Fairstone Financial Inc., a Canadian lending solutions provider, has ranked the top ten most affordable places to purchase a home in Canada for 2025. According to its housing affordability rankings, several Canadian cities still offer reasonable housing prices and living costs despite the national trend of skyrocketing property prices.
The comprehensive analysis of housing market data and cost of living surveys reveals that many Canadians are exploring alternatives to major metropolitan areas in search of more affordable housing options.. These locations not only offer lower housing costs but also provide essential amenities, employment opportunities, and community benefits that contribute to a balanced lifestyle.
Saint John, New Brunswick: Maritime Charm Meets Affordability
Saint John is one of Canada’s most budget-friendly cities with an average house price of $309,500, according to the Fairstone ranking. This historic port city offers affordable living, a strong sense of community, and maritime culture. With an average household income of $96,100 and low crime rates, it’s a safe, economically viable option for homebuyers. The maritime climate and waterfront views enhance its appeal, though significant winter snowfall is common.
Thunder Bay, Ontario: Northern Living at Reasonable Costs
Thunder Bay presents an attractive option for those seeking affordable housing in Ontario, with average home prices at $375,539. The city offers a strong sense of community and beautiful natural surroundings, making it ideal for outdoor enthusiasts. With an average household income of $96,100, residents enjoy a cost of living that’s 3% lower than the Ontario average. The data indicates higher crime rates and remote location as factors for consideration.
St. John’s, Newfoundland and Labrador: Coastal Living Within Reach
St. John’s offers a unique blend of coastal charm and affordability, with average house prices at $364,400. The capital city boasts one of the lowest average monthly rents at $1,063, combined with a robust average household income of $107,000. The city’s low crime rates and mild climate make it an attractive option for those seeking a maritime lifestyle. The higher cost of living (4% above national average) and isolation from mainland Canada remain notable considerations.
Edmonton, Alberta: Big City Amenities with Moderate Housing Costs
Edmonton provides a metropolitan lifestyle with relatively affordable housing, averaging $407,458 for home prices. The city’s strong economy, driven by diverse industries, supports an impressive average household income of $116,800. Despite living costs being 7% above the national average, Edmonton’s competitive job market and cultural amenities make it an attractive option. The city’s harsh winters and moderate crime rates are significant factors in the assessment.
Red Deer, Alberta: Central Location, Reasonable Prices
Red Deer offers middle-ground pricing with average house prices at $409,900 and strong household incomes averaging $123,500. The city’s central location between Edmonton and Calgary provides excellent access to major urban centers. Despite higher living costs (7% above national average), Red Deer’s outdoor recreational opportunities and growing economy appeal to many. The data highlights moderate to high crime rates and a competitive job market.
Trois-Rivières, Quebec: Cultural Heritage at Affordable Prices
Trois-Rivières combines Quebec’s rich cultural heritage with affordable living, featuring average house prices of $448,662. The city’s lower cost of living (5% below national average) and safe environment make it an attractive option for many. With an average household income of $79,000, the city offers a comfortable lifestyle. French language proficiency remains essential for daily life and employment opportunities.
Regina, Saskatchewan: Prairie Living with Economic Opportunity
Regina offers relatively affordable housing with average prices at $451,400 and strong household incomes averaging $109,700. The capital city provides numerous employment opportunities, particularly in agriculture and manufacturing sectors. Despite living costs being 3% above the national average, Regina’s modern amenities and cultural attractions provide value. The analysis indicates high crime rates and harsh winters as key considerations.
Sherbrooke, Quebec: Family-Friendly with Budget-Friendly Housing
Sherbrooke stands out with its family-oriented environment and average house prices of $515,155. The city’s cost of living sits 12% below the national average, making it highly attractive for budget-conscious buyers. With an average household income of $83,000 and very low crime rates, Sherbrooke offers a safe, affordable lifestyle. French language skills remain necessary for full integration into the community.
Quebec City, Quebec: Historic Charm with Moderate Housing Costs
Quebec City combines rich history with relatively affordable living, featuring average house prices of $550,200. The UNESCO World Heritage site offers excellent public services and very low crime rates. With an average household income of $93,800, residents enjoy a high quality of life. French language proficiency remains essential for employment and daily life.
Charlottetown, PEI: Island Living at Reasonable Prices
Charlottetown concludes the rankings with average house prices at $376,429 and an average household income of $92,500. The capital city offers a charming small-town atmosphere with urban amenities. Despite living costs being 2% above the national average, the city’s safe environment and mild climate appeal to many. The analysis notes limited job opportunities outside tourism and seasonal industries as key considerations.
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