You can buy a home for under $500,000 in these Canadian cities next year

Homes under $500,000 feel like a distant dream for many Canadians. But despite the bleak state of the housing market, Canadians’ outlook on homeownership remains positive, according to a new report.

Re/Max Canada says that after 2023’s housing shortage and interest rate hikes, 73% of Canadians are still “confident that home ownership is the best investment.”

The real estate company’s National Housing Market Outlook projects residential sale prices to rise slightly (0.5%) nationally in 2024. Unit sales are also projected to increase in 61% of regions surveyed by Re/Max.

In major metro cities like Vancouver and Toronto, average home prices exceeded the $1 million mark long ago. But according to expert predictions, here are some markets where Canadians can buy homes under $500,000 next year.

Edmonton, Alberta

Though home sales are expected to drop in Edmonton by 5%, the average sale price for a home next year is still projected at an affordable $416,860.

In 2022, this figure stood at $418,713, before dipping to $400,827 in 2023 (between January and October).

North Bay, Ontario

Surrounded by beautiful forest trails and picturesque bodies of water, North Bay is a great little city to raise a family. Only under 60,000 people are living here.

The average home price was just $349,060 in 2022. It’s increased significantly since and is projected to be around $434,940 in 2024.

St. John’s, Newfoundland and Labrador

Home prices in St. John’s and the surrounding area have increased by 1.9% over the past year and are expected to rise by 3% in 2024.

Fortunately, next year’s average home price projection is still well under $500,000 at just $350,071.

Saskatoon, Saskatchewan

Though real estate prices have risen slightly in Saskatoon, the number of listings for sale has increased. It is now projected that the average home price in the city will be $383,610 in 2024.

Between January and October this year, 4,112 homes were sold in Saskatoon.

Sudbury, Ontario

In lush, green Sudbury, the average price of a home will be around $492,580 next year. This is a higher price compared to Sudbury’s average in 2023 ($473,635).

Home sales dropped by 18.8% in 2023 compared to 2022.

Winnipeg, Manitoba

While home sales are estimated to rise by 3% in Winnipeg next year, the average home price will remain the same next year — $402,956. That’s still way under $500,000!

Per Re/Max data, 6,002 homes have already sold in the city between January and October this year.

Sault Ste. Marie, Ontario

Stay close to the US border in this charming historic town, where a home will cost you about $354,290 on average next year. Home sales are expected to skyrocket by 15% in the Northern Ontario city, but the number of home listings dipped 15% in 2023.

At that price point, it’s no wonder they’re selling like hotcakes.

Saint John, New Brunswick

Welcome to the city by the sea, where home sales are expecting a 7.5% boost next year! According to this year’s Re/Max data, 1,575 had already sold in the city by October.

For just around $317,211, you might be able to buy a home in Saint John next year, too.

Quebec City, Quebec

With jaw-dropping architecture, Quebec City is an excellent place for anyone looking to buy a home.

Average home prices in the city are expected to remain unchanged next year, so they’re still well within our $500,000 budget. Home listings have also grown in number over 2023.

Expect to shell out about $349,000 to buy a cozy home here.

Fredericton, New Brunswick

The capital city of New Brunswick is expected to see a 3.4% rise in home prices, but once again fits our budget.

Re/Max says the average home price in Fredericton will be around $331,783 in 2024. In 2022, it would have cost you just $308,941.

Sigh… simpler times.

Thunder Bay, Ontario

Sprawling at the edge of Lake Superior, Thunder Bay makes for a fast-growing housing market. Home sales in the city are expected to rise by 5% next year.

On average, a residential property will cost you $355,717. This is close to the 2022 average price, which fell to $348,742 in 2023.

Regina, Saskatchewan

As of 2021, the capital city of Saskatchewan had just over 226,000 residents. Home prices in Regina have been consistently dipping and went from $321,480 in 2022 to $307,214 in 2023.

But next year, they’re expected to drop to just $301,070 on average.

Between January and October this year, 4,375 homes were listed in Regina, so expect plenty of choices.

Moncton, New Brunswick

Did you know Moncton is the most populous city in New Brunswick? And it has some beautiful riversides to take in.

A home in Moncton will run you around $350,171 next year, a significant jump from $315,000 in 2022. Residential property sales are projected to increase by 3% in 2024.

Did any of these cities tickle your fancy? Well, now you know where to shop on a budget.