7 Best Canadian Cities to Buy a Home If Your Budget Is $300,000 USD
Affordable living and the surge in work-from-anywhere jobs had made Canada one of the most popular destinations for Americans looking to move. While the lure of free health care, less crime and paid maternity is appealing, taxes, groceries and housing are just as, if not more, expensive up north.
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If you’re not opposed to using the metric system or adding a sporadic “eh” to your everyday vocabulary, the country is a beautifully diverse place to call home and one that can be affordable if you’re on a strict spending budget.
According to Canadian Mortgage Professional (CMP), many prospective buyers have been priced out of Canada’s two most expensive hubs, Toronto and Vancouver. While there’s plenty of Canadian real estate options for every budget, you might need to forego some of the most sought-after cities, where the cost of living has increased to uncomfortable levels.
Canada’s top liveable cities are spread out across the large country, but if you’re looking to move for purely financial reasons, you’ll be looking at very small cities in Quebec and New Brunswick, where six and four cities, respectively, were recently found to be the best Canadian cities for affordable housing for 2024.
However, if you have $300,000 USD to spend on a house in Canada, you won’t do much better than the following seven cities, according to TinyHouse.com.
1. Saskatoon, Saskatchewan
Median Home Value: $272,363 USD
Smaller than Regina, Saskatoon has a population of approximately 273,000 and is a major transit hub served by national railroads, provincial highways and an international airport. The city is home to the University of Saskatchewan, making it an affordable city for students.
2. Brandon, Manitoba
Median Home Value: $206,112 USD
Manitoba is one of the most affordable provinces in Canadian terms of housing and cost of living, and Brandon is a pillar of economical consistency. Behind Winnipeg, Brandon is the second-largest city in the province, but only has around 51,000 residents. Brandonites enjoy low-priced residential properties and rentals in this gem of a city.
3. Thunder Bay, Ontario
Median Home Value: $250,279 USD
The largest city in northwestern Ontario is an outdoor lovers paradise, especially if your preferred outdoor activities are done when it’s cold and snowy. While TinyHouse has the median home value just above $250,000 USD, the median sale price for single detached home sold in December 2023 was $289,950, per the Canadian Real Estate Association.
4. Cache Creek, British Columbia
Median Home Value: $287,085 USD
Cache Creek is completely off the beaten track, but historically, the small town was an important transportation junction. Located just 220 miles northeast of Vancouver, Travel British Columbia accurately describes Cache Creek as “a bustling oasis town in the midst of cactus, tumbleweed and a desert-like climate.”
5. Saguenay, Quebec
Median Home Value: $169,306 USD
Situated in the Saguenay–Lac Saint-Jean region that’s named after two standout geographical features that were formed by glaciers, Saguenay is a stunning and affordable place to live. If you’re not afraid of being a fish out of water in this French-speaking city, Saguenay is the perfect place to see up to 13 species of whales, according to Holland America.
6. Saint John, New Brunswick
Median Home Value: $206,112 USD
Whether you are looking for single-family homes, townhomes, condos or commercial properties, Saint John can cater to your real estate needs. “St. John has become a real estate hot spot after the Maritimes started to become featured on many home renovation shows, and this has made the real estate market flourish,” said TinyHouse.
7. Red Deer, Alberta
Median Home Value: $279,724 USD
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Another city with a median home value closer to the $300,000 threshold, Red Deer is affordable compared to the increasingly costly Calgary and Edmonton. Located halfway between Alberta’s two biggest cities, Red Deer is a great choice. It’s a good size (just over 100,000 residents), has a lower cost of living and could provide a perfect balance between city amenities and rural living that so many escapees crave.
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