Canadians are on the move — perhaps more than ever before. Several factors are at play – including remote work and rising housing costs.
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As costs rise for housing, families have been seeking more affordable cities. According to PODS, “Ontario, for instance, lost more than 36,000 residents to other provinces in 2023, while Alberta gained more than 55,000 from elsewhere in the nation.”
If you’re looking for affordable options, here are five cities where you can buy luxury homes for $100,000 or less.
Thunder Bay, Ontario
Forbes puts Thunder Bay at the top of the list of cheapest cities in Canada to live in. For the list, Forbes looked at the percentage of income required to service a monthly mortgage payment. In Thunder Bay, the average monthly mortgage payment is about $1,600.
According to Destination Ontario, “Known as one of Canada’s greatest “outdoor cities,” Thunder Bay is also a culturally diverse city with exciting shopping, sightseeing and entertainment.”
Saint John, New Brunswick
You should find plenty to do in Saint John and affordable housing options. According to Tripadvisor, “Canada’s oldest incorporated city, Saint John is a popular tourist destination known for its historic uptown streetscapes, cultural attractions and natural wonders.” It’s also on the shore of the Bay of Fundy, which has the world’s highest tides.
Let’s talk about affordability. Forbes ranks Saint John as the second most affordable in Canada. The average monthly payment is about $1,400.
Red Deer, Alberta
Calling all entrepreneurs – Red Deer may be a great place to check out. It’s known for being one of the most entrepreneurial cities in all of Canada. You’ll also find good access to major transportation and low tax rates.
In addition to all of those benefits, Red Deer is popular for its affordability. With the average monthly mortgage payment at about $2,050, it’s a great place to check out for more affordable housing.
Trois-Rivières, Quebec
If you’re a history buff, definitely check out Trois-Rivières – an area known as a cultural capital. According to Tourisme Trois-Rivières, “Its energy and originality combine to charm visitors.” You’ll experience this for yourself with a walk through the city’s historic district.
And maybe the best part – you can get this all for a relative bargain. Trois-Rivières is one of the most affordable cities in Canada.
Edmonton, Alberta
Despite its nickname “Taxachusetts”, Massachusetts isn’t even close to being the worst state for retirees when it comes to taxes. In fact, it beats out 22 of them. For starters, MA doesn’t tax Social Security benefits — and its 6.25% sales tax rate is lower than in the majority of states. However, its property tax rates are among the highest.