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CANADA鈥橲 CHEAPEST CITIES TO BUY A HOUSE | Top Cities in Canada to Find Cheap Houses - YouTube
Channel: Bald Prairie Real Estate
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what are the most affordable or cheapest
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cities to buy a house in canada
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affordable and cheap are not the same
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thing we've often heard about how
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expensive houses in toronto and
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vancouver are where they're over a
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million dollars so on this episode of
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ball parade real estate i'm going to
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give you the seven most affordable
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cities to buy a house in canada
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hey everyone welcome back to another
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episode of ballpark real estate where
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educate you all about real estate if
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you're a returning viewer you're awesome
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and if you're new here my name is
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matthew feife from real estate agent
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from regina saskatchewan a couple of
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months ago i did a video looking at
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canadian housing and whether it was
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actually affordable to buy a house in
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canada quick answer is not every city in
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canada is affordable for the average
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person if you want to check out that
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video i'm gonna put a link in the
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description so you can check that out
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and one of those awesome pop-up cards
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that pop up right there so you can link
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directly to it but that got me thinking
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what are the most affordable cities in
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canada to buy a house so i put together
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a list of the seven most affordable
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places where you can buy a house in
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canada and if you want me to do separate
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videos sometime in the future on why
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these cities are so awesome let me know
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in the comments below and maybe we can
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do separate videos talking about each
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one of these cities and if by the end of
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the video you say to yourself hey i'd
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really like to buy a house in one of
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these awesome cities all my contact
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information below hit me up and i'll get
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you connected with an awesome real
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estate agent in those cities
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but before we get into talking about the
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most affordable cities in canada i've
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got to tell you another terrible joke
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why should you always have post parties
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in a haunted house
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because the ghosts will bring the booze
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if you have a terrible joke that i can
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use in a future episode of all-pro real
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estate put in the comments below and if
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at the end of the video you liked it
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give me a thumbs up and subscribe if you
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haven't already it would be really easy
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to just take the average house prices in
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canada put on a list and say these are
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the cheapest
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but cheapest and affordable are two very
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different questions small town
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saskatchewan there's tons of really
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cheap houses to be bought it's not a lot
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of jobs there affordability is your
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income compared to the house price so
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we're going to be looking at how
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affordable these cities are
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not just how cheap their house prices
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are we're looking at cities they would
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have a wide variety of job opportunities
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and services and amenities available to
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you has to be independent separate
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cities we're not looking at suburbs or
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cities in a larger metro area like the
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greater vancouver or greater toronto
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areas the way i calculated affordability
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was looking at how much of somebody's
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monthly income would go to owning a
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house so i use cmhc's data on average
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household pre-tax income the reason i've
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used pre-tax is because every province
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in canada has different tax laws and
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benefits which will make this more
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complex and as well every person's tax
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situation is going to be different my
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wife who's a contract employee has a
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very different income tax bill than
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myself as a small business owner even if
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we had the exact same pre-tax income so
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i'm just using pre-tax to make it simple
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here and i'm just using the mortgage
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costs and property taxes i'm taking out
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utilities because again utilities can
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vary wildly based on your usage a couple
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other quick things i used for
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calculations a 2.25
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interest rate that's a pretty common
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five-year fixed rate at the time of
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recording this video i pulled property
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tax information from all the different
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cities to make sure we can accurately
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put that in there and for prices i'm
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using the composite benchmark price
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composite meaning all property types
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together so houses townhouses and condos
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all lumped into one metric the benchmark
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price is going to be a more accurate
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measurement of house prices than the
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average house price because average
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house price can be skewed up or down
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based on high value sales or low value
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sales benchmark price gets rid of those
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variations based on high or low value
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sales just for quick reference the
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average household income in canada is
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under a hundred thousand dollars and the
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national benchmark price is
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730 000
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meaning just the mortgage not even
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including property taxes just the
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mortgage payments on that will eat up 37
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of the average household's monthly
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income
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now let's go look at what are the most
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affordable cities in canada to buy a
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house
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starting off this list at number seven
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is calgary alberta and no matter how you
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slice it consistently alberta has the
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highest average household income in
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canada i've always found a really
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interesting highest average household
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and nowhere near the highest household
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prices and calgary offers pretty much
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everything job opportunities amenities
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services you name it calgary's got it
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average household income in calgary is
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about 132 000 a year and the benchmark
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price is 460 000 a year it's gonna mean
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you're going to need about 23 000
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for a down payment to buy a house in
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calgary your monthly mortgage payment is
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going gonna be just shy of two thousand
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dollars then your property tax is about
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285 dollars per month meaning that your
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monthly mortgage and property tax
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payment about twenty three hundred
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dollars a month you're on average gonna
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have eleven thousand dollars a month to
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spend meaning that in calgary the
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benchmark price house takes up
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20.5 percent of the average household's
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monthly income
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number six on this list is winnipeg
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manitoba
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and i love to rag on winnipeg because i
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just don't like the winnipeg blue
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bombers but back in the day i played
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football with andrew harris so for the
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rest of this segment we're gonna wear
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andrew harris's number 33 winnipeg blue
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bombers jersey much like calgary
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winnipeg has lots of services amenities
