The place to discover a dwelling underneath $1 million in Canada

As of July, the Canadian Actual Property Affiliation’s Nationwide Composite MLS Residence Worth Index was down 3.4% year-over-year. The non-seasonally adjusted nationwide common dwelling worth stood at $672,784.

Certainly, when you peruse our The place to Purchase Actual Property in Canada information for 2025, tabulated by our analysis associate Zoocasa, all however 4 markets—Bancroft, Quinte district, and Northumberland Hills in Ontario, and the Fraser Valley in B.C.—had common dwelling costs underneath $1 million as of year-end 2024. 

The benchmark costs used right here signify every kind of models: single-family homes, ground-level townhouses, and condominiums. What you see in a single market is probably not what you get in one other. Larger Toronto and Larger Vancouver each made the checklist this yr, largely due to their more and more ample unsold inventory of multi-family housing. Nonetheless, all housing sorts signify a foot within the door of dwelling possession and a spot to name your personal.

Most reasonably priced cities in Canada

Essentially the most reasonably priced metropolis in Canada, in response to our survey, is Fredericton, N.B. However there are bargains to be present in bigger centres too, together with Calgary (#2) and Edmonton (#5). Rounding out our high 5 are Saint John (#3) and Moncton (#4), N.B. Ten cities boast common dwelling costs underneath $500,000. See the complete checklist of Canadian cities with houses underneath $1 million beneath.

The place are the houses underneath $1 million in Toronto?

“Positive, there are houses in Canada out there for lower than one million, however my profession is in Toronto,” you could be saying. In keeping with Zoocasa’s analysis, there have been a minimum of 30 neighbourhoods within the Metropolis of Toronto with common costs underneath $1 million. 

Most reasonably priced of all was Flemington Park, at $554,564. However the checklist (see desk beneath) additionally contains enclaves arising on the planet, comparable to Black Creek, Kingsview Village-The Westway and West Humber-Clairville—all of which noticed 50% or extra worth appreciation over the previous 5 years.

Utilizing the instance of Flemington Park and MoneySense’s mortgage fee calculator, we are able to see that it’s doable to purchase a house in Canada’s largest metropolis for simply $30,456 down, a complete of $49,966 wanted to shut and month-to-month funds of $2,879 on a 25-year amortization. Complete month-to-month bills, together with property tax, come out to $3,716. Lengthen the amortization to 30 years, and month-to-month bills fall to $3,446.

The place are the houses underneath $1 million within the GTA?

Within the Larger Toronto Space (excluding Toronto itself), Zoocasa’s analysis discovered an extra 39 neighbourhoods with common costs underneath $1 million as of year-end 2024. The affordability leaders have been Lakeview and Vanier in Oshawa, Virginia in Georgina, and Beaverton in Brock Township. That’s although all 4 neighbourhoods noticed common costs shoot up greater than 50% in 5 years. Brampton West, in the meantime, is up 84% over that interval; seize a property whilst you can!

Article Continues Under Commercial

The place are the houses underneath $1 million in Vancouver?

Common promoting costs in Metro Vancouver fell underneath the $1-million threshold this yr after failing to make the lower the yr earlier than. Sadly, that didn’t translate into better affordability throughout the Metropolis of Vancouver, which represents a couple of quarter of the regional inhabitants. 

Simply 5 inner-city neighbourhoods supplied common dwelling costs underneath $1 million (down from six final yr), proven within the desk beneath.

Patrons concentrating on reasonably priced houses on the market in Metro Vancouver could do higher looking suburbs comparable to New Westminster, Burnaby, Surrey, Richmond, and Pitt Meadows.

Discover extra information on cities and neighbourhoods throughout Canada, together with worth scores and family-friendliness, at MoneySense’s The place to Purchase Actual Property in Canada information for 2025.

Learn extra about actual property:

About Michael McCullough

Michael is a monetary author and editor in Duncan, B.C. He’s a former managing editor of Canadian Enterprise and editorial director of Canada Vast Media. He additionally writes for The Globe and Mail and BCBusiness.