home prices canada

Here are the major Canadian cities where home prices are still below average

Home prices continue to rise nearly everywhere across Canada as the pandemic drags on, with staggering price growth recorded in nearly every major region over the past year — and yet, a surprising number of cities still boast house prices well below the national average.

How? Well, the ridiculously high prices of homes in places like Toronto and Vancouver, for starters.

A new report from the real estate brokerage and analysis firm Zoocasa reveals that average home prices in 18 of Canada's 25 largest real estate markets fell below the current national average price of $621,515 last month.

In some of these cities, prices are actually quite far below the national average right now, despite year-over-year price growth in the double digits.

For its report, Zoocasa reviewed Canadian Real Estate Association (CREA) home price and sales data for January of 2021.

What analysts found was that 24 of the 25 markets included in the CREA's monthly regional housing statistics posted year-over-year price increases, ranging from a modest five per cent growth all the way up to 41 per cent. 

Regina, Saskatchewan was the only city in which average home prices actually fell in January 0f 2021, down by three per cent year-over-year to just $273,885.

Almost half of the 25 cities surveyed by Zoocasa saw homes increase in value by more than 20 per cent between January of 2020 and 2021, but only seven showed average house prices above normal for Canadian real estate.

The average price of a home in the Greater Vancouver Area, for instance, was $1,089,096 last month, up 11 per cent over the previous January. In The Greater Toronto Area, homes went for an average price of $967,885.

Hamilton-Burlington, Kitchener-Waterloo, Niagara, Fraser Valley and Victoria, B.C., also posted average prices above the national average — which itself increased year over year by a whopping 23 per cent.

home prices canada

Regions where home prices are above and below the Canadian average as of January 2021. Image via Zoocasa.

"The overall housing market was highly competitive for home buyers in January, as indicated by the sales-to-new-listings ratio (SNLR) of 70%," reads the Zoocasa report, noting that home sales were up some 35.2 per cent, year-over-year, with 36,897 properties exchanged across Canada.

"Prevalent market conditions in January also put upward pressure on home prices: the national average home price rose 23 per cent annually in January to $621,525."

In terms of the cheapest major Canadian real estate markets, Saint John, New Brunswick, posted an average home price of $199,853 in January.

Here are all 18 of Canada's large cities where home prices are currently below the national average, in case you're looking to buy an affordable property somewhere with a name that people will actually recognize.

  1. Saint John: Average Home Price: $199,853
  2. Saguenay CMA: Average Home Price: $206,242
  3. Trois Rivières CMA: Average Home Price: $225,694
  4. Thunder Bay: Average Home Price: $258,738
  5. Regina: Average Home Price: $273,885
  6. Quebec CMA: Average Home Price: $313,811
  7. Sherbrooke CMA: Average Home Price: $317,545
  8. Winnipeg: Average Home Price: $320,814
  9. Gatineau CMA: Average Home Price: $338,679
  10. Saskatoon: Average Home Price: $331,555
  11.  Sudbury: Average Home Price: $356,633
  12. Edmonton: Average Home Price: $375,874
  13. Halifax-Dartmouth: Average Home Price: $433,000
  14. Windsor-Essex: Average Home Price: $492,480
  15. Montreal: Average Home Price: $516,350
  16. Calgary: Average Home Price: $518,237
  17. Ottawa: Average Home Price: $591,413
  18. London and St. Thomas: Average Home Price: $608,049
Lead photo by

Scott Prokop in Saskatoon

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