Everyone is wondering what is going to happen next in the housing market. The Canadian Real Estate Association recently published a revised report for 2013 projecting that national home sales activity in Canada will see a decrease of 2.9 per cent this year compared to last. While sales activity is expected to decrease, what about the cost to buy a home?

Forecast for 2013: The top five most expensive provinces to buy a home

According to the report, which also forecast the average price for residential homes in 2013, the top five most expensive provinces to buy a home in Canada will be:

  1. British Columbia - $502,700
  2. Ontario - $380,800
  3. Alberta - $376,400
  4. Saskatchewan - $281,800
  5. Newfoundland - $276,400

Compared to 2012, based on these forecasts each province will see an average change in prices of:

  1. -2.4% in British Columbia
  2. -1.0% in Ontario
  3. 3.6% in Alberta
  4. 2.7% in Saskatchewan
  5. 2.8% in Newfoundland

Mortgage rates and home insurance: Compare to save money

There's no doubt about it, buying a home is an expensive endeavour; whether you live in one of the top 5 most expensive provinces or not. If you're in the market to buy however, you can save money on the home insurance you'll need simply by comparing home insurance quotes from competing home insurance companies-no two companies are the same and rates can vary significantly.

Another opportunity to save, is with your mortgage. Whether purchasing a new home or looking for a mortgage refinance, view today's mortgage rates from leading bank and non-bank lenders; the rates are not only competitive, but can be secured online in minutes.

Looking for more information on buying a home in Canada or home insurance?

Check out the following Kanetix home insurance articles:

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