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As Canadians weigh where to live, factors like affordability, quality of life, and overall well-being play a huge role in decision-making. While it’s no secret that high home prices can create financial stress, is there a link between real estate costs, health, and life satisfaction? Zoocasa analyzed data from Stats Canada and the Canadian Real Estate Association’s February 2025 report to explore how housing affordability in each province may influence these essential factors.
Money Can’t Buy Happiness—But Can Affordable Housing?
A recent study by Statistics Canada asked survey participants (of all genders) to rate their life satisfaction on a scale from 1 to 10, with scores of 8, 9, or 10 indicating greater happiness. The results took an interesting turn when compared to provincial housing prices, revealing a striking trend between home costs and overall life satisfaction.
The high cost of housing takes a toll on life satisfaction, especially in Canada’s most expensive markets. In British Columbia, where the average home costs $956,888, only 39.7% of people say they’re experiencing greater happiness levels. Ontario isn’t far behind, with an average home price of $839,711 and a slightly higher satisfaction rate of 42.8%.
Meanwhile, Saskatchewan (46.6%) and Manitoba (46.5%) report higher levels of life satisfaction. Their home prices? A far more affordable $335,265 and $368,597. The numbers suggest financial pressure from sky-high housing costs could affect well-being.
More Canadians are Reaching Age 100 in Provinces With Lower Housing Costs
Another interesting connection appears when looking at centenarian statistics. Manitoba and Saskatchewan have the highest number of centenarians per 100,000 people (34.3 and 34.1, respectively). These same provinces also have relatively low home prices, suggesting that more affordable living conditions contribute to a longer lifespan.
On the other hand, Alberta has the lowest number of centenarians per capita (19.7 per 100,000). While its home prices are lower than those of Ontario and BC, it also reports the lowest life satisfaction level (38.7%). Could financial and lifestyle factors in higher-cost regions be influencing longevity? While we can’t say for sure, the correlation is worth noting.
The Link Between Housing Affordability and Self-Reported Health
Health is another key component of well-being. Statistics Canada analyzed the proportion of Canadian adults who said they have “very good” or “excellent” health.
Quebec, for example, has one of the highest self-reported good health rates (55.7%) and boasts the highest life satisfaction level (59.1%). Meanwhile, in Newfoundland and Labrador, only 48.7% of people report good health—one of the lowest rates in the country—despite having a relatively low home price of $322,646.
However, in provinces with high home prices, such as British Columbia (49.7%) and Ontario (51.5%), reported levels of good health are middling. This suggests that while home affordability plays a role in financial stress and life satisfaction, other factors, such as healthcare access, lifestyle, and income, are likely at play when it comes to overall health.
Living Well for Less: Why Quebec and PEI Stand Out
Quebec is the definitive leader when it comes to a balance of good health, life satisfaction, and affordability. With the highest percentage of residents reporting good health (55.7%) and the highest life satisfaction levels in the country (59.1%), Quebec stands out as a province where well-being is prioritized. Crucially, home prices remain significantly lower than in Ontario and British Columbia, averaging $544,401, making homeownership more attainable and reducing financial stress.
Prince Edward Island also demonstrates this balance, with life satisfaction levels at 50.7% and 44.9% of residents reporting good health. Home prices in PEI are a moderate $374,875, reinforcing the idea that more affordable markets can lead to greater well-being.
Regarding city versus country living, happiness levels tell a different story. Six in ten rural residents (59%) reported high life satisfaction, compared to just five in ten urban dwellers (49%). The pattern is hard to ignore: provinces with better health outcomes and greater life satisfaction often have more affordable housing, while sky-high real estate prices tend to bring financial stress, lower happiness, and only moderate health benefits. If well-being is the goal, stepping outside Canada’s most expensive housing markets might just be the key to a more fulfilling life.
The Key to a Balanced Life is Housing Affordability
Quebec is Canada’s most well-rounded province, offering a rare balance of good health, high life satisfaction, and relatively moderate home prices. Similarly, Saskatchewan and Manitoba showcase a strong link between affordability, well-being, and longevity—making them appealing destinations for those looking to escape the financial pressures of high-cost living.
Alberta presents an interesting contrast. While its home prices are more affordable than in BC and Ontario, life satisfaction and longevity remain lower. The province reports a below-average life satisfaction rate (38.7%) and the country’s lowest centenarian rate (19.7 per 100,000), despite a moderate average home price of $503,965. While 54.4% of Albertans rate their health as “very good” or “excellent”, this doesn’t seem to translate into higher overall happiness. However, studies found that the older a person is, the more likely they are to report higher levels of life satisfaction, ranging from 46% of those aged 35 to 44 to 60% of those aged 65 and over. Alberta has the youngest population in all Canadian provinces.
With 45% of Canadians expressing concerns about housing affordability, it’s clear that the cost of living plays a significant role in overall well-being. Understanding these provincial trends sheds light on how financial security in housing isn’t just about owning a home—it’s about building a foundation for a healthier, happier, and longer life.
Methodology
- Housing Prices: The average price of housing per province is sourced from the Canadian Real Estate Association’s February 2025 report.
- Demographics: Data on the number of Canadians reaching centenarian status is courtesy of Demographic Estimates by Age and Gender, Provinces and Territories: Interactive Dashboard from Statistics Canada.
- Life Satisfaction: Information on Canadians’ reported levels for both genders in Q4 2024, courtesy of Statistics Canada’s data.
- Health Data: Insights on Canadians’ health are sourced from Statistics Canada’s health report.
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