The average sales price for a home in the Canadian real estate market is around $740,000. Even when Toronto and Vancouver are removed from the equation, house prices are still more than $600,000. But believe it or not, there are still some places where you can buy a home for under $200,000.
When the down payment, land transfer taxes, and the plethora of closing costs added to the mix to high housing prices, it can be challenging for the typical household to afford to purchase a single-family house, townhome or even a condominium unit.
Is the Canadian dream of home ownership dead in the water? Not exactly, because there are still many residential properties available that are selling for below $200,000. Sure, you may not be looking at buying a home in the heart of a big city for this price, but ownership is still doable in this heated housing environment.
So, where can you buy a home for under $200,000 anyway? You may need to open your eyes to one of the world’s most beautiful countries, and expand your search beyond southwestern Ontario and British Columbia.
Here is a list of 10 places where you can buy a home for less than $200,000.
10 Places Where You Can Buy a Home for Under $200,000
#1 Airdrie, Alberta
The Alberta real estate market is heating up, with many pockets of the province witnessing notable price gains and sizeable sales activity. But while it might seem challenging to acquire a home in the revived provincial economy, prospective homebuyers can find opportunities in Alberta that are under $200,000.
#2 Fort McMurray, Alberta
You can add Fort McMurray as another Alberta municipality that can offer affordable housing options, be it a detached house or an apartment-style unit. There are many available homes for sale that are priced under $200,000.
#3 Saskatoon, Saskatchewan
Surprisingly, multiple residential properties are listed for $200,000 or less in Saskatoon. Despite turning into a red-hot housing market in the Prairies and enjoying considerable growth, not everyone is being left out in the cold, with homes selling for less than $200,000.
#4 Winnipeg, Manitoba
The Winnipeg real estate market has been booming. At the same time, housing experts agree that growth has not been as immense as its major counterparts, suggesting that it can withstand the era of higher interest rates. Indeed, there are multiple areas in Winnipeg where you can scoop up a home for less than $200,000.
#5 Sault Ste. Marie, Ontario
Is the Ontario real estate market a lost cause for the many households wishing to acquire affordable property? Places such as Sault Ste. Marie have plenty of homes in the under-$200,000 range.
#6 Amherst, Nova Scotia
Atlantic Canada has and continues to be one of the top housing markets in the entire country. Prices are surging, while sales activity is strong. But do not let these trends fool you: You can find homes throughout the eastern province that will cost you less than $200,000.
#7 Newfoundland and Labrador
Newfoundland and Labrador has been home to some of Canada’s most affordable real estate, including New Hartford. In this area, you can buy a small property or even a mobile home and enjoy all the benefits of living in the province.
#8 Fenwick, Nova Scotia
Indeed, many homes here for sale will cost the buyer less than $200,000. This is far from what you would expect in major urban centres or even small towns in Ontario. But Fenwick has various residential properties for sale below the $200,000 mark.
#9 Truro, Nova Scotia
Life outside the main city centre of Halifax in the delightful province of Nova Scotia has attracted many buyers from near and far. Indeed, the eastern seaboard is developing as officials try to take advantage of the housing boom on the east coast. The smaller towns of Nova Scotia make it easy to enjoy the fruits of home ownership at an affordable price.
#10 Regina, Saskatchewan
Can you find a home for less than $200,000 in the capital of Saskatchewan? Yes. Of course, it might not be a palace in Regina, but living close to the city and spending less than $200,000 on a home is an attractive prospect.
National or Regional Affordability Crisis?
Last year, some housing experts posited that Canada was not going through a national housing affordability crisis but rather a regional one. This could be a compelling argument after combing through multiple municipalities throughout the Canadian real estate market. It takes some due diligence and some additional research with your real estate agent. And, remember, be realistic in your hunt for a $200,000 home because it may not always be found in the downtown core of Toronto. Instead, explore other part of Canada where you may enjoy a long list of benefits not found in any major urban centre.