As more Canadian homeowners face renewing their mortgages at higher rates, housing affordability remains one of the country’s most pressing personal finance challenges. For years, prospective buyers have joked on social media that they “don’t have a million” to spend on a first home. However, if you’re flexible about where you live, many Canadian cities and neighbourhoods still offer homes for under $1 million.
Our partner Zoocasa analyzed 45 cities and regions for its Where to Buy Real Estate in Canada report using benchmark prices as of the end of 2023. All but five of those areas had benchmark prices below $1 million. Below is a cleaned, easy-to-read list of the cities and regions with benchmark prices under $1 million, followed by neighbourhood-level data for Toronto and Vancouver. Each table lists the most relevant fields: region, province, benchmark price and recent price change metrics.
Canadian cities and regions with a benchmark price under $1 million
| Region | Province | Benchmark price (2023) | 1-year change | 3-year change | 5-year change |
|---|---|---|---|---|---|
| Fredericton | N.B. | $282,700 | -1% | 43% | 61% |
| Sault Ste. Marie | Ont. | $283,192 | 0% | 58% | 78% |
| Saint John | N.B. | $286,592 | 3% | 48% | 60% |
| Regina | Sask. | $309,775 | -3% | 8% | 6% |
| St. John’s | N.L. | $327,942 | 3% | 18% | 17% |
| Greater Moncton | N.B. | $328,383 | 3% | 69% | 98% |
| Winnipeg | Man. | $339,483 | -3% | 17% | 24% |
| Edmonton | Alta. | $370,100 | -4% | 8% | 6% |
| Saskatoon | Sask. | $377,033 | 2% | 17% | 19% |
| North Bay | Ont. | $397,292 | -4% | 63% | 84% |
| Sudbury | Ont. | $430,450 | -2% | 40% | 68% |
| Bancroft and Area | Ont. | $492,167 | -4% | 58% | 96% |
| Montreal Metro Area | Que. | $512,850 | -2% | 31% | 56% |
| Halifax-Dartmouth | N.S. | $519,217 | 1% | 54% | 84% |
| Calgary | Alta. | $541,175 | 6% | 31% | 27% |
| Rideau St. Lawrence | Ont. | $543,450 | -7% | 43% | 87% |
| Kingston and Area | Ont. | $549,483 | -7% | 37% | 67% |
| Grey-Bruce-Owen Sound | Ont. | $557,008 | -9% | 41% | 76% |
| Huron-Perth | Ont. | $557,200 | -9% | 41% | 85% |
| Simcoe and District | Ont. | $562,917 | -8% | 35% | 71% |
| Quinte and District | Ont. | $562,958 | -8% | 42% | 79% |
| Windsor Essex | Ont. | $568,583 | -8% | 39% | 78% |
| Tilsonburg District | Ont. | $580,200 | -8% | 53% | 102% |
| London and St. Thomas | Ont. | $597,358 | -10% | 37% | 76% |
| Ottawa | Ont. | $633,333 | -5% | 25% | 59% |
| Woodstock-Ingersoll | Ont. | $643,392 | -11% | 38% | 76% |
| Niagara Region | Ont. | $646,550 | -11% | 36% | 65% |
| Peterborough and Kawarthas | Ont. | $648,250 | -11% | 37% | 56% |
| Kawartha Lakes | Ont. | $665,767 | -9% | 42% | 69% |
| Vancouver Island | B.C. | $669,683 | -5% | 45% | 58% |
| Brantford Region | Ont. | $677,008 | -10% | 41% | 74% |
| Lakelands | Ont. | $698,292 | -9% | 40% | 61% |
| Northumberland Hills | Ont. | $715,433 | -8% | 42% | 70% |
| Chilliwack and District | B.C. | $722,625 | -9% | 36% | 40% |
| Kitchener-Waterloo | Ont. | $740,275 | -8% | 33% | 63% |
| Cambridge | Ont. | $747,767 | -9% | 34% | 66% |
| Barrie and District | Ont. | $799,458 | -9% | 42% | 65% |
| Guelph and District | Ont. | $823,458 | -8% | 31% | 56% |
| Hamilton-Burlington | Ont. | $844,108 | -9% | 29% | 52% |
| Victoria | B.C. | $870,592 | -5% | 32% | 38% |
High prices in Greater Toronto and B.C.’s Lower Mainland often dominate the housing conversation, but the national average benchmark price used in this analysis was just under $735,000 in 2023. Even in regions above the $1-million benchmark, the data shows there are often more affordable neighbourhoods within those regions.
