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canada home prices

montreal home prices

Dreaming of owning a home? This Canadian town is selling residential lots for just $10

If you live in Montreal, you know how tough it can be to even dream about buying a home. But on the other side of the country, you can get your hands on a fully serviced residential lot for just $10 — and it's not a gimmick.

Manitoba's Rural Municipality of Pipestone is a small, spread-out community of about 1,400 people, located roughly halfway between Winnipeg and Regina and just 45 minutes north of the U.S. border. It includes several villages and hamlets, with Reston being the largest. Surrounded by wide-open prairie, the area offers quiet streets, big skies, and a much slower pace than city life.

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canada housing market

These 8 Quebec towns are Canada's best-kept secret for affordable homes

As home prices continue to skyrocket across Canada, finding an affordable place to buy is no easy feat, especially in cities like Montreal, Toronto, and Vancouver.

But if you're looking to stretch your budget without sacrificing quality of life, you're not totally out of luck — Quebec has emerged as the reigning champion when it comes to affordable homeownership.

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The Most Affordable Cities In Canada To Buy Your First Home, According To A Realtor Group

What Canada's second-tier cities lack in glamour they make for in affordability. Of Canada's three largest cities, only Montreal makes it onto a new ranking of the top 10 most affordable cities in Canada for first-time homebuyers.

The ranking, by Alberta-based real estate platform Edmonton Homes, is based on an evaluation of average home prices, property taxes and energy costs compared to median incomes. The platform quantified these metrics and gave each city a score out of 60.

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canada home prices

Canada Home Prices Are Projected To Drop In Early 2023, Especially In 5 Provinces

The average home price in Canada could reach its lowest point in two years, according to a forecast by TD economist Rishi Sondhi published by the bank on January 10. The expert is predicting a decline of about 20% compared to the price peak in 2022.

According to the forecast, the national average home price could "bottom out" at around $600,000, down from an estimated $750,000-$800,000 high in 2022.

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canadian housing market

Home Prices In Canada Could Drop By A LOT In A 'Historic Correction'

Canada's housing market could see a "historic correction" in the coming months, which could see house prices drop, according to a recent report from RBC.

The global housing market has faced a major crisis, with the cost of homes soaring during the pandemic. Now, RBC is predicting that national home prices could drop by more than 12% as of early next year.

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Interest Rates Have Gone Up In Canada — Here's What That Could Mean For Your Wallet

As we've all heard by now, the Bank of Canada increased interest rates by 50 basis points in April, following a 25-point increase earlier in the year. This is sort of a big deal, prompted by the mess that has been the early 2020s. Rising prices spurred by the war in Ukraine — on top of already-high inflation — affected the Bank of Canada's recent decision.

But what does that actually mean for young Canadians? Let's focus on two financial areas that are being directly impacted by increased interest rates: bank loans and investments.

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