Due to the current state of the economy, it seems 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 in Canada will decline this year with around 17 per cent less activity compared to 2008. While sales activity might be on the decline, if you are in the market to buy this year you might be interested in knowing what provinces are the least expensive to buy in.
Forecast for 2009: The top five least expensive provinces to buy a home
According to the report, which also forecasted the average price for residential homes in 2009, the top five least expensive provinces to buy a home in Canada in 2009 are expected to be:
Prince Edward Island at $139,800
New Brunswick at $145,800
Newfoundland at $187,000
Nova Scotia at $189,700
Manitoba at $189,800
While these may be the least expensive provinces to be buying in, it's interesting to note that for the most part the average price of a home in these provinces is projected to not dramatically change much in 2009 compared to the previous year’s prices. The average price of a home is expected to be:
0.1% less in Prince Edward Island
No change is expected (0.0%) in New Brunswick
0.1% less in Nova Scotia
0.3% less in Manitoba
The exception? Newfoundland. Unlike Prince Edward Island, New Brunswick, Nova Scotia or Manitoba, the average price of a residential home in Newfoundland is expected to increase by 4.8 per cent from 2008’s $178,477 to $187,000 in 2009.
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Looking for more information on buying a home in Canada or home insurance?
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