These statistics do not separate housing types. That means in many of these cities the benchmark under $1 million typically reflects condos or townhouses rather than detached homes. Still, condos and townhouses can provide a practical way to enter the market for well under $1 million in many locations.
Where to get a home for less than $1 million in Toronto
The survey found 106 neighbourhoods inside the City of Toronto with benchmark prices below $1 million. The most affordable neighbourhood in the list was Tandridge, with a benchmark price of $484,269.
Toronto neighbourhoods
| Neighbourhood | Municipality | Benchmark price (2023) | 5-year price growth |
|---|---|---|---|
| Tandridge | Toronto | $484,269 | 76% |
| Chapel Glen | Toronto | $515,639 | 51% |
| University Village | Toronto | $549,621 | 84% |
| Crescent Town | Toronto | $561,055 | 28% |
| Northview Heights | Toronto | $605,706 | 41% |
| Grenoble | Toronto | $630,408 | 41% |
| Agincourt Centre | Toronto | $654,845 | 38% |
| Parkway Forest | Toronto | $670,930 | 33% |
| Sunrise | Toronto | $680,004 | 21% |
| South Steeles | Toronto | $680,259 | 56% |
| Thorncliffe Park | Toronto | $690,129 | 35% |
| Champlain | Toronto | $694,293 | 30% |
| Regent Park | Toronto | $711,657 | 19% |
| Cook Village | Toronto | $712,412 | 65% |
| Sullivan | Toronto | $716,360 | 24% |
| Wynford | Toronto | $726,292 | 18% |
| Muirhead | Toronto | $731,367 | 16% |
| Humberwood | Toronto | $732,004 | 44% |
| Malvern | Toronto | $740,158 | 43% |
| Yorkwoods | Toronto | $745,312 | 88% |
| Kingsview Village | Toronto | $749,849 | 48% |
| Mulholland | Toronto | $753,382 | 37% |
| Malvern West | Toronto | $757,190 | 43% |
| Forest Hills | Toronto | $761,215 | 33% |
| Keelegate | Toronto | $763,616 | 67% |
| Liberty | Toronto | $763,908 | 30% |
| Greenbriar | Toronto | $763,943 | 32% |
| Beaumond Heights | Toronto | $765,849 | 113% |
| Ionview | Toronto | $766,437 | 43% |
| Railway Lands | Toronto | $767,106 | 30% |
| Mount Dennis | Toronto | $773,542 | 43% |
| Mount Olive | Toronto | $776,293 | 50% |
| Rivalda Heights | Toronto | $779,412 | 79% |
| Bathurst Quay | Toronto | $783,520 | 21% |
| Kingslake | Toronto | $783,976 | 5% |
| Dorset Park | Toronto | $793,432 | 51% |
| Bendale | Toronto | $798,305 | 42% |
| Glen Long | Toronto | $798,983 | 51% |
| West Humber | Toronto | $800,925 | 33% |
| Silverview | Toronto | $802,279 | 24% |
| King-Parliament | Toronto | $803,986 | 22% |
| Woodbine Downs | Toronto | $806,917 | 57% |
| Northover | Toronto | $808,229 | 48% |
| Fairglen | Toronto | $811,445 | -52% |
| Beechborough | Toronto | $811,784 | 2% |
| Islington Village | Toronto | $818,469 | 42% |
| Amesbury | Toronto | $823,011 | -1% |
| Avondale | Toronto | $825,765 | 19% |
| Woburn | Toronto | $836,442 | 43% |
| Eglinton | Toronto | $840,203 | 32% |
It may be tempting to assume that lower-priced neighbourhoods have problems, but many are seeing strong price appreciation. Tandridge; Rivalda Heights; Keelegate; Humbergate; Cook Village; Woodbine Downs; South Steeles; Glen Long; Chapel Glen; Dorset Park; Mount Olive and others have seen five-year gains of 50% or more. Yorkwoods and University Village have both risen more than 80%, and Beaumond Heights increased an extraordinary 113% over five years.
