As average home prices begin to stabilize in Canada, a new report is showing where Canadians are paying some of the lowest homeownership costs.
As part of its study, Point2 Homes calculated the first-year cost of owning a home in 50 Canadian cities based on MLS benchmark home prices from January. This includes upfront costs, such as a 20-per-cent down payment and closing fees, along with annual recurring costs, such as property taxes and mortgage payments. Calculations were made using a five-year, fixed-rate mortgage with an interest rate of 5.86 per cent.
The three Canadian cities with the most affordable first year of homeownership are all found in Quebec, according to the report. In the city of Saguenay, for example, new homeowners will accumulate $74,342 in home payments during the first year. This is based on a benchmark home price of $254,500.
However, cities in Ontario and British Columbia reported much higher costs associated with the first year of homeownership. Throughout the first 365 days of owning a home in Richmond Hill, Ont., for example, new buyers will pay about $400,733. In other cities, such as Vancouver and Toronto, the first-year cost of owning a home amounts to more than $315,000.
This is attributed to higher benchmark home prices in these cities, which also lead to higher mortgage and down payments on new purchases. According to Point2 Homes’ report, the benchmark price of a home in Vancouver was $1,167,800 in January. In Toronto, the benchmark price of a home was $1,067,000 in the same month.
“Despite financial aid programs and dwindling competition for already-scarce inventory, the costs of homeownership weigh on any potential buyer,” reads the report’s press release, issued Feb. 27.
Following the Bank of Canada’s decision to hold its key interest rate at 4.5 per cent on March 8, the next few months will offer “a clearer picture in terms of how today’s buyers are absorbing the higher interest rate environment,” said Penelope Graham, director of content at Ratehub.ca, in a statement to CTVNews.ca on Wednesday.
Below are major cities with some of the cheapest and most expensive first-year costs of homeownership in Canada. Scroll down for a list of homes that are currently on the market in these municipalities.
SAGUENAY, QUE.
(Julie Taché / Josée-Ann Jomphe, Groupe Sutton-Nouvelle Demeure)
Type: House
Price: $289,500
Year Built: 1958
Property Size: 117.57 sq. m
Lot Size: 774 sq. m
Cost of First Year: $74,342
This bungalow in Saguenay, Que. features six bedrooms and two bathrooms, in addition to an open-concept living, dining and kitchen area. Outside, the backyard is completely fenced and includes an above-ground swimming pool. The home is located near public transportation and is a short drive from the downtown core.
REGINA
(Hatch Media / Will Amichand, Platinum Realty Specialists)
Type: House
Price: $299,900
Year Built: 1950
Property Size: 78.22 sq. m
Lot Size: 351.27 sq. m
Cost of First Year: $88,704
At the entrance of this Regina home is a custom front door leading to a combined living and dining area with hardwood floors and a brick fireplace. In the kitchen is slate tile flooring and new stainless steel appliances. The basement has been fully renovated, and includes a bedroom, a three-piece bathroom and a second kitchen with custom countertops and a breakfast bar.
ST. JOHN’S, N.L.
(Amanda’s Camera Real Estate Photography / Andrew Winsor, Royal LePage Vision Realty)
Type: Townhouse
Price: $309,900
Year Built: 1930
Property Size: 145.11 sq. m
Lot Size: 150.50 sq. m
Cost of First Year: $88,956
This semi-detached townhouse in St. John’s, N.L. spans 145 square metres. In addition to four bedrooms and one bathroom is an open-concept living and dining area, which has two fireplaces. The kitchen, which features a walk-in pantry, also offers access to the deck in the backyard. The home is located near several parks and restaurants.
WINNIPEG
(Scott Zielke, SZ Media / Walter Mota, Dreamhaven Realty)
Type: House
Price: $334,900
Year Built: 1905
Property Size: 110 sq. m
Lot Size: 324.79 sq. m
Cost of First Year: $95,125
Built in 1905, this Winnipeg home includes a number of upgrades throughout. On the main level, vinyl plank floors run throughout the living and dining rooms as well as the kitchen, which also has modern-style cabinets and quartz countertops. On the upper floor are all three bedrooms and a four-piece bathroom.
EDMONTON
(Nik Jankovic, Müve Team, Royal LePage ArTeam Realty)
Type: Apartment
Price: $368,900
Year Built: 2019
Property Size: 51.02 sq. m
Lot Size: N/A
Cost of First Year: $100,078
This one-bedroom, one-bathroom unit is situated in Edmonton’s Ice District. It features engineered hardwood floors throughout, and the open-concept living area offers access to a balcony with west-facing views. The apartment building is located near Rogers Place and on-site amenities include a patio, pool and fitness centre.
Located in Saskatoon’s Caswell Hill neighbourhood, this newly-built home comes with three bedrooms and three bathrooms. On the main level are separate living and dining areas, along with a kitchen complete with granite countertops. On the upper level are all three bedrooms and an en suite bathroom. Near the home are various amenities such as restaurants, elementary schools and parks.
