Buying a home is a major investment — one that seems to get more expensive every year. Heading into 2024, that appears to remain true. According to a new report from Royal LePage, projected minor interest rate cuts in the back half of 2024 will push home prices up 5.5 per cent year over year to $843,684.
The good news is that those increases aren’t expected to happen until the back half of the year. So, if you’ve been thinking about moving or if you’ve been saving up to purchase a new home, there’s no time like the present.
But where should you settle down? According to the report, home prices are expected to increase in all major Canadian markets, and Calgary may see the biggest gains of all. Still, the real estate market has been wild these past four years, so nothing is set in stone.
For now, we looked at the average home prices in each Canadian province as of November 2023. Read on to see the cheapest provinces to buy a house in right now, as per the Canadian Real Estate Association, and how they compare to November’s $646,134 national average.
National Price Map
The Canadian Real Estate Association compiles monthly statistics on activity over Multiple Listing Service® Systems of Canadian Real Estate Boards and Associations.
This map displays the latest statistics for major markets and provinces across Canada, compiled from reports provided by real estate Boards and Associations on activity over their MLS® Systems.
Source: Amber Dowling