Canada's Cheapest Housing Markets Have Been Revealed & Canadians Are Prepared To Move

A new report has uncovered the cheapest cities in Canada to buy a house and apparently — to fulfill their dreams of homeownership — most Canadians would consider relocating.

The new RE/MAX Housing Affordability in Canada report found that the majority (64%) of Canadians surveyed are willing to relocate to achieve housing affordability.

Of those, 50% of Canadians said they would make their change of scenery less than 100 km from where they currently live.

On the other hand, 38% said they would move anywhere, regardless of distance, province or location, for the opportunity to own their very own home.

And for these weary homeowner hopefuls, it seems a trip to the prairies or the east coast is in order.

The report states that the nation's most affordable housing market in 2022 is actually in the town of Brandon, Manitoba.

Brandon boasts an average house sale price of $310,252 in 2022, based on local real estate data.

After that comes Regina, with an average of $323,950. Coming in third is St. John's with $332,900.

Following those top three locations are Moncton, New Brunswick, ($337,992) and Red Deer, Alberta ($356,779).

However, when taking into account the average income versus the average price of a home, Red Deer has the best market with 25.86% of monthly income spent on housing.

In second place is Regina where locals pay 26.94% of their income, followed by Brandon at 27.73%

For anyone looking to relocate, which seems like a whole lot of people, there are a lot of great options outside of the uber-expensive regions like Vancouver — with an average home price of $1,097,000 — or Toronto — $1,075,636.

While the cost of housing in Canada continues to increase, so does the cost of taking out a mortgage due to the recent increases in the interest rate to battle inflation.

If you're feeling a bit down with the current financial situation, you could familiarize yourself with a few tips from a housing expert to not give up hope.

Or, you could check the new affordability plan which has a benefit for Canadians struggling to buy a home.