With this new digital economy, many people are no longer tied to a particular city or town for work. Many are relocating to smaller suburbs, and are even moving to other provinces such as Alberta, according to the Business Council of Alberta, to find a home that offers them the best value for their money.
Below, I’ll show you some of the areas in Canada that offer excellent value in real estate.
Cities in Canada with the best real estate prices
Real estate value tends to be very subjective to location. Vancouver is a great city to live in, but the cost of a three-bedroom home on a small lot will run you double or even triple the cost of the same home in a small town.
While the big city certainly has its appeal, Canada has some truly beautiful smaller towns and cities. Each of these cities has its own unique appeal and offers surprisingly low real estate costs. From the rivers, valleys, and natural beauty of Saguenay, Que., to the bustling bayside city of Saint John, N.B., these cities offer Canadians the best value on their real estate investment.
If the idea of a small city by the water sounds inspiring to you, then Saint John, N.B., is worth looking into. They offer a beautiful view of the Bay of Fundy, and catching a sunset at one of the waterfront restaurants is recommended. There are also plenty of hiking and nature trails if you’re willing to drive outside the city a bit.
Moncton tends to be a welcoming community and is known for having a growing labour market, according to the Job Bank of Canada. The city has a number of good restaurants, offers plenty of public parks, and has an exciting downtown area where you can find museums, galleries, theatres, and a bustling nightlife scene.
Saguenay will be right up your alley if you love the outdoors. It’s consistently ranked among the most beautiful areas in Quebec, according to Tripadvisor, due to its large natural parks, ample hiking, and waterways. The picturesque hillside city is located directly on the Saguenay River. The hills are lined with scenic villages, and it’s a truly beautiful place to visit and live in.
While some may complain about the cold weather, the city features plenty of parks, rec centers, cultural art centres and has a steadily growing job market, according to the CREA.
The city is known for its colourful houses by the water, museums, and rich cultural history. There’s also a quickly growing local economy, according to the CREA, and job market, thanks to the influx of new residents. If you like the outdoors, there are some incredible outdoor parks, trails, and scenic byways just outside of the main city.
Conclusion
One of the best ways to reduce your overall stress in life is to reduce your cost of living. Once you leave the big cities and major financial districts, real estate costs tend to drop. As you can see, these cities offer not only affordable single-family home rates, but also feature vibrant communities, beautiful parks, and promising local economies.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
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.
