When it comes to buying a home, price is obviously a major consideration for Canadians. But affordability isn't the only thing that matters. Factors such as quality of life, safety, employment opportunities and population growth can also play an important role in deciding where to put down roots.
While Toronto and Vancouver continue to be popular choices for many Canadians, their high housing costs have made homeownership increasingly difficult for many buyers. And they aren't the only expensive markets. Despite a recent slowdown, the average home price across Canada was still $666,538 in September.
With interest rates rising to 2.5 per cent as of Oct. 28, along with continued economic uncertainty, prospective buyers are taking a closer look at where they can get the most for their money.
To identify the Canadian cities offering the best combination of affordability and lifestyle, real estate marketplace Zolo evaluated 36 cities and ranked them based on a range of criteria.
The study looked at much more than just housing costs. Household income, population growth, crime rates, unemployment, access to a primary healthcare provider, walkability and even the number of sunny days each year were all factored into the rankings.
Benchmark price comes from the MLS® Home Price Index, often shortened to MLS® HPI. CREA (Canadian Real Estate Association) describes the MLS® HPI as a tool designed to gauge neighbourhood home price levels and trends, using more than 15 years of MLS® System data and statistical models to track typical homes across areas and property types.
Guelph, Ontario, takes the top spot as Canada's best place to live.
Best known for its prestigious university, green spaces and craft brewery scene, Guelph scored well in several important areas. The city has a higher-than-average household income, along with lower-than-average unemployment and crime rates, making it an attractive option for those considering a move.
There is one drawback: housing isn't cheap. The benchmark home price in Guelph was $720,200 in September 2026, making it the most expensive city among the top 10. However, its strong results across the other categories helped secure its number one ranking.
Although Guelph has a relatively modest population of about 165,588, many of the other cities making the top 10 are larger urban centres. Their appeal comes from a combination of solid job markets, higher-than-average household incomes and more attainable home prices.
Winnipeg, Man., comes in at number two, making a significant jump from eighth place last year.
Zolo reports that the cost of living in Winnipeg is nine per cent below the national average. The average household income is $99,600 per year, while the benchmark home price of $392,100 makes it considerably more affordable than Guelph.
Despite its reputation for bitterly cold winters, which have earned it the nickname "Winterpeg," Winnipeg is actually one of Canada's sunniest cities. Locals make the most of the outdoors, with plenty of parks, trails and lakes to enjoy.
Saskatchewan also makes a strong showing, with Regina and Saskatoon taking third and fourth place, respectively.
Regina stands out for its affordability, with home prices more than 47 per cent below the national average. Its benchmark price is just $343,900. Residents also benefit from a lower-than-average provincial income tax rate and the second-lowest sales tax rate in Canada, allowing their dollars to stretch further.
Halifax, N.S., rounds out the top 10, and one of its biggest advantages is walkability. The city received an impressive score of 97, well ahead of the other cities on the list, which generally scored in the 30s and 40s.
The average household income in Halifax is $98,900, slightly below Winnipeg's. However, the city continues to attract new residents and is experiencing significant population growth. Its benchmark home price of $541,700 is also at its lowest level since December 2024.
Zolo notes that while Halifax home prices climbed sharply between late 2020 and early 2022, finding a more affordable property in the city is becoming easier as 2026 draws to a close.