Wondering what to expect in the housing market? The Canadian Real Estate Association projects that national home sales activity in Canada in 2013 will see a decrease of 2.9 per cent compared to last year. But, what about the cost to buy a home? Can you expect home prices to drop too? Unless you live in British Columbia, Ontario or New Brunswick, the answer is no. While lower home prices is good news for these three provinces (especially those in British Columbia and Ontario-the most expensive provinces in Canada-the rest of us can expect to pay more for a home. How does your home province rank?
Forecast for 2013: The five least expensive provinces to buy a home
According to the CREA quarterly report, the five least expensive provinces to buy a home in Canada are expected to be:
- Prince Edward Island at $153,100
- New Brunswick at $159,000
- Nova Scotia at $223,200
- Manitoba at $252,600
- Quebec at $274,100
Based on these forecasts, each province-minus New Brunswick-will see an increase in prices compared to the average of the previous year:
- 0.6% in Prince Edward Island
- -1.3% in New Brunswick
- 1.3% in Nova Scotia
- 2.6% in Manitoba
- 1.0% in Quebec
Homeownership: Save on your home insurance and mortgage
No matter where you are looking to buy a home-whether it's in British Columbia (the most expensive) or Prince Edward Island (the most affordable)-it's an expensive endeavour. But, you can make your dollar go further when you compare competitive mortgage rates and home insurance to make sure you're not overpaying for the home insurance coverage you'll need.
Looking for more information on buying a home in Canada or home insurance?
Check out the following Kanetix home insurance articles: