People priced out of Vancouver may find their dream home on the Prairie.
A new report lists Canadian cities where houses are cheaper today compared to five years ago.
These homes are in Prairie provinces of Alberta, Manitoba, and Saskatchewan.
“Overall, Prairie cities offer first-time home buyers some of the best affordability in the country, with benchmark prices under $250,000 for apartments and under $500,000 for single-family houses this August,” real-estate brokerage Zoocasa stated in a report Tuesday (September 29).
According to the firm, the benchmark price or the cost of a tpycal single-family home or condo in the region is “more affordable today” than five years ago.
In Calgary, the benchmark apartment price was $248,500 in August 2020, a 14 percent or $41,900 drop since 2015.
The benchmark single-family house in Calgary is now $466,000, which is six percent or $30,800 cheaper than the price five years ago.
In Edmonton, the benchmark price for an apartment is 17 percent, or $37,300, cheaper.
The benchmark price of single-family house in Edmonton cost $377,300 in August 2020, compared to $396,800 in the same month of 2015, or a drop of five percent or $19,500.
In Regina, the benchmark price of a condo is 21 percent or $174,800.
Also in Regina, single-family house prices are three percent lower at $286,900.
In Saskatoon, an apartment unit costs $180,000, or 13 percent lower compared to 2015.
Also in Saskatoon, one can buy a single-family home at $319,400, or three percent cheaper compared to five years ago.
In Winnipeg, condos are three percent cheaper at $196,800.
However, the price of a single-family home in Winnipeg rose 17 percent to $300,500 in August 2020.