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Here's where you can still find homes for under $200,000 in Canada

Thirty-five of Canada's 50 largest cities have zero homes listed for under that price point

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. Prospective buyers have lamented the torrid pace Canada's real estate market has moved at in recent years, but many feel 2023 may be the year their luck changes. THE CANADIAN PRESS/Sean Kilpatrick
Only 15 Canadian cities had any house listings for under $200,000, according to Point2homes. THE CANADIAN PRESS/Sean Kilpatrick

The number of homes under $200,000 in Canada is dwindling but there are still some cities where affordable homes exist.

The latest annual report from online real estate marketplace Point2 shows Atlantic Canada and prairie provinces are a house hunter's best bet for finding a home under $200,000.

Cape Breton, NS is still in the number one spot this year with 44.5 per cent of home listings under $200,000, about the same amount as last year.

Saint John, NB moved up a spot to second place this year at 36.6 per cent, while Regina, Sask. rounds out the top three with 28.9 per cent of listings under $200,000.

Here are the top 10 cities with the largest share of homes listed for less than $200,000

  • Cape Breton, NS: 44.5%

  • Saint John, NB: 36.6%

  • Regina, Sask.: 28.9%

  • Winnipeg, MB: 19.9%

  • Edmonton, Alta.: 18.6%

  • Saskatoon, Sask.: 17.4%

  • Lethbridge, Alta.: 15.9%

  • Red Deer, Alta.: 14.9%

  • St. John's, Nfld.: 11.4%

  • Quebec City, QC: 9.3%

The data show 15 cities across the country have homes listed for under this price point, compared to 12 cities last year. However, before home buyers get too excited, the share of listings under $200,000 hovers between zero and one per cent, with the exception of Waterloo and Kawartha Lakes in Ontario.

In Canada's most expensive housing markets, Point2homes' data show Toronto had a total of two listings for under $200,000, or 0.04 per cent as a total share of listings as of April, compared to zero last year. Vancouver still has zero.

House hunters looking in the surrounding regions of Toronto and Vancouver also won't have much luck finding an affordable home.

Mississauga and Brampton on the west side of Toronto, Durham region in the east and Markham and Richmond Hill north of the city all have zero listings under $200,000, the data show.

In the cities surrounding Vancouver, Surrey has two listings under the $200,000 mark, Richmond has one, while Burnaby and Coquitlam have none, according to the data. Further out, Abbotsford and Chilliwack have a combined three listings under $200,000.

It should be noted that out of the top 50 most expensive cities nationwide, Waterloo, ON has the highest share of homes listed under $200,000 at 3.13 per cent, or a total of 10 homes. The benchmark price of a home in Waterloo was $748,200 in April.

Kawartha Lakes, ON is in second place with 2.62 per cent of listings, or 16 listings. Maple Ridge, BC is third with 0.77 per cent as a share of overall listings, or four house listings. The benchmark prices of homes in those cities as of April were $665,400 and $955,700, respectively.

Point2 says 35 of Canada's 50 largest cities have zero homes for sale under the $200,000 price point.

Canadian home prices have come off their record highs this year after the rapid rise in interest rates, but affordability has continued to erode for many home buyers as higher borrowing costs offset any dip in prices.

Alberta, notably, has capitalized on its relatively affordable housing market, issuing a "call" to Canadians to lure them to move to the province, and Statistics Canada data show the marketing campaign has been working.

Here are some house listings for under $200,000

Courtesy realtor.ca
Courtesy realtor.ca

This two-bedroom, one-bath detached bungalow in Edmonton is listed for $189,500. It's on a corner lot, has a spacious backyard and "all the amenities of a mature family-oriented neighbourhood," according to the listing.

Courtesy realtor.ca
Courtesy realtor.ca

This three-storey home in Cape Breton features four bedrooms, one bathroom, hard wood floors and Douglas Fir wood trim throughout the house. It's listed for $179,000 and is available for a quick closing, the listing says.

Courtesy realtor.ca
Courtesy realtor.ca

In Regina, this three-bedroom, two-bathroom bungalow has lots of natural light and a large eat-in kitchen. The master bedroom and a bathroom have been recently renovated, the listing says. You'll find it on the market for $149,900.

Michelle Zadikian is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @m_zadikian.

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