If you assumed owning a home in Canada was out of reach, there’s encouraging news: prices have stalled or declined in many major markets over the past two years. While mortgage rates are higher than they were five years ago—which affects monthly payments—the portion of listings priced above $1 million has been shrinking in most regions.
As of July, the Canadian Real Estate Association’s National Composite MLS Home Price Index showed a year-over-year decline of 3.4%. The non-seasonally adjusted national average selling price was $672,784, reflecting how pricing trends vary across the country.
Our Where to Buy Real Estate in Canada guide for 2025, compiled with research partner Zoocasa, shows that by year-end 2024 only four markets—Bancroft, Quinte District and Northumberland Hills in Ontario, and the Fraser Valley in B.C.—had average home prices above $1 million. Nearly every other listed market had benchmark prices below that threshold.
Benchmark prices in this report represent a mix of housing types—single-family homes, ground-level townhouses and condominiums—so conditions in one market don’t always match those in another. Greater Toronto and Greater Vancouver both appear on the lists of more affordable markets in part because of rising inventories of unsold multi-family units. Still, these benchmarks reflect concrete opportunities for getting a foot in the door of home ownership.
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Most affordable cities in Canada
Fredericton, N.B., tops the list of most affordable cities in Canada. But affordability isn’t confined to small cities—larger centres like Calgary (#2) and Edmonton (#5) also offer relatively low benchmark prices. Saint John (#3) and Moncton (#4) complete the top five. In total, ten cities have average home prices under $500,000. The table below lists Canadian cities with benchmark prices under $1 million as of year-end 2024.
| Region | Province | Benchmark price (2024) | 1-year | 3-year | 5-year |
|---|---|---|---|---|---|
| Fredericton | N.B. | $296,933 | 11% | 32% | 72% |
| Calgary | Alta. | $310,925 | 8% | 29% | 41% |
| Saint John | N.B. | $311,225 | 9% | 34% | 71% |
| Greater Moncton | N.B. | $315,733 | 9% | 42% | 107% |
| Edmonton | Alta. | $348,658 | 6% | 7% | 15% |
| St John’s | N.L. | $356,625 | 7% | 19% | 28% |
| Rideau St. Lawrence | Ont. | $357,225 | 3% | 8% | 75% |
| Ottawa | Ont. | $391,458 | 1% | 3% | 50% |
| Kingston area | Ont. | $396,200 | 2% | 8% | 57% |
| Saskatoon | Sask. | $413,967 | 6% | 15% | 29% |
| Montreal metro area | Que. | $517,558 | 5% | 14% | 54% |
| Halifax-Dartmouth | N.S. | $534,750 | 3% | 23% | 79% |
| Vancouver Island | B.C. | $537,617 | 3% | 14% | 58% |
| Sault Ste. Marie | Ont. | $556,750 | 6% | 29% | 85% |
| Regina | Sask. | $557,833 | 3% | 3% | 14% |
| Cambridge | Ont. | $561,258 | -0.3% | -0.2% | 54% |
| Winnipeg | Man. | $567,950 | 5% | 9% | 28% |
| North Bay | Ont. | $572,175 | 6% | 24% | 86% |
| Oakville-Milton | Ont. | $575,100 | -3% | 0.2% | 37% |
| Simcoe district | Ont. | $577,367 | 1% | 3% | 58% |
| Peterborough and Kawarthas | Ont. | $578,550 | 3% | 6% | 52% |
| Barrie district | Ont. | $584,508 | -0.4% | 3% | 62% |
| Guelph district | Ont. | $608,067 | -2% | 1% | 46% |
| Kawartha Lakes | Ont. | $622,683 | 0% | 4% | 59% |
| Windsor-Essex | Ont. | $634,733 | 1% | 5% | 59% |
| Huron-Perth | Ont. | $638,892 | 2% | 6% | 65% |
| Lakelands | Ont. | $640,508 | -2% | 0% | 53% |
| Kitchener-Waterloo | Ont. | $672,392 | -2% | -2% | 49% |
| Grey-Bruce-Owen Sound | Ont. | $673,083 | 1% | 5% | 60% |
| Niagara Region | Ont. | $677,725 | -1% | -1% | 54% |
| London-St. Thomas | Ont. | $688,442 | 1% | 1% | 61% |
| Tillsonburg district | Ont. | $700,667 | 2% | 9% | 83% |
| Greater Toronto Area | Ont. | $732,675 | -2% | 6% | 43% |
| Mississauga | Ont. | $737,383 | -2% | -1% | 34% |
| Hamilton-Burlington | Ont. | $745,742 | -1% | -1% | 45% |
| Victoria | B.C. | $796,775 | 0.0% | 9% | 40% |
| Woodstock-Ingersoll | Ont. | $804,617 | -1% | 0.3% | 62% |
| Brantford Region | Ont. | $836,175 | -1% | 2% | 61% |
| Greater Vancouver | B.C. | $865,183 | 1% | 9% | 32% |
| Chilliwack district | B.C. | $990,900 | 2% | 4% | 49% |
Where are the homes under $1 million in Toronto?
