Buying a house in Canada is a big endeavour, and the housing market can seem like an ever-changing mystery.
However,, there are some cities in Canada where you can buy a house for a relatively cheap price, as well as some markets that are currently on the decline.
According to a new report by ratehub.ca, housing prices across Canada are largely going down. However, the necessary income is going up due to the interest rate increases we've seen over the last year.
Currently, the cheapest major city to buy a house in Canada is Winnipeg, with an average home price of $323,600 in January 2023. This is after a decrease of $30,000 since January 2022.
Along with that, it is also the city with the lowest required income, with the ability to qualify for a mortgage being available to those who make $72,500 a year — an increase of $5,750 since the same time last year.
The second cheapest place to buy a house in Canada is Edmonton, with the average home price being $362,200, after a decrease of about $13,700.
And if you're looking to pass the mortgage stress test there, you should expect to make about $79,370, which is $9,340 more than what it was last year.
In third place is Halifax in a bit of distance third place with the average home costing $490,700 in January 2023, after going up by $25,100 in the last 12 months.
And if you're hoping to become a Haligonian, you better make around $102,260 a year, a whopping $19,070 uptick since last year.
Matter of fact, nearly every single major city in the study saw an increase in the required income, except for the city of Hamilton, Ontario.
Hamilton's current required income to buy a house is $159,100, which is a decrease of $4,350 from what it cost last year. So, not a whole lot, but a hopeful trend!
Of course, the most expensive city to buy a home in right now is Toronto, with the average cost being $1,257,500 and the required income being $207,000 — up by $7,620 over the last 12 months.
If you're looking for cheap places to relocate, a recent study found the most affordable places to live in Canada by looking at both the cost of housing and the cost of living.
The cities that made the list include Lloydminster Saskatchewan, Trois Rivières, Quebec and Saint John, New Brunswick.
These Are The Most Affordable Cities To Buy A Home In Canada & Some Are Getting Even Cheaper
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