Buying a House in Canada? Understand Prices via Provinces
Until few years back, Canadian residency appealed to immigrants because of the pricing for Canadian housing. The prices were appealing when compared to similar countries in the West.
Immigrants specifically from Australasian UK and Europe had a dual benefit earlier when buying property in Canada. They could stretch their initial funds across parts of Canada. Moreover, the wage to real estate costs ration was favorable. However, over the years, the dollar in Canada has gained strength and the real estate bubble has seemed to keep bulking up. Just in 2020-2021 alone, the average cost of a home in Canada has seen rise by 25 per cent, states data from CREA- Canadian Real Estate Association.
Province-wise Real Estate Prices: High to Low
Let us take a trip around the top provinces in Canada with a brief summary of how much prices are around. Look into the possible reasons as to why a province might be seeing high or low real estate pricing too.
British Colombia- Most expensive house prices
The topper in the real estate category, very clearly due to being home to the mildest of Canadian climate, British Colombia stands high. It is one of the most populated provinces too and with a number of top cities dotting the landscape, the real estate sector is in huge demand. Immigration volumes are high too, for BC. Moreover, with a city like Vancouver present in here, there is further boost to the real estate market. The average property price here is $736,000.
Ontario- though high prices, due to high job options, immigrants can find it easy to afford the same
This province is home to Ottawa, the Canadian capital as well as to Toronto, Canada’s power city. 40 per cent of Canadian population stays in Ontario. With good standards of living, access to high quality facilities as well as immense job opportunities around, the sky rocketing real estate prices are not a shocker. The average property price here is $594,000.
Yukon- Immensely beautiful and yet affordable place
Blessed with immense natural beauty, Yukon boasts of awesome landscapes and scores well with buyers looking out for idyllic homes. Population wise, Yukon is still sparse but the quality of life available here is top notch.
Housing a compact population, the Northern Territories boast of just four cities. This perhaps appeals to home buyers who are ready to pay enough to put this province at place four on this list. Oh yes, come winters and you might get to see the aurora borealis form here.
A job market that is stable plus flourishing over the years, diversity in the environments as well as superb landscapes—all these make Alberta rank as it does in real estate context.
There has been some decrement in median property price in this province too over the last few years. The province is a hit with those relocating. Moreover, access to city life is easy despite the laidback feel of the place. This is further reason for real estate owners to scout home in Alberta. The average property price here is $353,000.
The average property in Quebec is of mid level and thus considered affordable over the top five province picks. However, the locals are mostly French speaking. The capital, Quebec city too offers awesome lifestyle despite an affordable price point. The average property price here is $340,000.
The physical landscape here is daunting and outdoor adventure lovers make a beeline for enjoying these. However, the province is not a hip area for other people. This results in affordable property prices. The average property price here is
Owing to distance from the central provinces and lesser population, this province offers real estate at affordable rates. The prices have also gone down over the last few years. The average property price here is $271,000.
The provinces forming the bottom three real estate price rankers are Newfoundland and Labrador, Nova Scotia and New Brunswick. These are high on scenery but real estate demand is yet to catch up. Therefore, the average median pricing for the three places are $236,000, $266,000 and $183,000 respectively.
Depending on your requirements and purse strings, there are a lot of options to pick from in real estate across Canada. Suburbs, cities, smaller towns and so much is in store across the varied territory of Canada.