10 Canadian Cities With Mortgage Payments Under $3,000

​​Housing affordability has been a challenge across much of Canada, but there are still areas where owning a home remains realistic. Several markets continue to offer lower price points, smaller mortgage payments, and a more accessible path to homeownership, even as rates and carrying costs have increased. 

We highlight several Canadian cities where average mortgage payments remain under $3,000. These markets offer lower home prices and more manageable monthly carrying costs compared to larger urban centres, providing a more realistic path to homeownership.

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Key Takeaways

• Several Canadian cities still have average mortgage payments well below the national average, even with higher borrowing costs.
• Rising home values and qualifying rates have increased monthly payments in major cities, making smaller communities more attractive to buyers.
• Many of the most affordable cities are outside Ontario and British Columbia, although pockets of affordability remain in those provinces.

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Why Monthly Mortgage Payments Are Increasing in Canada

Monthly mortgage payments have increased across many parts of Canada as both borrowing costs and home values have climbed. Strong population growth, higher immigration, and tight housing supply have pushed prices upward, especially in major urban centres in Ontario and British Columbia. These factors make entering the market more expensive than in past years.

Interest rates have also played a significant role. As rates remain high, the cost of borrowing increases, leading to higher monthly payments for new buyers and those renewing. Even with signs that rate pressure is easing, today’s elevated rate environment continues to shape overall affordability.

Is It Still Possible to Own a Home in Canada?

Despite higher borrowing costs, homeownership remains attainable in several Canadian markets. Many cities still have average home prices well below national levels, helping keep monthly payments manageable. 

The RE/MAX housing market outlook for 2026 found that 25% of Canadians believe affordability will improve in their region. 23% would be ready to buy if the Bank of Canada reduced the policy rate by an additional 0.5% to 1%.

Cities in Canada With Mortgage Payments Under $3,000

The following cities offer average mortgage payments well below $3,000 based on the minimum downpayment for the average home price, 25-year amortization and nesto’s current posted 5-year fixed insured rate of 3.89%. Mortgage payments are based on the average residential prices sourced from CREA. 

Mortgage payment amounts may vary by lender based on the amortization and rates offered, but these examples illustrate relative affordability across regions. Affordability comparisons are intended as general reference points for evaluating relative costs across Canadian cities. Property taxes may vary based on the location, property’s assessed value, and the calculation the specific tax authority uses.

Cape Breton Island, Nova Scotia

Cape Breton Island was ranked the #1 island in North America by Condé Nast Traveler readers. While this location on our list is not a city, the island offers affordable real estate, with home prices significantly lower than those in the rest of Canada. With the 298km Cabot Trail, Cape Breton is ideal for outdoor adventurers. Lower purchase prices keep Cape Breton among the most affordable regions in Atlantic Canada, with ownership costs significantly below provincial averages.

Population: Approx. 109,945

Average home price: $258,389

Average monthly mortgage payment: $1,328

Property tax rate: Approx. 1.5% to 1.8% depending on area and services. 

Saint John, New Brunswick

Saint John, the oldest incorporated city in Canada, is located on the Bay of Fundy. The city offers arts and culture, diversity, safe neighbourhoods, and many new businesses. Many family-friendly activities exist, including live music, theatre, and sporting events. The area also has many parks, trails, beaches, and playgrounds. Saint John continues to lead national affordability rankings, with average home prices among the lowest in any Canadian urban centre.

Population: Approx. 79,090

Average home price: $327,999

Average monthly mortgage payment: $1,685

Property tax rate: Approx. 1.55%

Regina, Saskatchewan

Regina is the second-largest city in Saskatchewan and is one of Canada’s fastest-growing major cities. The city offers inexpensive public transit options and plenty of family-friendly activities. With many parks, arts, and cultural events, there is something for the whole family. Regina’s stable housing supply and comparatively low ownership costs make it a consistent option for buyers seeking affordability on the Prairies.

Population: Approx. 259,459

Average home price: $335,100

Average monthly mortgage payment: $1,722

Property tax rate: Approx. 1.19% 

Brandon, Manitoba

Brandon has become a popular location for first-time buyers and young families and is considered one of the top places to live in Canada. Located roughly 2.5 hours from Winnipeg, this small city offers the perks of quiet living while being close enough to the big city to take a day trip for larger events. Brandon remains attractive for first-time buyers who want lower carrying costs while staying within driving distance of a major city.

