After a turbulent 2022, home sales and prices in Canada have been trending upward this year, with the national average home price reaching $754,700 in May 2023 — the highest it's been since July 2022. 

Although dreams of purchasing a home in several markets — including Toronto — comes with a seven-digit price tag, there are still many cities in Ontario where you'll find average home prices below the national average. 

Zoocasa recently analyzed average home prices in 23 regional markets across Canada to determine where home prices are the most affordable using data from the Canadian Real Estate Association. 

As expected, the affordability of housing improves the further you move away from metropolitan hotspots like Toronto and Vancouver. 

Photo: Zoocasa.

In the GTA, the average home price was $1,164,400 in May 2023, representing an 8.8 per cent change since January 2023. Vancouver was the only Canadian city to beat out Toronto in terms of home prices, with the average property running you a staggering $1,188,000. 

Three other Ontario regions on the list boasted average home prices higher than the national average, including Hamilton-Burlington ($877,100), Guelph & District ($843,300), and Kitchener-Waterloo ($777,500). 

Regions where average home prices are below and above the national average. Photo: Zoocasa.

However, if you're operating on a tighter budget, you'll be relieved to know that you can still find below-national average home prices in four other regions: Niagara Region ($662,400), Ottawa ($645,400), London & St. Thomas ($619,800), and Windsor-Essex ($567,800). 

Out of all the regions analyzed in Canada, the most affordable market is Saint John, N.B., with an average home price of $281,100 in May 2023, which is $473,600 cheaper than the national average and roughly $880,000 cheaper than the GTA.