These Are The Best Cities To Buy A Home In Canada & First-Time Buyers Should Take Notice

Navigating the housing market in Canada as a first-time home-buyer can mean overcoming a lot of obstacles, including eye-watering prices, limited options and even bidding wars.

With the ever-rising cost of a home in Canada making the average price for a house in places like Toronto or Vancouver well above $1,000,000, it's definitely complicated out there.

But it's not all bad. A new study conducted by MoneySense has found the housing markets in Canada that have the best value right now.

By looking at factors such as growth, price, job opportunity and more, they've found the key places that new home-buyers should keep their eyes on.

The number one place that the research says to consider is the Greater Moncton Region in New Brunswick.

What makes this so attractive is the fact that despite the steadily rising cost of housing in the region, the average cost of a home is still $425,483 below the national average –which is $795,952. This means you can nab a property for $370,469 on average!

Along with that, the area is becoming a regional hub for the Maritimes and has been on an upward trend over the last few years.

Savvy home buyers should also know that the Greater Moncton area has seen a steady population increase, which is a factor in its growth of 98% over the past five years.

Next up on the list is North Bay, Ontario, which has an average home price that is $342,783 below the national average, at $453,169.

And, over the last five years, the value of the market in the Northern Ontario town has grown by 88%, with 42% of that in 2021 alone. That makes it the fastest growing market in the province, as well as one of the fastest in the nation.

After those two comes Quinte West & Hastings County, also in Ontario.

This massive region contains 14 municipalities and has seen a value growth of 143% over the past five years. With houses on the market going for around $615,569 usually, this puts the average cost of a home at $180,383 below the national average.

But, these aren't the only places in Canada that offer great value when it comes to housing.

There are a ton of cities across Canada, including Regina, Cape Breton, and Saint John, that actually have an average home price below $200,000.

All of which sounds a lot better than a tiny condo in a city like Toronto, which cost, as of May 30, around $720,929. Eek!

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