A new version of the quintessential Canadian dream has emerged in Canada’s housing market—a contemporary, 3-bedroom, 2-bathroom suburban single-family house. This Canadian dream house is the essence of charm and comfort, boasting a modern kitchen, a cozy garage, and a serene outdoor space. However, they may not be affordable – at least not in the cities that the homebuyer or investor prefers.
Let us look at cities where dreams can become a reality on a more affordable budget. Explore cities where your dreams can become a reality without breaking the bank. Click here to visit our website for more information.
The Top of the Heap
Metro Vancouver and the Greater Toronto Area (GTA) hold the crown for Canada’s most expensive real estate and rank among the priciest globally. These regions drive up prices, capturing attention with their bustling city life and economic opportunities.
However, other cities within the provinces offer opportunities of owning the perfect dream home. These hidden gems provide more affordable options without compromising the desired qualities of a suburban single-family house.
Ontario
The house value in Ontario is $928,897, with the GTA leading the pack at an average home sold price of $1,196,101. Brampton, Mississauga, and the City of Toronto have house prices above $1 Million.
Among other cities in Ontario, the average sold cost in Ottawa was $673,697. Real estate in London remains relatively affordable, with a value of $682,561. With an average sold value of $814,082, house for sale in Hamilton provide a more affordable housing market than in the GTA. The housing market in Oshawa had an average price of $855,682.
British Columbia
In British Columbia, the most expensive province, finding a family house below the $1 million mark may take time and effort. The house price in British Columbia is $1,019,145, and the Greater Vancouver area has an average home price of $1,311,090. However, there are areas like Powell River where you may find some options if you engage a reliable real estate agent.
Other Provinces and Cities Across Canada
Quebec offers more affordable options, with an average home value of $481,737 for the province and an average house sold cost in Montreal of $593,357. Home prices have decreased by 3% compared to last year, and finding a suitable family house within the desired budget is still possible.
In the Atlantic Canada region, Nova Scotia has experienced a 1% increase from last year, with an average value of $458,175. Prince Edward Island’s home value is $379,924, and Newfoundland’s St. John’s area has a home value of $271,953.
Average Home Prices by Province Across Canada (May 2024)
| Province | Average Home Price | Annual Price Change (%) |
| British Columbia | $1,019,145 | 2.98% |
| Ontario | $928,897 | -1.00% |
| Quebec | $481,737 | -3.00% |
| Alberta | $470,037 | 3.08% |
| Nova Scotia | $458,175 | 1.00% |
| Prince Edward Island | $379,924 | -7.00% |
| Manitoba | $358,391 | -8.00% |
| Saskatchewan | $315,444 | 0.00% |
| New Brunswick | $312,351 | -2.00% |
| Newfoundland and Labrador | $271,953 | -8.00% |
The average house price in Alberta is $470,037, which allows for more options within the given budget. Specifically, Calgary’s home cost remains affordable at $551,853, and Edmonton, Alberta’s capital city, has an average house value of $420,507.
In Saskatchewan, the home cost remains unchanged, reaching $315,444. Manitoba’s average house price is $358,391. In Saskatchewan, Saskatoon shows promise, as home prices have increased by 5% year-over-year, averaging $375,058. However, Regina’s house cost has decreased by 6% year-over-year, now at $311,585. Winnipeg in Manitoba has experienced a 9% year-over-year decrease in home cost, reaching $379,573.
Conclusion
The diverse communities across British Columbia and Ontario, where affordability, natural beauty, and community spirit converge, make dreams of owning an ideal family house a reality. Alberta, particularly Calgary, and Saskatchewan, specifically Saskatoon, promise to meet the criteria and price range.
While finding a family house within a million-dollar budget may be challenging in some provinces and cities, opportunities are still available in many other locations that fit your needs.
When it comes to finding the latest Canadian dream house under a million dollars, it’s essential to consider various cities and provinces across Canada. While regions like Metro Vancouver and the Greater Toronto Area (GTA) are known for their expensive real estate, there are other cities and hidden gems that offer more affordable options without compromising on the desired qualities of a suburban single-family house.
In Ontario, the home value is $928,897, with the GTA leading the pack at an average home sold cost of $1,196,101. Cities like Brampton, Mississauga, and the City of Toronto have home prices above $1 million. However, there are alternatives to consider. Ottawa, for instance, has an average sold price of $673,697, making it a more affordable option. Real estate in London remains relatively affordable, with a price of $682,561. Hamilton also provides a more affordable housing market than the GTA, with an average sold price of $814,082. The housing market in Oshawa had an average value of $855,682.
British Columbia, known as the most expensive province, poses a challenge when searching for a family house below the $1 million mark. The house cost in British Columbia is $1,019,145, with the Greater Vancouver area reaching an average home price of $1,311,090. However, there are areas like Powell River where one might find options within the desired budget by engaging a reliable real estate agent.
Looking at other provinces across Canada, Quebec offers more affordable options, with an average home value of $481,737 for the province and a home sold price in Montreal of $593,357. Home prices in Quebec have decreased by 3% compared to last year, creating opportunities to find a suitable family house within the desired budget.
In the Atlantic Canada region, Nova Scotia has experienced a 1% increase from last year, with an average price of $458,175. Prince Edward Island’s average home price is $379,924, and Newfoundland’s St. John’s area has an average house price of $271,953.
Considering the average home cost by province across Canada as of May 2024, British Columbia leads with an average price of $1,019,145, followed by Ontario at $928,897. Quebec comes in at $481,737, and Alberta at $470,037. Nova Scotia has a cost of $458,175, while Prince Edward Island is at $379,924. Manitoba stands at $358,391, and Saskatchewan at $315,444. New Brunswick is at $312,351, and Newfoundland and Labrador at $271,953.
If we focus on Alberta, the average house value is $470,037, which allows for more options within the given budget. Calgary remains an affordable option with an average house price of $551,853, and Edmonton, Alberta’s capital city, has a home price of $420,507. In Saskatchewan, the average house cost remains unchanged, reaching $315,444. Manitoba’s average home price is $358,391. In Saskatoon, house prices have increased by 5% year-over-year, averaging $375,058, showing promise for finding an affordable dream home. However, Regina’s average home price has decreased by 6% year-over-year, now at $311,585. Winnipeg in Manitoba has experienced a 9% year-over-year decrease in the house value, reaching $379,573.
In conclusion, while finding a family house within a million-dollar budget may be challenging in some provinces and cities, there are still opportunities available in many other locations that can meet your needs and preferences.