Recently, The Huffington Post, based on data from the Bank of Montreal's labor market report and the housing affordability indices from the Canada Royal Bank and Caisse Desjardins, compiled a ranking of cities that perform well in both housing and employment metrics, and on this basis, selected Canada's top ten most affordable cities.
The Huffington Post emphasizes that most of the cities in this ranking are not necessarily the best for finding a job, nor are they the cities with the lowest housing costs, but they are the cities where the two are most balanced. The following is the ranking of Canada's top ten most affordable cities:
1. Regina, Saskatchewan
Although the overall labor market in Saskatchewan has been relatively weak due to the drag of oil prices, the employment rate in Regina continues to grow. Coupled with an average home price that is less than half that of Toronto, it is undoubtedly the best city in Canada for working and buying a home.
Unemployment rate: 5.4%
Average home price: $312,000
Labor market ranking: 5/33
Housing affordability ranking: 2/14
2. Edmonton, Alberta
Like Regina, Edmonton is one of the cities significantly affected by oil prices, but the employment rate has increased by 4% over the past year, and housing prices remain stable.
Unemployment rate: 7%
Average home price: $391,500
Labor market ranking: 3/33
Housing affordability ranking: 3/20
3. Windsor, Ontario
Job opportunities in Windsor are increasing, but the housing market has not yet caught up.
As a well-known automotive hub, Windsor has been one of the brightest performers in the Canadian labor market over the past year, with new job opportunities increasing by 1.6%. However, housing prices have not yet caught up, making Windsor even more affordable.
Unemployment rate: 6.4%
Average home price: $227,870
Labor market ranking: 8/33
Housing affordability ranking: 4/20
4. Trois-Rivières, Quebec
Before moving to Trois-Rivières, you must ensure you already have a job offer, as the city's labor market is very sluggish. However, if you are lucky enough to find a job, the housing prices here are shockingly low.
Unemployment rate: 7.4%
Average home price: $147,000
Labor market ranking: 26/33
Housing affordability ranking: 1/20
5. Halifax, Nova Scotia
Halifax's employment rate grew by 2.6% this year, and housing prices are also relatively low.
Unemployment rate: 6.4%
Average home price: $289,600
Labor market ranking: 6/33
Housing affordability ranking: 4/14
6. Kingston, Ontario
New job opportunities in Kingston increased slightly by 0.9%, while the unemployment rate declined, helping it secure the sixth spot.
Unemployment rate: 6.3%
Average home price: $305,155
Labor market ranking: 19/33
Housing affordability ranking: 10/20
7. Winnipeg, Manitoba
Although Winnipeg does not have many new job opportunities, the employment rate is high, and housing prices are quite economical compared to other major Canadian cities.
Unemployment rate: 6.3%
Average home price: $278,200
Labor market ranking: 12/33
Housing affordability ranking: 14/20
8. Oshawa, Ontario
Cities around Toronto have strong economic performance, and Oshawa is one of them. More importantly, housing prices are lower than in Toronto and the surrounding areas.
Unemployment rate: 5.6%
Average home price: $531,051
Labor market ranking: 1/33
Housing affordability ranking: 17/20
9. St. John's, Newfoundland and Labrador
St. John's is a larger city in Newfoundland. Although the city is not known for its economic performance, its unemployment rate is much lower than other cities in the province, and housing prices are slowly declining.
Unemployment rate: 6.8%
Average home price: $324,300
Labor market ranking: 15/33
Housing affordability ranking: 2/14
10. Kitchener-Waterloo, Ontario
Although the housing market in Waterloo is soaring, it is still far below Toronto.
Kitchener-Waterloo is a high-tech hub in southern Ontario, boasting one of the strongest labor markets in the country. Although housing prices are rising, they are far lower than in the Greater Toronto Area.
Unemployment rate: 5.5%
Average home price: $378,248
Labor market ranking: 4/33
Housing affordability ranking: 15/20
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