If you’re in Canada’s major urban centres, “affordable” housing can seem an impossibility, but according to the Canadian Real Estate Association there are still options in almost every province that are cheaper than they were last year.
In it’s latest update, CREA says only two provinces have prices broadly up from a year ago: PEI and Newfoundland and Labrador.
Everywhere else, there are still some relative bargains.
This tidy little two-bedroom cottage-style home at 46279 Third Ave., Chilliwack, B.C., in the middle of the city offers about 860 square feet of living space.Century 21 Creekside Realty
British Columbia
In British Columbia, the Chilliwack area on the eastern end of the Fraser Valley, prices in May were down 13.5 per cent from last year. By other metrics the area is more middle of the pack: CREA’s home price index (HPI) benchmark price puts the area at $710,799: better than the Lower Mainland and Greater Vancouver, though the Interior is still cheaper. Prices have appreciated some in the last three months but seems less sustained than the busier metro areas.
At the benchmark price there aren’t many updated detached homes on the market even though you’re 100 kilometres west of Vancouver, though there’s plenty of townhouse, strata and manufactured homes with long-term leases to consider.
If you don’t need a lot of space there’s 46279 Third Ave., a tidy little two-bedroom cottage-style home in the middle of the city with about 860 square feet of living space. On the plus side it has a big back yard with a tree-house and large storage shed, and it’s been on the market for 134 days at $675,000.
The two-storey home at 14715 141 St. NW, in Edmonton was built in 2008, is listed at $369,000 and it has been on the market for more than 140 days.Maxwell Polaris
Edmonton remains one of the cheapest and slowest-growing price environments among large cities in the country, with a HPI benchmark price of $362,400. Edmonton is up only 8.5 per cent from three years ago but is still down 8.8 per cent from one year ago. That long record of slow price appreciation might give you pause if you’re an investor, but for someone who just wants to live in a home they own it’s one of the more affordable big cities in Canada.
There are literally hundreds of detached homes under $375,000 in Edmonton though many are of the 1960s and 70s variety of ranch bungalow. If you want something a little newer on the city’s west side there’s the relatively new 14715 141st St. NW: a two-storey home built in 2008. Though it’s listed at $369,000 it has been on the market for more than 140 days. Unlike most of the neighbours, it has no laneway garage and a rather modest backyard.
The renovated Tudor-style house at 952 Victoria Ave., in Windsor, Ont. is available for $499,000.Royal LePage Binder Real Estate
Some of the steepest price drop-offs in the country have been seen in rural and recreational communities in Ontario such as Grey-Bruce-Owen Sound, neighbouring Huron-Perth, the Niagara Region and Simcoe County. All of those areas have prices that are about 15 per cent off the peaks of a year ago but still see a benchmark price typically between about $500,000 and just less than $700,000. The two areas that are even further off the mark are Peterborough and the Kawarthas and the Windsor-Essex corridor where the benchmark price is down 17.6 per cent and 17.2 per cent respectively, the slowest regional recoveries in the country. Between the two, Windsor has the cheaper benchmark price of $545,700.
There are plenty of rental-investor options in the city – many of the larger home listings below the benchmark price explicitly say so in the listing – and pictures will often include mattresses or cots in every rentable “bedroom.” Then there are homes such as the recently renovated Tudor-style house from the 1920s at 952 Victoria Ave. in the city’s centre available for $499,000 – well below the benchmark.
This charming little house at 755-757-5e Ave., Shawinigan, Que. was built in 1911, updated in 2020, has a rental/in-law-suite and most importantly it’s just $249,000.Re/Max Quebec
Some of the cheapest homes in the country can be found in Quebec’s Mauricie region, which captures Trois-Rivières on the St. Lawrence and also contains loads of smaller rural and recreational communities. While the absolute dollar figure is low at a benchmark $236,700, it’s one of the few areas of the country that’s still up dramatically from three (70 per cent) and five (89.5 per cent) years ago. Most of Quebec has some of the best sustained price growth over the last five years but little Mauricie, with fewer than 300,000 people, is tops in growth in the province up 3.6 per cent from a year ago.
For benchmark price you could get a four bedroom farmhouse in a small town or a bungalow in Trois-Rivières, but some of the nicest places under $250,000 are in and around Shawinigan, hometown of former Prime Minister Jean Chretien.
Just off the main drag is a charming little house built in 1911 and updated in 2020. 755-757 5th Ave. has a rental/in-law-suite attached as well and the renovation squeezes every livable inch out of the floor plan. Most importantly it’s just $249,000 and has been on the market for two months.
This two-bedroom, two-storey house at 360 High St., in central Moncton, New Brunswick is listed at $280,000 and has been recently refinished inside.Re/Max Quality Real Estate Inc.
Perhaps the champion of affordability remains New Brunswick where none of the four regions CREA measures has a HPI benchmark price above $350,000. Oddly the most expensive part of the province may also have the best deals, because though Greater Moncton’s benchmark is $313,500 it’s still falling month over month and is down 4.7 per cent from a year ago. On the plus side, it’s got the highest overall values compared to three and five years ago in the province, so there’s clearly still some demand there despite the current issues.
There are some pricier homes in the city and there are bare lots going for more than $300,000 in the Moncton region but there’s also some real bargains depending on how much space you need. Take 360 High St., right in central Moncton: at $280,000 this two-bedroom, two-storey house is well below the benchmark and it has been recently refinished inside and comes with a big backyard.
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.
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