For the fifth month in a row, Canadians saw a drop in the national median home price, according to the latest data compiled by the Canadian Real Estate Association (CREATES).
The median price of all residential property types in Canada fell to $629,971 in July, a significant drop from the record average of $816,620 in February. (Both figures are not seasonally adjusted.)
While most Canadian real estate boards and associations saw average residential property prices decline, regions that have maintained some of the lowest prices during the pandemic continue to do so, said Shaun Cathcart, senior economist and director market and housing data from CREA. analysis.
“Places that were always affordable are still affordable,” he told CTVNews.ca in a phone interview Tuesday. “The further away you are from the main cities… [in] that kind of middle part of the country, that’s definitely where you’ll find the most affordable home prices.”
Regions such as Saguenay, Que., Saint John, NB and Trois-Rivières, Que. had the most affordable home prices in all of Canada in July. Cathcart also pointed out that rural areas in provinces such as New Brunswick, Quebec, Ontario and Saskatchewan have low median home prices compared to other parts of the country.
Also, activity within these regions remains relatively strong, Cathcart said. With more affordable home prices, markets in these areas are not as sensitive to interest rate increases as some of Canada’s more expensive markets, such as the Toronto and Vancouver metropolitan areas.
The chart shows the regions of Canada with the lowest median home prices, all of which are below the national median home price of $629,971. (Canadian Real Estate Association)“Marine Sales didn’t get the memo because it’s so much more affordable,” Cathcart said. “In Quebec, the Maritimes and the Prairies, activity is still above average.”
With lower median home prices, it’s possible more people will move to places where housing is more affordable, Cathcart said, especially with Canada’s inflation rate remaining high. CTVNews.ca has compiled a list of properties currently on the market in some of Canada’s most affordable regions.
SAGUENAY, WHAT.
(Marc-André Desbiens, Via Capitale Saguenay/Lac St-Jean)Write: House
Price: $249,000
Year of construction: 1988
Lot Size: 301.7 m2
Located on a 301 square meter lot, this home in Saguenay, Que. features three bedrooms and two bathrooms. In the kitchen there are black granite counter tops and bright white cabinets. Several exposed brick walls line the home, which also has a fully finished basement. A detached garage sits behind the property, and the backyard includes a deck.
SAN JUAN, N.B.
(Royale Studio / William Tarr, Royal LePage Atlantic)Write: House
Price: $220,000
Year of construction: 1976
property size: 209 m2
Lot Size: 426.98 m2
This four-bedroom, two-bath home is just a short drive from uptown Saint John, NB On the main floor are the dining room and living room, as well as a large eat-in kitchen complete with a new stove and dishwasher. On the upper level there is a sizable master bedroom as well as a recently renovated bathroom. The finished basement can be used as a family room, office, or gym.
TROIS-RIVIÈRES, QUE.
(Versom VR / Jimmy Lemay, Groupe Sutton-Alliance Inc.)Write: House
Price: $249,900
Year of construction: 1919
property size: 137.52 m2
Lot Size: 212 m2
Built in 1919, this terraced house combines hardwood floors with interior brick walls. In addition to five bedrooms and a bathroom, the house also has a large common area with a wood-burning fireplace on the main floor. At the entrance of the house there is a terrace, while the backyard area is surrounded by greenery. The house is within walking distance of the city center and the main services in Trois-Rivières, Que.
NEWFOUNDLAND AND LABRADOR
(Tyler Oxford / Reagan Dilny, Re/Max Real Estate Specialists)Write: Townhouse
Price: $285,000
Year of construction: 1967
property size: 137.5 m2
Lot Size: less than 0.2 hectares
Located near the Quidi Vidi lake in St. John’s, NL, This End Unit Townhome It has three bedrooms and two bathrooms. An open concept living and dining room with large windows and a propane fireplace occupies the main floor. On the upper floor there is a storage room, a bathroom and three bedrooms with enough space to serve as a TV room or office. In the backyard there is a deck, a storage shed and an inflatable hot tub.
THUNDER BAY, Ont.
(Dan Garrity Media/Cathy Hunt, Royal LePage Lannon Realty)Write: House
Price: $329,900
Year of construction: 1910 to 1920
property size: 142.14 m2
Lot Size: less than 0.2 hectares
In addition to three bedrooms and two bathrooms, this Thunder Bay, Ontario. house also has a contemporary kitchen that connects to a large solarium. With enough space to serve as an additional living room, the sunroom also offers views of the fully fenced-in backyard and patio. The combined living room and dining room inside have a wood burning fireplace and a full basement completes the home.
QUEEN
(Ryan Spanier, OverWatch Solutions / Aideen Zareh, Royal LePage Regina Realty)Write: House
Price: $249,900
Year of construction: 1969
property size: 80.64 m2
Lot Size: 290.41 m2
This updated bungalow features three bedrooms, two bathrooms and a finished basement. The main level has laminate flooring throughout, as well as large windows that allow natural light into the home. The open concept floor plan combines the living room with the dining room and kitchen which has plenty of cabinet and counter space. A large patio occupies the backyard, and the house itself is a short drive from downtown Regina.
SASKATOON
(David Oh, Darioso Photography / Lacy Watson, Coldwell Banker Signature)Write: House
Price: $349,900
Year of construction: 1945
property size: 94.76 m2
Lot Size: 526.76 m2
With a large front lot and backyard, this Saskatoon home is surrounded by greenery. In the backyard there is a large terrace along with trees and flower boxes. Inside, hardwood floors run through the living and dining areas, and a stone-clad wood-burning fireplace creates a cozy atmosphere. The kitchen has stainless steel appliances and a tile backsplash, while three bedrooms and an updated three-piece bath are located on the top floor.
QUEBEC CITY
(Manon Drolet / Alexandre Lebrun-Côté, Via Capitale Sélect)Write: Department
Price: $396,000
Year of construction: 1928
property size: 101.2 m2
Lot Size: N/A
Located in Quebec City, this apartment is on the first floor of a newly renovated building, and has new insulation, doors and windows. The unit has three bedrooms and one bathroom, as well as an open concept living, dining and kitchen area with white walls throughout. Nearby are the Cartier-Brébeuf National Historic Site and the St. Charles River.
WINNIPEG
(Scott Zielke/Marcia Bergen, Royal LePage Prime Real Estate)Write: House
Price: $329,900
Year of construction: 1910
property size: 101.64 m2
Lot Size: 290.32
East house with three bedrooms and a bathroom in Winnipeg’s Lord Roberts neighborhood has seen a number of improvements, having recently undergone renovations. These include a new kitchen, upgraded flooring on the main level, and a new bathroom with an oversized tub. On the main floor there is an eat-in kitchen and a large solarium that can also serve as an office space. Completing the house is a basement and a large backyard with a terrace.
Edmonton
(Darlene Strang, Re/Max Real Estate (Edmonton))Write: Department
Price: $399,924
Year of construction: 2019
property size: 49.8 m2
Lot Size: N/A
Built in 2019, this condo suite has one bedroom and one bathroomas well as a den. In the kitchen there are white cabinets and quartz countertops that extend to create a breakfast bar. The unit also has a balcony that offers views of downtown Edmonton. Residents have access to the building’s rooftop patio, as well as amenities like a spa and pool.