When it comes to Canadian real estate, the word “cheap” isn’t something you hear very often. But not all Canadian cities are created equal, and neither are their real estate markets. realestate realestatemarket housingmarket
When it comes to Canadian real estate, the word “cheap” isn’t something you hear very often. In fact, it’s usually more words like “unaffordable,” “house poor,” and “high barrier to entry” that come to mind. But not all Canadian cities are created equal, and neither are their real estate markets.from Point2Homes breaks down the 15 Canadian cities with the cheapest first year of homeownership.
To the surprise of no one, not a single city in British Columbia made it onto the list, while just one Ontario city — albeit a mid-sized one in Northern Ontario — squeaked by. In fact, Point2 found that the first year of homeownership averaged more than $315K in many BC and Ontario cities, with Richmond Hill, Ontario taking the cake as the most expensive, with ownership costs in the first year totalling more than $400K. Notably, this is significantly more than Vancouver and Toronto .
Regina, Saskatchewan and St. John’s, Newfoundland round out the top five. Interestingly, Lévis, Quebec, despite ranking sixth, actually requires a smaller downpayment on the benchmark home there, but higher closing costs push its rank down.The one Ontario city that made the list is Greater Sudbury, coming in 13th place with an estimated first year cost of $119,472. Sudbury also has both the highest home insurance prices and property taxes out of all 15 cities.
The results: it can take anywhere from five to 22 years to cover upfront costs in Canada’s largest cities. Edmonton, which ranked eighth in terms of how cheap the first year of homeownership is, required the fewest years of savings at five years. Saguenay, while being ranked the cheapest, requires six years of savings.The cities requiring 20 or more years of savings can unsurprisingly be found in Ontario, and include Richmond Hill, Markham, Oakville, and Vaughan.
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