Where you’ll find the cheapest housing prices in Canada

If you live in a big Canadian city, you know all about the competitive housing prices, expensive insurance rates, and dense populations. But what about the smaller provinces?

Are there smarter places to purchase your first income property or vacation home?

In this post, we’re going to look at three of the cheapest places to buy a house in the country. They’re all located on Canada’s gorgeous and historic east coast and will be listed in descending order.

Newfoundland and Labrador

Perhaps not surprisingly, the smaller provinces will give you the best bang for your buck. The sparse population in Newfoundland and Labrador (around half a million) demands less from their housing market. The scenery is seriously priceless, but the lack of comparable demand keeps housing prices cool. 

Homes in N&L go for $252,029 on average across the two land masses. And, if you’re looking for a home in capital city St. John’s, you’re looking at a costlier $295,482, based on last year’s numbers. As usual, moving away from the larger cities will save you some money. To contrast, purchasing a tiny condo unit in Toronto or Vancouver will run you at least $500k.

A brief look at St. John’s rental market displayed a 2-bedroom 1500ft2 “Furnished downtown house with harbour views steps to Signal Hill” for $950 per month, all inclusive. Another 4-bedroom home was only $1150 per month, for 2200ft2. These homes are sitting on nice pieces of land and can surely house a family or two.

Nova Scotia

Next on our tour of the east coast, we arrive at historic Nova Scotia, the second smallest province in Canada. If you’re interested in whale watching or any marine biology, Nova Scotia is probably on your list thanks to its Atlantic-facing location and high tides.

Though housing in Nova Scotia has been rising in cost (10.2% since 2016), average home prices still come in at a cheap $241,055. The city of Halifax will be the most expensive, as prices jump to nearly $300,000 for a middle-budget home. But when you look at Sydney, another popular city, median home prices hover around a shocking $145,000 (shocking because it's so cheap!).

Rental properties up for grabs in Halifax can be of the historic variety, and because of the historic charm, some will have a novelty price tag to match. The rental market also seems competitive here, likely due to the abundance of university options and employment opportunities which amps up housing demand.

A “Large Character Home in Desirable South End” will set you back $2200 per month for a 3-bedroom, which is still well below what a 3-bedroom would cost you to rent in western Canada.

Alternatively, a student-leaning studio “Downtown near Dalhousie” goes for $1005 per month.

New Brunswick

The absolute cheapest province to move to and save money, on average, is New Brunswick.

This province, just north of Maine, USA is one of three maritime provinces on the east coast. Rivers, forests, mountains and the Bay of Fundy all provide stunning vistas to residents and visitors spending any time here.

Living in this beautiful province costs around $158,000 on average. The popular city of Moncton will cost you a $176,000 premium to purchase housing, whereas a middle of the line home in Saint John (not to be confused with Newfoundland’s St. John) will set you back $159,050.

A 3-bedroom rental costs an astounding $1000 per month, meaning each roommate would only have to shovel out $333 for their lodgings. Spacious 2-bedroom apartments go for $850, all inclusive.

Good things grow on the east coast

So there you have it readers, the east coast is the affordable destination if you’re looking to settle down in a new community complete with gorgeous scenery and historic homes.

If you’re considering a summer home, either of the provinces mentioned above will make viable and fun destinations.

The access to the ocean can’t hurt either. Ahoy!