Quebec Cities Where Home Affordability Goes From Better to Worse
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Navigating Quebec’s urban spectrum can be a financial rollercoaster, careening from the most expensive cities to the least expensive ones. But worry not, we’ve cut through the confusion – shaking up the kaleidoscope of price points to present you a crystallized view. In our quest for clarity, this article will serve as your roadmap to the top 3 most expensive, as well as the 3 least expensive cities in Quebec. Let’s delve into the bustling city quarters and tranquil town niches, where your dollar takes you furthest or burns fastest!
Key Highlights
- Overall, Quebec is one of the top provinces in Canada with affordable housing in its major cities.
- In terms of first year housing costs, the city of Saguenay is not only the least expensive city in Quebec, but ranks as the least expensive city in Canada.
- While the city Montreal is the most expensive city in Quebec in terms of housing, as the second largest city in Canada, it is still the most affordable option for an urban lifestyle compared to other cosmopolitan cities.
Quebec Cities Where Home Affordability Goes From Better to Worse
Here’s a list of the top 3 most affordable and least affordable cities in the province of Quebec.
Top 3 Most Affordable Cities in Quebec
Let’s start with the 3 most affordable cities in Quebec in terms of housing. Affordability calculations are based on the average home price in the city, cost of living, and the income needed to buy property.
1. Saguenay
The city of Saguenay is located in Quebec’s Saguenay-Lac-Saint-Jean region and has a population of 150,000 habitants. In 2023, Saguenay ranked not only as the one of the cheapest cities to buy a home in Quebec, but as one of the cheapest in the entire country.
Saguenay boasts a great outdoor lifestyle, with access to a lot of green space and national parks that attract a great deal of tourists every year.
Average home price: $245,000
Average income needed: $54,757
Property tax rate: 1.3%
Average Monthly Expenses for a Single Person (excluding rent): $1,581
Average Monthly Cost of 1-Bedroom in the City: $1,292
2. Trois-Rivières
With 137,000 inhabitants, Trois-Rivières is the largest city in the Mauricie region of Quebec and is situated along the Saint Lawrence river. Trois-Rivières boasts a lot of green space for outdoor activities and a diverse economy, but has recently also become known as a vibrant hub for artists.
Average home price: $287,500
Average income needed: $60,645
Property tax rate: 1.3%
Average Monthly Expenses for a Single Person (excluding rent): $1,617
Average Monthly Cost of 1-Bedroom in the City: $1,292
3. Québec City
Welcome to the oldest city in North America! Quebec City, the aptly named capital of the province of Quebec, is home to all kinds of historical sites, museums, festivals and, most importantly, affordable housing. Despite rising rates, the city’s property market has remained resilient, making Quebec City housing the most accessible out of all the other provincial capitals.
Average home price: $329,300
Average income needed: $72,877
Property tax rate: 1.34%
Average Monthly Expenses for a Single Person (excluding rent): $1,898
Average Monthly Cost of 1-Bedroom in the City: $979
Top 3 Least Affordable Cities or Neighborhoods in Quebec
Now for the top 3 least affordable cities in Quebec in terms of housing. Affordability calculations are based on the average home price in the city, cost of living, and the income needed to buy property.
1. Montreal
Montreal is Quebec’s largest city, boasting a population of 2.5 million on the Island of Montreal and up to 3.7 million in the larger metropolitan area. As Canada’s second largest city and one of its oldest ones, Montreal offers a unique blend of French and North American influences in both its architecture and culture. The city is also home to world famous museums and hosts a variety of international art and music festivals every year.
While Montreal is on the less affordable side of this list, it is arguably the most affordable out of Canada’s largest cities, beating out Toronto and Vancouver by a long shot. If you are someone who prioritizes urban living and big city amenities, Montreal’s housing market is without a doubt your most cost-friendly option.
Average home price: $520,000
Average income needed: $108,766
Property tax rate: 0.83%
Average Monthly Expenses for a Single Person (excluding rent): $1,839
Average Monthly Cost of 1-Bedroom in the City: $1,574
2. Laval
Laval is the third largest city in Quebec with a population of 500,000 and is located a stone’s throw away from Montreal. It is home to a variety of industries such as aerospace and pharmaceuticals, with easy access to other employment opportunities in Montreal via a very convenient transit system. A large number of Laval residents commute into Montreal for work every day, while taking advantage of the cheaper housing market in Laval.
Average home price: $515,201
Average income needed: $109,376
Property tax rate: 1.12%
Average Monthly Expenses for a Single Person (excluding rent): $1,537
Average Monthly Cost of 1-Bedroom in the City: $1,500
3. Gatineau
Right on the edge of Quebec and Ontario, Gatineau has become an increasingly popular city to move to, especially for those who need to cross the river into Ottawa for work. The city is famous for the Canadian Museum of History and for hosting the Gatineau Hot Air Balloon Festival. Moreover, it is home to Gatineau park, one of Canada’s largest parks.
Average home price: $355,089
Average income needed: $90,687.62
Property tax rate: 3.27%
Average Monthly Expenses for a Single Person (excluding rent): $1,605
Average Monthly Cost of 1-Bedroom in the City: $1,427
Why Quebec is a Popular Destination to Live in Canada
Quebec, with its rich cultural heritage and thriving economy, has emerged as a popular destination for individuals seeking to live in Canada. One of the primary reasons for this popularity is the province’s affordable housing. Compared to major cities in other Canadian provinces, like Vancouver and Toronto, major cities in Quebec offer a significantly cheaper housing market, making it an attractive place for both families and young professionals.
The housing market in Quebec is varied and expansive, providing opportunities for all kinds of buyers. From modern apartments in the city to spacious homes in the suburbs, there’s something for everyone. This diverse range of options, coupled with lower prices, means that homeownership is more accessible in Quebec than in many other parts of Canada.
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Frequently Asked Questions
Welcome to our Frequently-Asked Questions (FAQ) section, where we answer the most popular questions designed and crafted by our in-house mortgage experts to help you make informed mortgage financing decisions.
Which city in Quebec is the most expensive to live in?
Montreal is the most expensive city to live in Quebec. However, on the national scale, Montreal does not even make the top 10 list of most expensive cities.
Which city in Quebec is the least expensive to live in?
In 2023, Saguenay was the least expensive city to live in Quebec, with Trois-Rivières following closely behind.
Should I move to Quebec to find affordable housing?
Out of all the provinces in Canada, Quebec has the most affordable housing, even in its largest cities.
Final Thoughts
The affordable housing market combined with high living standards and economic opportunities make Quebec a highly attractive destination for those wishing to live in Canada. One of the biggest takeaways from this article is that even the top 3 most expensive cities in Quebec are still cheaper than most major cities in the rest of the country. For this reason, Quebec offers homebuyers an expansive list of options, both in terms of lifestyle and affordability, when it comes to housing. If you are looking to buy a home in Quebec, mortgage experts at nesto are here to answer all your questions and meet your mortgage needs!
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