Canada's Housing Costs Are Going Down But A Home In These Cities Will Still Bleed You Dry

And it's not just Vancouver and Toronto. 👀

Houses in Victoria, B.C. Right: The harbour of Yarmouth, Nova Scotia.

Houses in Victoria, B.C. Right: The harbour of Yarmouth, Nova Scotia.

Canada's housing market has been wild for the last year or so, with multiple dips and peaks in the last few months alone.

And, according to new data from the Canadian Real Estate Association, there are still quite a few cities in Canada where house prices have been increasing this year.

This is especially interesting because, on the whole, Canada saw a decrease of 6.6% in the cost of a home between September 2021 and September 2022.

So, who's getting a good deal? And, who's getting left out in the cold?

Most expensive cities in Canada

Of course, the usual suspects have seen an uptick between September 2021 to September 2022, with Vancouver (up 3.9%) and Toronto (up 4.3%) being at the top of the list.

However, there are some more surprising places named in the report, too.

A city known to be one of the cheaper places to buy a home in Canada, Calgary, has also been seeing an increase (up 11.5%) in home prices.

Another previously-affordable city, Montreal, also saw price hikes of 5.7% over the last 12 months.

These bigger hubs aren't the only ones getting more expensive. Even smaller markets like Victoria, B.C., and Yarmouth, Nova Scotia, saw significant increases of 15% and 21.7% respectively.

Smaller markets like the Interior of B.C. went up by 6.1%, while Saskatoon shot up by 6.4%.

Cheapest cities in Canada

When it comes to markets that have seen a decline, the top spot goes to places like Fort McMurray (down 12.1%) and Mississauga (down 3.6%).

Matter of fact, a lot of cities in Ontario saw decreases. This includes London-St.Thomas ( down 1.3%), Hamilton-Burlington (down 2.3%) and Kitchener-Waterloo (down 6.7%), among others.

Housing prices in Ontario have actually decreased overall by 5.7% in the last year on average.

Regardless of whether you live in a city that's become cheaper or more expensive, buying a house is still looking mighty unaffordable.

Luckily there are a bunch of federal programs to help you buy a home, as well as payment programs like renting-to-own that can help you out in your property journey. Good luck!

This article's cover image was used for illustrative purposes only.

Tristan Wheeler
Tristan Wheeler was a Creator for Narcity Media focused on money and budgets and is based in Toronto, Ontario.