Revealed – Canada's top 10 emerging markets for home buyers

Since the start of the pandemic, around one in five (21%) Canadian home buyers have moved or plan to move from a major city hub to a small town or rural area, according to a new survey by RATESDOTCA.

With real estate prices exhibiting continuous growth, affordability is a top concern for the majority (61%) of owners looking to relocate. Aside from cheaper homes, Canadians were also motivated to move last year due to a need to live closer to nature (51%) and due to financial pressures (36%).

“Canada has some incredible hidden gems if you’re relocating for a change in lifestyle; places people seldom think about,” said Robert McLister, mortgage editor at RATESDOTCA.

The study ranked the top locations to move into when trying to escape the feverish city markets, assuming a 20% down payment on 2020 price levels:

10: Quebec City, QC
Average Home Price: $283,000
Average Mortgage Payment: $1,180
Minimum Income Required for Ownership: $55,724

9: Penticton, BC
Average Home Price: $523,386
Average Mortgage Payment: $2,182
Minimum Income Required for Ownership: $83,821

8: Sydney, NS
Average Home Price: $157,338
Average Mortgage Payment: $656
Minimum Income Required for Ownership: $43,055

7: Cowichan Bay, BC
Average Home Price: $561,900
Average Mortgage Payment: $2,343
Minimum Income Required for Ownership: $85,415

6: Niagara-on-the-Lake, ON
Average Home Price: $515,000
Average Mortgage Payment: $2,147
Minimum Income Required for Ownership: $86,848

5: Rossland, BC
Average Home Price: $443,889
Average Mortgage Payment: $1,851
Minimum Income Required for Ownership: $73,477

4: Bathurst, NB
Average Home Price: $112,850
Average Mortgage Payment: $471
Minimum Income Required for Ownership: $34,444

3: Trois-Rivières, QC
Average Home Price: $224,600
Average Mortgage Payment: $937
Minimum Income Required for Ownership: $48,866

2: Kelowna, BC
Average Home Price: $553,175
Average Mortgage Payment: $2,307
Minimum Income Required for Ownership: $86,616

1: Langford, BC
Average Home Price: $725,300
Average Mortgage Payment: $3,024
Minimum Income Required for Ownership: $107,604

MBN

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market. 

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!