Exclusive: 76% of mortgage holders are anxious about their upcoming renewal: MPC survey + MORE Jun 14th

Growing financial anxiety is affecting both Canadian mortgage holders and non-owners alike, according to the latest consumer survey from Mortgage Professionals Canada.

As ever more Canadian home owners face renewing their mortgages at higher rates, housing affordability remains one of the country’s top personal finance challenges. For years, would-be buyers have pointed out on social media that they #donthaveamillion to drop on their first home.

But if you have some flexibility around where to live, there are cities and neighbourhoods in Canada where homes can be had for less than seven figures—lots of them, in fact. All but five of the 45 cities and regions analyzed by our partner Zoocasa in this year’s Where to Buy Real Estate in Canada report had benchmark prices below $1 million (as of the end of 2023).

See the list of Canadian cities and regions below, in order of most to least affordable (followed by neighbourhood data for Toronto and Vancouver). You can sort the data in each table by tapping on the column headers, or filter results using the last row. You can download the data to your device in Excel, CSV and PDF formats. 

Canadian cities and regions with a benchmark price under $1 million

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Region Province Benchmark price 1-year price change 3-year 5-year price change

1
Justin Dallaire
13/06/2024 12:52 PM
Justin Dallaire
13/06/2024 12:52 PM
Fredericton
N…

Mortgage delinquency rates in Ontario are soaring  CTV NewsHigh debt levels causing ‘pressure beneath the surface’ of household balance sheets, says BMO economist  The Globe and MailCanadian Mortgage Delinquencies Rise 24%, Ontario Hits $1 Billion: Equifax – Better Dwelling  Better DwellingMissed mortgage, credit payments in Canada hit pre-COVID highs: Report  Yahoo Canada FinanceMortgage delinquency rates continue to climb  Toronto Star

According to a recent survey conducted Mortgage Professionals Canada, Canadians are doing less haggling at renewal, despite most facing higher interest rates.

The head of Canada’s banking regulator stood firm in rejecting renewed calls to remove the mortgage stress test on uninsured mortgage switches.