Population: Approx. 58,961

Average home price: $376,570

Average monthly mortgage payment: $1,935

Property tax rate: Approx. 3.11%

North Bay

North Bay offers abundant green space for outdoor activities and low-density living with the benefits of complete urban services. This small community is ideal if you love the outdoors but want big-city amenities. North Bay offers more affordable ownership options than major southern Ontario cities, attracting buyers seeking lower monthly costs and more space. 

Population: Approx. 52,622

Average home price: $411,207

Average monthly mortgage payment: $2,113

Property tax rate: Approx. 1.75%

Trois-Rivières

Trois-Rivières has a thriving downtown district with a variety of bars and restaurants as well as family-friendly music festivals, art exhibits, and workshops. The area is ideally positioned if you love the outdoors. Located halfway between Montreal and Quebec City, Trois-Rivières is less than a 2-hour drive from either city, making it easy to take quick day trips to larger urban areas. Trois-Rivières provides a balance between affordability and access to major Quebec cities, offering lower mortgage payments than larger metropolitan areas.  

Population: Approx. 150,730

Average home price: $441,901

Average monthly mortgage payment: $2,271

Property tax rate: Approx. 1.05%

Edmonton

Edmonton is a diverse city nicknamed Canada’s festival city, hosting festivals year-round. There’s no shortage of things to do that the whole family will enjoy. The city is also home to the West Edmonton Mall, the largest shopping mall in North America, which boasts many family-friendly attractions like a waterpark and an underground aquarium. Edmonton’s diverse housing stock and relatively moderate prices help keep ownership costs more accessible than in other large Canadian cities.

Population: Approx. 1,217,133

Average home price: $454,777

Average monthly mortgage payment: $2,337

Property tax rate: Approx. 1.01% 

Cornwall

Cornwall is located on the border of Canada and the United States, near the border with Quebec. In 2021, Maclean’s listed Cornwall as number 8 on its “Best Communities in Canada” list. Cornwall is a great full-service city for families that retains its small-town feel. Cornwall remains a popular choice among buyers who want proximity to major urban centres while maintaining lower monthly mortgage commitments.

Population: Approx. 52,977

Average home price: $508,895

Average monthly mortgage payment: $2,612

Property tax rate: Approx. 1.84%

Gatineau

Gatineau is an ideally located city situated next to Ottawa. Gatineau Park, the National Capital Region’s conservation park, is a destination for those who love the outdoors. There is plenty to do for all ages. The city offers an abundance of nightlife and dining options, festivals, art exhibits, and events, making it the perfect mix for those who love nature without compromising on city living. Gatineau continues to offer lower mortgage payments than nearby Ottawa while providing strong amenities and urban convenience.

Population: Approx. 308,436

Average home price: $512,537

Average monthly mortgage payment: $2,630

Property tax rate: Approx. 0.92% 

Bancroft

Bancroft, located in the heart of the Canadian Shield, is a small town with all the conveniences of urban living. Over the past 10 years, many urban professionals have transitioned from city living to a more relaxing country life in Bancroft. The area is home to the world’s largest mineral collection, making it an ideal place for rockhounds and outdoor enthusiasts. Bancroft has become a relocation destination for buyers leaving larger cities in search of lower home prices and more manageable monthly mortgage costs.

Population: Approx. 4,474

Average home price: $536,900

Average monthly mortgage payment: $2,749

Property tax rate: 1.77% 

Frequently Asked Questions

Final Thoughts

Affordable housing options remain available in Canada despite rising homeownership costs. Exploring markets with lower home prices can open opportunities for buyers seeking lower monthly mortgage carrying costs. By expanding your search to affordable neighbourhoods, you can find a place to call your own without compromising your financial well-being.

Whether you rent or own, finding a housing solution that aligns with your financial situation and lifestyle is key. Contact nesto mortgage experts to compare your options and find a mortgage solution tailored to your needs. 

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Why Choose nesto

At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and the quality of their advice. nesto aims to transform the mortgage industry by providing honest advice and competitive rates through a 100% digital, transparent, and seamless process.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

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