If your job or life is tied to Toronto, take heart: Zoocasa’s research found 30 neighbourhoods inside the City of Toronto with average prices below $1 million at year-end 2024. The most affordable was Flemingdon Park, with a benchmark price of $554,564. Several neighbourhoods on the list, including Black Creek and Kingsview Village–The Westway, have recorded strong five-year gains—50% or more in many cases—highlighting both opportunity and momentum.
For example, using the Flemingdon Park benchmark and MoneySense’s mortgage payment calculator, a buyer could qualify with about $30,456 down, expect approximately $49,966 total to close, and face monthly mortgage payments near $2,879 on a 25-year amortization. Including property tax and other expenses, total monthly outlay would be roughly $3,716; stretching amortization to 30 years lowers that monthly total to about $3,446.
| Neighbourhood | Benchmark price (2024) | 1-year | 3-year | 5-year |
|---|---|---|---|---|
| Flemingdon Park | $554,564 | -4% | -4% | 27% |
| Crescent Town | $662,917 | -2% | 9% | 37% |
| Mount Olive-Silverstone-Jamestown | $697,553 | -1% | 7% | 47% |
| Black Creek | $705,222 | 14% | 6% | 51% |
| Malvern | $712,805 | -3% | 2% | 40% |
| Eglinton East | $718,362 | -1% | -5% | 28% |
| Etobicoke West Mall | $749,026 | -4% | 4% | 36% |
| York University Heights | $776,620 | -1% | 0% | 27% |
| Agincourt South-Malvern West | $787,004 | 2% | 3% | 34% |
| Niagara | $792,633 | 2% | 1% | 15% |
| Weston | $795,434 | 0% | 3% | 33% |
| Kennedy Park | $797,227 | 4% | -5% | 30% |
| Glenfield-Jane Heights | $825,986 | -2% | 2% | 43% |
| Bendale | $834,279 | -2% | 3% | 37% |
| Woburn | $842,115 | -1% | 8% | 39% |
| Westminster-Branson | $846,907 | -1% | 3% | 39% |
| Humbermede | $867,159 | -5% | 18% | 46% |
| Kingsview Village-The Westway | $869,862 | 11% | 10% | 54% |
| West Humber-Clairville | $869,927 | 10% | 18% | 50% |
| Mimico | $871,414 | -1% | 4% | 24% |
| Humberlea-Pelmo Park W5 | $881,612 | 0% | -1% | 36% |
| Rockcliffe-Smythe | $893,949 | 1% | -3% | 24% |
| Oakridge | $897,805 | 8% | -7% | 27% |
| Brookhaven-Amesbury | $902,077 | 10% | -4% | 26% |
| Briar Hill-Belgravia | $907,706 | 1% | 3% | 19% |
| Downsview-Roding-CFB | $920,361 | 3% | 0% | 28% |
| Little Portugal | $923,904 | 5% | 4% | 16% |
| Steeles | $928,865 | 2% | -3% | 29% |
| Humber Summit | $953,030 | 1% | 0% | 39% |
| Victoria Village | $985,574 | 9% | 9% | 41% |
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Where are the homes under $1 million in the GTA?
