Buying a home can be financially devastating. The costs of living these days have become kind of ridiculous and, as a young person, it can be really hard to keep up.
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Moving out and settling down should be fun and enlightening but instead, it comes with stress and an empty bank account.
Well, it doesn't have to be that way. All you've got to do is pick the best and least expensive place to live. Moving out and trying a new city is fun anyway! We don't have to stay where they take all our money.
The Canadian Real Estate Association and Statistics Canada have recently released numbers revealing the cheapest places in Canada to buy a home. And one of them is in Quebec, so you don't have to go too far.
The rankings were determined by using a home-price-to-income ratio and calculating the number of years that it would take the average homeowner to pay it off if they put 100% of their paycheck towards it.
Obviously, this isn't an accurate representation of the situation because no one can realistically put their entire pay towards their home. It's just a way to compare housing prices separate from anything else.
Tied for the cheapest places to own a home are Saint John and Greater Moncton in New Brunswick, or Trois Rivieres in Quebec.
Just under a two-hour drive from Montreal, Trois Rivieres is the place to be! Here you won't have to move in with 5 roommates or live meal to meal. The average price of a home in Trois Rivieres is $153,951 with the average income being $34,745.
On the other hand, they also revealed the most expensive places to buy a home. So, these are the places you need to avoid if you want to continue to have money in your bank account. Greater Vancouver and Fraser Valley in British Colombia, and Greater Toronto area are not affordable places to live. But, I'm sure you knew that.