistics have been flat, early April implied an increased market activity.

Overall, the month of April will be determining how the Canadian real estate market unfolds. It has been anticipated that the market will be a mixture of high interest rates sidelining many buyers as well as first rate cuts which will enable people to return to the market.

Canada’s Housing Plan

Canada is subject to a housing crisis involving many first-time homebuyers who can simply not afford the high home prices and the rising rents are creating further affordability issues. To help Canadians find affordable housing, the government has proposed a housing plan that aims to ensure that no Canadian spends more than 30% of their income on housing costs. The plan includes unlocking 3.87 million new homes by 2031 which includes a minimum of 2 million net new homes other than the 1.87 million homes which will be built by 2031.

The government will be partnering with homebuilders and housing providers to build affordable housing on federal, provincial, territorial, and municipal lands. Construction will be scaled up on rental homes for the Canadian middle class. A Tenant Protection Fund will be launched to offer tenants protection against high rent payments, renovictions, or bad landlords other than extending mortgage amortizations for first-time Canadian home buyers who are purchasing new builds. The provision of $1 billion for the Affordable Housing Fund will reduce chronic homelessness in Canada by constructing affordable housing.

Real Estate Companies in the Canadian Market

Real estate companies including Genesis Land Development Corp. (TSX:GDC), Tricon Residential Inc (NYSE:TCN), and The Real Brokerage Inc. (NASDAQ:REAX) enable  Canadians to settle in desirable locations across the country. Some of the largest real estate companies in the world have also been previously discussed.

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