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job opportunities but you are gonna have
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to deal with winnipeg's really harsh
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winters average household income in
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winnipeg is about a hundred thousand
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dollars and their benchmark price is
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seventeen thousand dollars means your
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minimum down payment is going to be
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about sixteen thousand dollars monthly
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mortgage payment just shy of fourteen
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hundred dollars a month property taxes
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about three hundred and thirty dollars a
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month that means your mortgage payment
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and property taxes combined about
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seventeen hundred dollars a month you've
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got eighty three hundred dollars a month
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for the average household monthly income
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meaning that in winnipeg they just beat
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out calgary
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percentage of your monthly income going
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towards your mortgage your property
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taxes is going to be 20.3 percent
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number five on my list of most
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affordable cities to buy a house in
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canada is saskatoon saskatchewan little
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known fact i was born in saskatoon and i
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went to university there and maybe i'm a
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little bit biased but i think saskatoon
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is one of the most beautiful cities in
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canada
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they call it the paris the prairies for
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a reason average yearly household income
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in saskatoon is about a hundred thousand
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dollars their benchmark price is three
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hundred and thirty thousand dollars
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meaning your minimum down payment is
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sixteen thousand five hundred dollars
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property taxes about 275 dollars a month
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that means that your monthly mortgage
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and property taxes combined just shy of
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seventeen hundred dollars a month you
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have eight thousand three hundred
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dollars
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average monthly income meaning that to
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own a home in saskatoon is going to take
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about 20 of your monthly household
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income at number four on this list we're
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heading to la belle provence in quebec
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city now i said saskatoon was the most
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beautiful city in canada i think
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quebecers would have something to say
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about that quebec city is also utterly
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stunning average household income in
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quebec city is about 92 000
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a month benchmark price is 292 thousand
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dollars a month meaning your minimum
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down payment was about 14 thousand six
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hundred dollars your monthly mortgage
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payment about twelve hundred bucks a
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month property taxes two hundred and ten
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dollars a month meaning combined just
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shy of twenty two hundred dollars a
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month you got about seventy seven
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hundred dollars per month average
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household income meaning owning a house
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in quebec city is going to take up
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approximately 19
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of your average household monthly income
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taking third place on this list of most
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affordable places to buy a house in
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canada is edmonton alberta much like
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calgary edmonton is a major center a
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large population tons of job
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opportunities services pro sport teams
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you're close to the mountains i calgary
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edmonton's kind of got it all as well
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average yearly household income in
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edmonton's 123 000 per year benchmark
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price is 350
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000
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their minimum down payment then is 17
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500
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your monthly mortgage payments give me
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about 1500 a month property taxes just
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shy of three hundred dollars a month
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that means it's gonna cost you just
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about eighteen hundred dollars a month
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to own that home your monthly income is
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about ten thousand dollars so in
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edmonton alberta it's gonna cost you
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17.3 percent of the average monthly
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household income to own a house
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just barely missing out on first pla
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just barely missing out for first place
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on this list is st john's new finland
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it's also the smallest city on my list
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here but there's still over a hundred
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thousand people that call st john's home
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and i think a few of them might not be
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very happy with me spoiling this little
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secret about how st john's is kind of a
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little slice of heaven on earth and they
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have some of the nicest people you will
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ever meet that live in st john's you'll
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never be a stranger there average
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household income is a hundred and six
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thousand dollars in st john's the
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benchmark price is 286
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thousand dollars into your minimum down
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payment it's just over fourteen thousand
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dollars your monthly mortgage payment is
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gonna be about twelve hundred bucks a
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month property taxes are under two
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hundred dollars a month for that so it's
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about twenty two hundred dollars per
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month to own that home
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monthly income just shy of 9 000
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a month so that means to own a home in
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st john's newfoundland it's going to
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take 16
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of the average household monthly income
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if you've been watching my channel for a
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while now you know i am extremely proud
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to be from regina saskatchewan i ran
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rave about how awesome it is all the
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time and regina is first place on this
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list of most affordable places to buy a
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house in canada regina has the 10th
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highest average household income and the
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third lowest benchmark price in canada
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virgin is an awesome city it's big
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enough where you've got a lot of awesome
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options for services job opportunities
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etc small enough not to feel super
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congested and of course home to the best
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cfl team in the world the saskatchewan
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rough riders average yearly household
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income in regina is a hundred and ten
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thousand dollars the benchmark price is
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two hundred and seventy thousand dollars
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means your minimum down payments about
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thirteen thousand five hundred dollars a
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month that makes your mortgage payment
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about 1100 bucks a month property taxes
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will be 225 dollars a month on that
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house meaning that your monthly mortgage
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is about fourteen hundred dollars a
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month and it'll take up only fifteen
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percent of the average household's
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monthly income did any of the cities on
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this list surprise you or was there a
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city you think that's even cheaper
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better place to buy a house in canada
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let me know in the comments below if i
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missed one maybe i'll have to a part two
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of even more affordable places in canada
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to buy a house if you want to know
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what's going on right now in the real
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estate market right here my most recent
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canadian real estate market update going
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through all these different cities
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talking about prices and everything else
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right here is what the youtube algorithm
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says you need to watch next on bulb
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prairie real estate and as always guys
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thanks very much for watching
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