18 Places Where Canadians Can Retire in Luxury for Less Than $2,500 a Month

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The Canadian housing market has been a wild ride, but things are finally shifting in favor of buyers. Whether it’s due to rising interest rates, economic factors, or sheer market exhaustion, home prices are dropping.   If you’ve been waiting for the right moment to buy, this might be your chance to finally escape the rent cycle and own a piece of the Great White North. Here are 18 Canadian cities where home prices are dropping.

Edmonton, Alberta

Edmonton, the city of champions (and now, perhaps, the city of cheaper homes), has seen a price drop due to increased inventory and a balanced market. By the end of November 2024, 4,501 properties were listed for sale, a 17% decrease from the previous year. This resulted in a seller’s market characterized by only 2.3 months of available inventory. Also, the Bank of Canada’s recent interest rate cuts have further stimulated market activity, making it more accessible for buyers to secure financing.

Winnipeg, Manitoba

Manitoba’s capital city has seen a slowdown in home prices. Factors include increased housing supply, rising interest rates, and higher borrowing costs. For instance, active listings in Winnipeg rose from approximately 1,800 in January to 3,700 by July 2024. Despite these declines, the Winnipeg Regional Real Estate Board forecasts a modest 1.2% price increase in 2025, suggesting a potential market stabilization.

Ottawa, Ontario

Ottawa’s housing market has finally decided to take a breather after nearly three decades of relentless price hikes. According to the Canada Mortgage and Housing Corporation (CMHC), the average home price in Ottawa is expected to dip to $640,000 in 2023, down from $691,727 in 2022.

Montreal, Quebec

Oh, Montreal! The city where bagels are legendary, poutine is a food group, and now, home prices are doing the cha-cha—taking a step back after a long dance upward. In December 2023, the median price of single-family homes dipped by 3% to $510,000, condos edged down 1% to $375,000, and plexes (those charming multi-family abodes) slid 6% to $690,000. Fast forward to June 2024, and the trend continued. So, if you’re considering making Montreal your home, now might be the perfect time to join the dance.

Halifax, Nova Scotia

Halifax experienced a real estate boom during the pandemic, but prices are starting to ease. This cooldown has given buyers a chance to catch their breath. In October 2024, the average home price in Halifax decreased by a modest 0.7% to $510,100, a slight dip but a departure from the relentless price hikes of yesteryear. Despite this, the overall trend for 2024 showed a 4.4% increase in average sale prices across all property types, rising from $554,269 in 2023 to $578,913 in 2024.

Saskatoon, Saskatchewan

This Prairie city has seen a slight dip in home prices, offering an affordable alternative for buyers seeking stability. This subtle dip might be the nudge prospective homeowners need to dive into the market. But don’t expect a buyer’s bonanza just yet. Inventory levels remain tighter than a jar of Saskatoon berry jam, especially for homes priced below $400,000, where listings have decreased by over 16% year-over-year and are 30% below the 10-year average.

Regina, Saskatchewan

Like Saskatoon, Regina is experiencing a cooling market. The benchmark price of a home in the Queen City slipped to $308,700, down from $313,100 in August and $319,300 in July. This trend continued into November, with the benchmark price edging down to $313,700 from $321,000 in October. But before you start dreaming of snagging a bargain bungalow, consider this: Regina’s housing market remains hotter than a prairie summer. Prospective buyers might still find themselves in a bidding war or two.

Hamilton, Ontario

Hamilton’s housing market is finally cooling off faster than a double-double left out in a January snowstorm. After years of prices climbing like a Mountie up a maple tree, the average home price in Hamilton dipped to $755,953 in November 2023, a slight 0.7% decrease from the previous year. The market’s cooling can be attributed to a surge in listings and a drop in sales.

