The least expensive provinces to buy a home in Canada

Everyone is wondering what is going to happen next in the housing market. The Canadian Real Estate Association recently published a report projecting that national home sales activity in Canada in 2011 will see a decrease of 1.6 per cent in activity this year compared to last. Since sales activity is expected to decrease, what about the cost to buy a home?

Forecast for 2011: The top five least expensive provinces to buy a home

According to the report, which also forecasted the average price for residential homes in 2011, the top five least expensive provinces to buy a home in Canada are expected to be:

1. Prince Edward Island at $150,600
2. New Brunswick at $158,600
3. Nova Scotia at $208,200
4. Manitoba at $235,700
5. Newfoundland at $242,700

Based on these forecasts, each province will see an increase in prices compared to the average of the previous year:

• 2.3% in Prince Edward Island
• 0.9% in New Brunswick
• 1.0% in Nova Scotia
• 6.1% in Manitoba
• 3.1% in Newfoundland

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Looking for more information on buying a home in Canada or home insurance?

Check out the following Kanetix® home insurance articles:

• Twelve home insurance myths
• The most expensive provinces to buy a home in Canada
• Insurance tips to help you save when buying a home
• Buying a new home? 8 things to consider when it comes to home insurance

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