With three bedrooms and two bathrooms, this house in Greater Sudbury, Ont. features tile and vinyl plank flooring throughout. The recently upgraded kitchen comes with two-tone cabinets and new appliances. On the lower level is a family room with a gas fireplace, along with a laundry room, and the home is within walking distance of Moonlight Beach.
CALGARY
(Ryan Hagel, Calgary Real Estate Photos / Frank Simonfi, Royal LePage Benchmark)
Type: House
Price: $524,900
Year Built: 1929
Property Size: 82.03 sq. m
Lot Size: 418.06 sq. m
Cost of First Year: $142,388
Recent updates to this home in Calgary’s Mount Pleasant neighbourhood include new floors and roofing. In addition to an open-concept living and dining area, this bungalow also has two bedrooms and a bathroom. The kitchen overlooks a south-facing backyard that is fully fenced, and the basement is fully finished. Also on the lot is a heated garage.
HALIFAX
(Ludmila Oleynik / Janna Fertsman, Re/Max Nova)
Type: Townhouse
Price: $550,000
Year Built: 1999
Property Size: 173.08 sq. m
Lot Size: 0.2 to 0.4 hectares
Cost of First Year: $143,292
This 173-square-metre townhouse in Halifax has three bedrooms and three bathrooms. On the main floor are the combined living and dining spaces, which feature updated trims. On the upper floor, the main bedroom has an ensuite complete with a Jacuzzi. The home also has a single-car garage with cabinets for storage, and is situated near schools and public transportation.
MONTREAL
(Lucas Servant, Agence Immobilière Canora)
Type: Apartment
Price: $599,000
Year Built: 1890
Property Size: 100.15 sq. m
Lot Size: N/A
Cost of First Year: $150,738
Situated in Old Montreal, this loft spans more than 100 square metres and includes one bathroom and one bedroom. With three-metre-high ceilings, the apartment also features exposed brick walls and floor-to-ceiling windows. Amenities include a common terrace on the rooftop.
ABBOTSFORD, B.C.
(All The Rage Creative / Clark Barry, Clark Barry Real Estate Group, eXp Realty)
Type: Townhouse
Price: $684,900
Year Built: 2018
Property Size: 110.10 sq. m
Lot Size: N/A
Cost of First Year: $210,534
This end-unit townhouse in Abbotsford, B.C. has an open-concept floorplan on the main level, which includes a gourmet kitchen complete with stainless steel appliances and quartz countertops. In addition to two bedrooms on the upper floor is a den in the basement, which can serve as a home office or an extra bedroom.
VANCOUVER
(ONIKON Creative Inc. / Imran Ali, The Ali Group, eXp Realty)
Type: Apartment
Price: $1,169,000
Year Built: 1989
Property Size: 107.77 sq. m
Lot Size: N/A
Cost of First Year: $331,638
Recently renovated, this Vancouver apartment unit features several upgrades including the addition of engineered oak flooring in the combined living and dining areas, as well as both bedrooms. The unit’s two bathrooms also include new Italian tiling and heated floors. In the kitchen are updated quartz countertops, new stainless steel appliances and a wet bar, while floor-to-ceiling windows let in plenty of natural light.
RICHMOND HILL, ONT.
(Winsold / Roland Kogan and Danial Zolfaghari, Alan Newton Real Estate Ltd.)
Type: House
Price: $1,360,000
Year Built: 1942
Property Size: 204.39 sq. m
Lot Size: 715.44 sq. m
Cost of First Year: $400,733
Originally built in 1942, this two-storey home in Richmond Hill, Ont. has been fully renovated in recent years. This includes upgrades to the kitchen, as well as a remodeled dining and living area. The home also has three bedrooms, two bathrooms and a solarium. In the finished basement are two more bedrooms, as well as another kitchen. The basement also has its own entrance to the home.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
(Julie Taché / Josée-Ann Jomphe, Groupe Sutton-Nouvelle Demeure)
(Hatch Media / Will Amichand, Platinum Realty Specialists)
(Amanda’s Camera Real Estate Photography / Andrew Winsor, Royal LePage Vision Realty)
(Scott Zielke, SZ Media / Walter Mota, Dreamhaven Realty)
(Nik Jankovic, Müve Team, Royal LePage ArTeam Realty)
(Amy Thorp Photography / Josh Epp, Realty Executives Saskatoon)
(Incapture / Marcel Gladu, Re/Max Crown Realty 1989)
(Ryan Hagel, Calgary Real Estate Photos / Frank Simonfi, Royal LePage Benchmark)
(Ludmila Oleynik / Janna Fertsman, Re/Max Nova)
(Lucas Servant, Agence Immobilière Canora)
(All The Rage Creative / Clark Barry, Clark Barry Real Estate Group, eXp Realty)
(ONIKON Creative Inc. / Imran Ali, The Ali Group, eXp Realty)
(Winsold / Roland Kogan and Danial Zolfaghari, Alan Newton Real Estate Ltd.)