London, Ontario

The real estate rollercoaster has made a pit stop in London, Ontario, and not the kind with double-decker buses. According to a report by Point2Homes, condo prices in London took a 6% tumble in 2023, translating to an average loss of about $22,600 for new condo owners. But wait, there’s more! The Zoocasa real estate firm also noted that from June to November 2023, the benchmark price for homes in London and St. Thomas dropped by 7.8%, aligning prices closer to pre-pandemic levels.

St. John’s, Newfoundland

One of Canada’s most affordable cities is seeing some price adjustments, making homeownership even more accessible. However, homes are flying off the shelves faster than you can say “Newfoundland screech,” with the average days on the market dropping to 41.3 days—a 16.97% decrease from the previous year. So, if you’re dreaming of snagging a bargain in St. John’s, you might want to act quickly before these prices soar higher than a puffin in flight.

Barrie, Ontario

Once a booming alternative to Toronto, Barrie is seeing price drops as the market slows. As of November 2024, the median home price in Barrie is $695,000, showing a downward trend typical for this time of year. Condo owners aren’t immune either; they’ve seen a 5.3% price drop, translating to an average loss of about $28,000. So, if you’re in the market for a cozy igloo in Barrie, now might be the time to pounce.

Quebec City, Quebec

In October 2024, the Quebec City Census Metropolitan Area (CMA) recorded 894 residential sales, marking a 23% increase compared to the same period in 2023. This surge in demand has led to a sharp decline in active listings, reaching near-historical lows. Consequently, market conditions have remained firmly in favor of sellers, with the median price of single-family homes surpassing the $400,000 mark—a 16% increase from the previous year. So, if you’re dreaming of snagging a bargain in Quebec City, you might want to act fast.

Windsor, Ontario

In 2023, Windsor’s housing market experienced a notable shift. The cost of building new homes decreased by 1.3% thanks to rising interest rates, dampening demand, and stabilizing material costs. This led to a focus on affordable housing options. While new-home prices declined, the resale market showed resilience. Overall, while new-home prices have softened, the resale market in Windsor remains robust.

Sudbury, Ontario

As of early 2023, Sudbury, Ontario, experienced a notable decline in home prices. The average sale price of a single-family home decreased by approximately 12% from its peak in April 2022, settling between $450,000 and $460,000. This decline was accompanied by a significant reduction in home sales, with December 2022 figures showing a 21.3% drop below the five-year average and a 14.1% decrease below the 10-year average.

Kamloops, British Columbia

As of December 2023, the composite Benchmark Price for all categories and submarkets was $572,900, reflecting an 11.3% decrease from the peak in May 2022. In August 2024, the benchmark price for single-family homes was $664,300, marking a 1.6% year-over-year decrease. Additionally, the average price of 920 homes in Kamloops was $767,888. This picturesque city has seen a drop in home prices, making it an attractive option for those seeking a mountain lifestyle.

Fredericton, New Brunswick

Fredericton’s housing market is on a rollercoaster ride. In September 2023, home sales took a nosedive, plummeting by 19% compared to the previous year, with only 171 homes sold. This was 27% below the five-year average and 14% below the ten-year average for September. Fast forward to November 2024, and the trend continued, with the benchmark price for single-family homes reaching $327,600, a 14.4% jump from the previous year. So, while fewer folks are sealing the deal, those who do are shelling out more loonies than ever.

Moncton, New Brunswick

Moncton, New Brunswick’s housing market is in limbo, but how low can it go? As of January 2025, the average home price is $500,148, a 7.45% drop from September 2024’s $540,283. The median price followed suit, dipping 4.2% from $425,285 to $410,128 over the same period. Listings are also in a downward dog pose, decreasing from 386 in September 2024 to 324 in January 2025.

Thunder Bay, Ontario

Thunder Bay’s housing market is as stable as a moose on a frozen lake. In 2023, the median price for single-family detached homes was $330,000, just a 3% uptick from the previous year. Experts predict a modest 2% price increase in 2024, keeping the market steady. But, despite higher interest rates, Thunder Bay remains Ontario’s most affordable housing market, with an average price of $333,000 in 2022.

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