Top 10 Cheapest Canadian Cities for Homebuyers in 2025

Canada’s housing market is undergoing constant change, with certain regions experiencing rising prices and others offering surprisingly budget-friendly options. Below are ten of the most affordable cities in Canada for homebuyers in 2025. Each city entry highlights essential background information and provides Canadian real estate market 2025 data detailing average home prices, projected sales, and whether conditions favor buyers, sellers, or a balanced market. Whether you’re a first-time buyer seeking budget-friendly housing or an investor looking for an affordable property investment in Canada, these destinations might fit your goals.

10. Haliburton, Ontario

Haliburton, nestled in Ontario’s cottage country, boasts serene lakes, forested landscapes, and a thriving cottage industry. Traditionally a vacation hotspot for residents of Southern Ontario, Haliburton has lately seen an uptick in year-round living, fueled by remote work possibilities and the region’s natural beauty. Over the past decade, more retirees and young families have moved north, finding the slower pace attractive. Yet the area maintains a robust seasonal rental market, with waterfront properties commanding premium rates in the summer. Despite being the most expensive on this budget-friendly list, Haliburton still offers a lower price point compared to many bigger urban hubs in Ontario.

• Estimated Average Home Price: $546,309.90
• Expected Home Sales: 168
• Market Condition: Buyer’s Market (More supply than demand, giving buyers additional negotiating power)

9. North Bay, Ontario

North Bay sits in Northeastern Ontario, bridging the region’s resource-based history with modern growth. Known for scenic Lake Nipissing and robust community spirit, it has become a strategic gateway for northern commerce and tourism. The city’s economy blends post-secondary institutions (like Nipissing University), small manufacturing, and government services. Within real estate, North Bay’s prices remain moderate compared to Southern Ontario, even if it’s not as inexpensive as some other small centers. For those craving a balanced lifestyle, North Bay’s blend of outdoor recreation and essential urban amenities can be a strong lure.

• Estimated Average Home Price: $471,535.10
• Expected Home Sales: 438
• Market Condition: Seller’s Market (Fast-moving listings, driven by local demand)

8. Winnipeg, Manitoba

Winnipeg is Manitoba’s capital, resting at the confluence of the Red and Assiniboine rivers. With a population surpassing 800,000, it’s among the prairies’ larger urban centers, offering a diverse economy anchored by manufacturing, agribusiness, and services. Known for cultural festivals like Folklorama and a strong sports identity (home to the Winnipeg Jets and Blue Bombers), Winnipeg’s modest cost of living appeals to families and new immigrants. Although property taxes can be higher than in smaller towns, average home prices have historically been more reasonable than those in Vancouver, Toronto, or Calgary.

• Estimated Average Home Price: $456,238.70
• Projected Home Sales: 6,613
• Market Condition: Balanced Market (Sufficient inventory meets stable buyer demand)

7. St. John’s, Newfoundland and Labrador

St. John’s, perched on the eastern edge of North America, is Newfoundland and Labrador’s capital and cultural heart. This historic coastal city sees a blend of maritime charm, with colorful row houses and a bustling harbor facilitating the fishing and offshore oil industries. Tourism remains a key economic driver, as travelers explore sites like Signal Hill and George Street’s nightlife. While the province’s economy faced ebbs and flows tied to energy markets, St. John’s cost of living remains lower than in major central Canadian cities.

• Estimated Average Home Price: $398,549.20
• Expected Home Sales: 1,523
• Market Condition: Seller’s Market (Home demand outpacing listings, pushing prices upward)

6. Prince Edward Island (PEI)

Canada’s smallest province, PEI, is famed for its pastoral landscapes, gentle coasts, and Anne of Green Gables lore. Its population hovers around 160,000, making the sense of community strong. Agriculture—especially potatoes—dominates the economy, followed by fishing, tourism, and a modest tech sector. For those seeking a close-knit environment with vibrant coastal scenery and fresh seafood, PEI remains an appealing, family-friendly choice. Urban amenities concentrate around Charlottetown, though small towns throughout the island cater to seasonal tourism.