Outside Toronto but within the Greater Toronto Area, Zoocasa identified 39 neighbourhoods with average prices below $1 million at year-end 2024. Affordability leaders included Lakeview and Vanier in Oshawa, Virginia in Georgina, and Beaverton in Brock Township—though many of these neighbourhoods have experienced rapid appreciation over five years. Brampton West, for example, rose 84% in five years, illustrating both rising demand and the shrinking window for lower-priced options.
| Neighbourhood | City | Benchmark price (2024) | 1-year | 3-year | 5-year |
|---|---|---|---|---|---|
| Lakeview | Oshawa | $662,265 | -5% | -1% | 65% |
| Virginia | Georgina/Georgina Islands | $665,630 | -8% | 2% | 72% |
| Vanier | Oshawa | $668,347 | -1% | -2% | 60% |
| Beaverton | Brock | $675,091 | -8% | -13% | 53% |
| Town Centre | Pickering | $676,035 | -3% | 7% | 39% |
| Concord | Vaughan | $690,132 | -7% | -2% | 14% |
| O’neill | Oshawa | $692,376 | -2% | -2% | 57% |
| Farewell | Oshawa | $694,750 | -4% | 1% | 63% |
| Cannington | Brock | $708,264 | 1% | 1% | 43% |
| Bay Ridges | Pickering | $742,357 | -2% | -8% | 37% |
| Tansley | Burlington | $748,634 | 10% | 8% | 42% |
| Central | Oshawa | $753,617 | -3% | -2% | 47% |
| Centennial | Oshawa | $756,785 | -3% | -1% | 54% |
| Uptown | Burlington | $757,947 | -3% | -2% | 45% |
| Village East | Pickering | $769,502 | 4% | -2% | 43% |
| Freeman | Burlington | $792,824 | 9% | 5% | 17% |
| Donevan | Oshawa | $797,645 | 0% | 1% | 62% |
| Uptown Core | Oakville | $806,240 | -8% | -2% | 41% |
| Sutton & Jackson’s Point | Georgina/Georgina Islands | $807,133 | -9% | 1% | 45% |
| Duffin Heights | Pickering | $813,186 | -4% | 0% | 31% |
| Mclaughlin | Oshawa | $813,309 | -2% | -1% | 53% |
| Bowmanville | Clarington | $821,642 | -2% | -4% | 55% |
| Newcastle | Clarington | $821,801 | 3% | 1% | 52% |
| Dempsey | Milton | $830,081 | -2% | -2% | 36% |
| Downtown Whitby | Whitby | $845,224 | -3% | -3% | 52% |
| Port Whitby | Whitby | $846,401 | 0% | 2% | 49% |
| Eastdale | Oshawa | $852,303 | -1% | 4% | 63% |
| Keswick South | Georgina/Georgina Islands | $866,368 | -2% | 1% | 53% |
| Pefferlaw | Georgina/Georgina Islands | $866,560 | -5% | 9% | 65% |
| Mountainside | Burlington | $868,566 | -1% | -1% | 48% |
| South West | Ajax | $870,656 | -5% | 4% | 47% |
| Malton | Mississauga | $873,224 | -1% | 0% | 45% |
| Acton | Halton Hills | $873,966 | -1% | -1% | 44% |
| Brampton West | Brampton | $887,843 | 41% | 50% | 84% |
| Fletcher’s Creek South | Brampton | $899,427 | 7% | 12% | 54% |
| Meadowvale | Mississauga | $927,159 | 12% | 12% | 60% |
| Keswick North | Georgina/Georgina Islands | $943,878 | -2% | 6% | 65% |
| Mono Mills | Caledon | $996,750 | 14% | 12% | 59% |
| Northwest Brampton | Brampton | $998,119 | 17% | 19% | 54% |
Where are the homes under $1 million in Vancouver?
Metro Vancouver’s average selling price dropped below the $1-million mark this year, but affordability inside the City of Vancouver remains limited. The city represents roughly a quarter of the region’s population, and only a handful of inner-city neighbourhoods still have benchmark prices under $1 million.
Five City of Vancouver neighbourhoods reported average prices under $1 million at the end of 2024, shown in the table below.
| Neighbourhood | Benchmark price 2024 | 1-year | 3-year | 5-year |
|---|---|---|---|---|
| Downtown Vancouver | $660,017 | -2% | 2% | 2% |
| Fairview | $896,917 | 1% | 7% | 20% |
| Mount Pleasant (East Vancouver) | $897,775 | 1% | 7% | 24% |
| Collingwood | $900,658 | 2% | 14% | 36% |
| Strathcona | $917,658 | -2% | 4% | 17% |
Buyers searching for more affordable options in Metro Vancouver will generally find more opportunities in suburban municipalities such as New Westminster, Burnaby, Surrey, Richmond and Pitt Meadows, where benchmark prices are often lower than in the city core.
For more detailed data on cities and neighbourhoods across Canada—including value scores, affordability metrics and family-friendly rankings—see MoneySense’s Where to Buy Real Estate in Canada guide for 2025.
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