Beyond the City of Toronto, the Greater Toronto Area contains an additional 65 neighbourhoods that had benchmark prices below $1 million at the end of 2023.
Greater Toronto Area neighbourhoods
| Neighbourhood | Municipality | Region | Benchmark price (2023) | 5-year price growth |
|---|---|---|---|---|
| Queen Street Corridor | Brampton | Peel | $567,180 | 66% |
| City Centre | Mississauga | Peel | $629,557 | 47% |
| Central | Oshawa | Durham | $637,580 | 81% |
| Cannington | Brock | Durham | $655,252 | 57% |
| Vanier | Oshawa | Durham | $667,385 | 81% |
| O’Neill | Oshawa | Durham | $688,973 | 68% |
| Lakeview | Oshawa | Durham | $691,989 | 90% |
| Town Centre | Pickering | Durham | $696,623 | 56% |
| Beaverton | Brock | Durham | $707,787 | 64% |
| Bramalea West Industrial | Brampton | Peel | $715,350 | 67% |
| Farewell | Oshawa | Durham | $725,000 | 102% |
| Virginia | Georgina | York | $727,099 | 79% |
| Concord | Vaughan | York | $742,158 | 54% |
| Village East | Pickering | Durham | $743,111 | 68% |
| Centennial | Oshawa | Durham | $751,833 | 63% |
| Samac | Oshawa | Durham | $764,206 | 45% |
| Mississauga Valleys | Mississauga | Peel | $765,396 | 49% |
| Bay Ridges | Pickering | Durham | $777,317 | 45% |
| Donevan | Oshawa | Durham | $787,257 | 72% |
| Newcastle | Clarington | Durham | $797,603 | 55% |
| Brampton South | Brampton | Peel | $801,205 | 53% |
| McLaughlin | Oshawa | Durham | $806,125 | 65% |
| Southgate | Brampton | Peel | $809,608 | 53% |
| Windfields | Oshawa | Durham | $812,005 | 34% |
| Bowmanville | Clarington | Durham | $827,336 | 60% |
| Duffin Heights | Pickering | Durham | $831,505 | 44% |
| Rural Oshawa | Oshawa | Durham | $833,300 | 5% |
| Central Park | Brampton | Peel | $835,253 | 51% |
| Hurontario | Mississauga | Peel | $842,240 | 38% |
| Port Whitby | Whitby | Durham | $843,451 | 61% |
| Eastdale | Oshawa | Durham | $848,507 | 69% |
| Blackstock | Scugog | Durham | $854,075 | 48% |
| Brampton North | Brampton | Peel | $866,091 | 52% |
| Madoc | Brampton | Peel | $868,392 | 50% |
| South West | Ajax | Durham | $880,026 | 71% |
| Northgate | Brampton | Peel | $882,032 | 50% |
| Historic Lakeshore Communities | Georgina | York | $882,905 | 46% |
| Downtown Brampton | Brampton | Peel | $885,523 | 63% |
| Sutton & Jackson’s Point | Georgina | York | $887,337 | 70% |
| Keswick South | Georgina | York | $887,985 | 73% |
| Downtown Whitby | Whitby | Durham | $888,137 | 79% |
| West Shore | Pickering | Durham | $898,054 | 56% |
| Central | Ajax | Durham | $899,465 | 61% |
| Malton | Mississauga | Peel | $900,172 | 62% |
| Courtice | Clarington | Durham | $904,730 | 64% |
| Pefferlaw | Georgina | York | $915,097 | 60% |
| Avondale | Brampton | Peel | $918,374 | 56% |
| Meadowvale | Mississauga | Peel | $919,614 | 54% |
| Pinecrest | Oshawa | Durham | $919,618 | 70% |
| Langstaff | Richmond Hill | York | $928,756 | 69% |
Example mortgage costs: For Tandridge (benchmark $484,269), a minimum down payment of $24,213 with a 25-year amortization results in a monthly mortgage payment of about $2,685 based on the lowest five-year fixed rate available on June 13, 2024. Estimated closing cash including taxes, insurance and fees would be roughly $40,706. With 20% down ($96,854), the monthly payment falls to about $2,240 on a 25-year amortization.