• Estimated Average Home Price: $380,625.00
• Expected Home Sales: 1,733
• Market Condition: Balanced Market (Steady supply meets consistent buyer interest)

5. Thunder Bay, Ontario

‍Situated along Lake Superior’s northwestern shore, Thunder Bay is a pivotal city in Northwestern Ontario, functioning as a transport and service hub for the region. Forestry, mining, and shipping have historically shaped the local economy, although educational institutions and a growing tech scene now also contribute. The city’s scenic backdrops, including Sleeping Giant Provincial Park, entice nature-lovers, while property values remain more affordable relative to Southern Ontario’s large metros. For individuals seeking a mid-sized city with access to extensive wilderness, Thunder Bay can be a cost-effective landing spot.

• Estimated Average Home Price: $363,144.00
• Projected Home Sales: 1,772
• Market Condition: Seller’s Market (Buyers face competition, accelerating property turnovers)

4. Sault Ste. Marie, Ontario

Sault Ste. Marie—often shortened to “the Sault”—lies along the St. Marys River, bridging Northern Ontario and the Upper Peninsula of Michigan. Its industrial roots center on steel production, though tourism, gaming, and forestry also play roles. The area’s robust cross-border trade fosters a blend of Canadian and American cultural influences, while the immediate surroundings offer fishing, hiking, and winter sports. Real estate remains relatively accessible, attracting homebuyers who seek scenic northern living with city conveniences.

• Estimated Home Price: $359,470.00
• Projected Home Sales: 875
• Market Condition: Balanced Market (Buyers and sellers share similar leverage)

3. Fredericton, New Brunswick

Fredericton, the capital of New Brunswick, melds historic architecture, a strong arts community, and an expanding public sector. Its downtown houses government buildings, the University of New Brunswick campus, and small tech startups. Over the past decade, Fredericton has become a magnet for remote workers drawn by the quiet pace and affordable living—particularly appealing compared to bigger Canadian cities. The local housing market typically benefits from stable demand, reflecting steady job growth in education, healthcare, and administration.

• Estimated 2025 Home Price: $359,037.60
• Forecasted Sales: 2,037
• Market Condition: Seller’s Market (Properties can sell quickly due to heightened interest)

2. Saint John, New Brunswick

Saint John stands as Atlantic Canada’s oldest incorporated city, offering a dynamic coastal vibe. Situated on the Bay of Fundy, it supports industries like shipping, energy, and tourism. The city’s distinctive architecture and revitalized uptown area have made it a growing tourist stop, while manufacturing and port-related jobs sustain the local economy. In terms of real estate, Saint John often competes with Fredericton and Moncton for budget-conscious homebuyers. Its lower housing prices and maritime charm make it a frequent mention among the most affordable cities in Canada.

• Projected Home Price: $351,934.20
• Estimated Sales: 1,795
• Market Condition: Seller’s Market (Demand currently surpasses supply, quick deals likely)

1. Kenora, Ontario

Kenora, located in Northwestern Ontario on Lake of the Woods, tops the list for cheapest places to buy a home in Canada based on these 2025 estimates. Historically known for forestry and tourism, Kenora has pivoted to focus more on outdoor recreation, cottager communities, and small-scale manufacturing. Its picturesque lakeside setting draws seasonal residents and visitors, sustaining local hospitality businesses. Notwithstanding robust interest during summer months, Kenora’s year-round population is relatively small, keeping property prices within budget-friendly ranges.

• Estimated Average Home Price: $333,402.80
• Projected Sales: 2,067
• Market Condition: Seller’s Market (Demand outstrips supply, faster-moving listings)

Widespread residential price growth expected in 2025, as interest rate cuts prompt market rebound

From the northern edges of Ontario to the coastal expanses of Atlantic Canada, these top 10 cheapest cities in Canada for 2025 showcase how regional economies and local attractions can keep home prices within reach. Urban centers like Winnipeg offer balanced markets with big-city amenities, while smaller towns like Kenora capitalize on scenic beauty and tight-knit communities. Each city’s real estate story is shaped by factors such as industrial growth, university influence, or surging tourism. Whether you’re a first-time buyer scouting cost-of-living in Canada 2025 or an investor exploring affordable property investment in Canada, these destinations represent a spectrum of cultural flavors and price points. If well-prepared, you may find that these cheapest cities in Canada still offer robust value, community appeal, and a promising future for homeowners.