The famous Royal Lepage company, in a report published today, revealed the cheapest Canadian cities to buy a home, at a reasonable cost.
The cost of buying homes in this city
The company indicated that the cost of purchasing homes in this city is considered quite reasonable, based on the percentage of income required to pay the monthly mortgage payment.
Royal Lepage explained that the cheapest city in Canada to buy a home is in Ontario, which is the city of Thunder Bay, being the cheapest city in Canada this year.
Total price of a home in Thunder Bay, Canada
The company said that 22.2% of a family's monthly income is required to make the mortgage payment each month in this city, while the total price of a home in Thunder Bay will reach about $299,300 for the current year 2024.
Knowing that the average total family income in the Canadian province of Ontario is $84,400, and the monthly mortgage payment is about $1,563.25 in this city located in northern Ontario.
Prices of houses and apartments in Canada
House and apartment prices in Canada vary depending on the region, view, area and neighborhood, as well as the degree of proximity or distance from the city or town center.
The variations in property costs follow your preferred living environment, whether in towns or metropolitan hubs. Unlike cities, in towns and villages you will find offers for buying and selling independent homes in Canada with their farms.
Average house prices in Canada
Below, we will present to you the average house prices in Canada according to each province:
- The typical Toronto, Canada house price might be 900,000 Canadian dollars.
- Apartment prices in Montreal, Canada, on average run about 350 thousand Canadian dollars.
- In Victoria, British Columbia, the typical house price is over 760,000 Canadian dollars.
- Apartment prices in Ottawa often range in average from 370,000 Canadian dollars.
- Apartment prices in London, Ontario, on average run about 340,000 Canadian dollars.
- Average Hamilton, Ontario house prices can be more than 530,000 Canadian dollars.
- Apartment prices in Saint John, New Brunswick, on average can range about 190 thousand Canadian dollars.
- In Quebec, average housing prices run about 260,000 Canadian dollars.
- In Winnipeg, Manitoba, the average apartment cost can be above 300,000 Canadian dollars.
- In Tri Rivers, Quebec, the typical house price can be above 170,000 Canadian dollars.