Where to get a home for less than $1 million in Vancouver
Within the City of Vancouver (which represents less than one-quarter of the Metro Vancouver population), the analysis found six neighbourhoods with benchmark prices under $1 million.
Vancouver neighbourhoods
| Neighbourhood | Municipality | Benchmark price (2023) | 5-year price growth |
|---|---|---|---|
| Downtown | Vancouver | $721,183 | 1% |
| Collingwood | Vancouver | $883,342 | 15% |
| Fairview | Vancouver | $892,675 | 12% |
| Mount Pleasant | Vancouver | $896,492 | 15% |
| False Creek | Vancouver | $904,967 | 6% |
| Strathcona | Vancouver | $935,217 | 10% |
There are more sub-$1-million options in Metro Vancouver suburbs: two on the North Shore, two in the Tri-Cities, three in Burnaby, four in New Westminster and two in Richmond. Farther afield, several neighbourhoods in Pitt Meadows, Surrey, Delta and Langley also had benchmark prices under $1 million, though some of those municipalities are recorded under different real estate boards.
Metro Vancouver neighbourhoods
| Neighbourhood | Municipality | Benchmark price (2023) | 5-year price growth |
|---|---|---|---|
| Uptown | New Westminster | $617,308 | 29% |
| Downtown | New Westminster | $665,925 | 16% |
| Sapperton | New Westminster | $742,083 | 26% |
| Mid Meadows | Pitt Meadows | $787,642 | 33% |
| North Meadows | Pitt Meadows | $804,267 | 37% |
| Central Meadows | Pitt Meadows | $851,717 | 38% |
| Moody Centre | Port Moody | $859,342 | 29% |
| Brentwood Park | Burnaby | $881,425 | 11% |
| Edmonds | Burnaby | $903,950 | 19% |
| West Cambie | Richmond | $930,858 | 18% |
| Hamilton | Richmond | $947,750 | 22% |
| Lower Lonsdale | North Vancouver | $951,367 | 25% |
| Lynnmour | North Vancouver | $974,808 | 21% |
| Government Road | Burnaby | $978,542 | 11% |
| Glenbrooke North | New Westminster | $991,125 | 26% |
| Maillardville | Coquitlam | $998,125 | 46% |
Mortgage example for Metro Vancouver: a typical home in Uptown, New Westminster would require a minimum down payment of $36,731 and a monthly mortgage payment around $3,389 on a 25-year amortization at the lowest available five-year fixed rate used in the example. With 20% down ($123,462), the monthly payment would be about $2,855.
Is now a good time to buy a home?
There are some encouraging signs for buyers. In 2024, price growth has not continued at the same pace seen in prior years. By April 2024, average home prices had fallen month-over-month in Montreal, and increases in Vancouver and Victoria were modest. Combined with a softening in mortgage rates, these trends improved affordability in several markets.
In Toronto, CREA data showed prices rose by an average of $14,500 between March and April, which would require a small increase in qualifying income for typical buyers. Affordability changes in Calgary, Edmonton and Ottawa were modest.
Local conditions vary widely. If you are considering a purchase, look closely at neighbourhood-level benchmarks and housing types (condo, townhouse, detached) and run mortgage payment scenarios based on your down payment and preferred amortization. Condos and townhouses remain the most accessible entry points in many urban centres.
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