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This is where you can still buy homes in Canada for under $200,000

·3 min read
A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021.  REUTERS/Carlos Osorio
Affordable housing is hard to come by in Canada's biggest cities. (REUTERS/Carlos Osorio)

Many Canadians may be feeling priced out of the red-hot real estate market, but there are still some cities in the country where buyers can purchase homes for under $200,000.

But you likely won't find those homes in Ontario or British Columbia.

That's according to a Point2Homes.com analysis of the real estate prices across the country, based on all active listings and pending sales for the first week of May. The online real estate marketplace company found that 10 per cent of all homes for sale in Canada are listed at less than $200,000, and very few are in Canada's most populous – and pricey – cities. Less than one per cent of the listings for sale in the country's biggest and most expensive cities came in at under $200,000.

In Ontario, Kawartha Lakes was the lone region where 4.8 per cent of for-sale homes are priced at $200,000 or less. There are no homes in Toronto, Mississauga and Brampton with homes listed at under $200,000. In B.C., Kelowna was the city with the largest percentage of homes listed for under $200,000 at just 0.96 per cent. Vancouver and Burnaby had zero listings at less than $200,000, while Abbotsford had 14 of 1,000 homes for sale priced at under $200,000.

However, there are regions where you can still find more affordable housing.

"Homebuyers who are willing to expand their house-hunting grounds to the largest cities in the Prairies, Atlantic Canada or Quebec can have their pick of broader concentrations of more affordable listings," Point2 said.

Here are the places in Canada with the largest share of homes listed for less than $200,000. Point2 analyzed the largest cities from each region of the country, including Atlantic Canada, Quebec, Ontario, the Prairies and B.C.

  1. Cape Breton, N.S. – 44.2%

  2. Regina, Sask. – 36.5%

  3. Saint John, N.B. – 26.72%

  4. Lethbridge, Alta. – 26.1%

  5. Edmonton, Alta. – 24.63%

  6. Saskatoon, Sask. – 23.47%

  7. Winnipeg, Man. – 23.45%

  8. Red Deer, Alta. – 22.8%

  9. St. John's, Nfld. – 13.46%

  10. Quebec City, Que. – 9.85%

 

Atlantic Canada had the highest share of affordable homes, with 44.2 per cent of the listings in Cape Breton, N.S. coming in at less than $200,000. However, Halifax – the biggest city in the region – had just 1.63 per cent of homes listed at under $200,000.

The Prairies boast eight cities where affordable homes make up a more significant part of the real estate market. Of the total homes for sale in Regina, Sask., 36.5 per cent are less than $200,000. Lethbridge, Alta. had 26.1 per cent of listed homes priced at less than $200,000, followed by Edmonton, Alta. (24.63 per cent), Saskatoon, Sask. (23.47 per cent), Winnipeg, Man. (23.45 per cent), and Red Deer, Alta. (22.8 per cent).

Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.

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