Balancing happiness and housing affordability can be a challenge as the most desirable Canadian cities are often the most expensive.

However, with an average home price of $381,500 and a happiness score of 65.9 according to

Leger’s Happiness Index for 2025 , Winnipeg has the distinction of being the most balanced Canadian city,

according to real estate company Zoocasa Inc. Zoocasa looked at the average price of a home in Canada’s major cities and combined them with their happiness rating to create a “price per happiness point” calculation.

This represents the average home price divided by a city’s happiness score, showing how much housing costs for each “unit” of happiness reported.

“In essence, this metric shows how much people in Canada’s largest cities are willing to pay for the quality of life they enjoy, and where affordability and happiness are best balanced,” said the report.

Using this measure, Winnipeg had the cheapest price per happiness point ratio at $5,790, followed by Edmonton at $6,289, Montreal at $8,343 and Calgary at $8,425.

“Cities like Winnipeg and Edmonton, while still among Canada’s largest urban centres, demonstrate that happiness and affordability don’t have to be mutually exclusive,” the report said. “These cities offer the lowest cost per happiness point among all cities analyzed, showing that residents in more affordable major markets may be enjoying a higher return on quality of life than those in pricier provinces.”

Overall, the happiest city – measured by an online poll, but consistent with similar surveys – was Mississauga at 70.3, but its average home cost of $969,501 brings its ratio to $13,788.

Toronto and Vancouver – Canada’s priciest housing markets – not surprisingly came out with the two most expensive ratios at $16,563 and $17,220, respectively.

“The cost of big-city happiness can be as much as three times higher depending on where you live,” the report states.

To echo the price per happiness ratio, Zoocasa’s own polling shows that 53 per cent of Canadians believe affordable and stable housing has the greatest impact on their quality of life and that 26.3 per cent of respondents have considered a move to a smaller city to reduce housing costs.

“The findings suggest that while Canada’s happiest big cities offer a glimpse of balance between price and quality of life, many Canadians are looking beyond the major metro areas in search of the same,” the report states.

Canada’s position in global happiness rankings has been slowly slipping over the past decade. In 2015, Canada ranked fifth in the

annual World Happiness Report , but last year fell to 15th and in 2025 fell again to 18th.

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READ OUR RED INK SERIES

Governments around the world are awash in debt, and Canada is no exception. But just how severe is the problem and what will the consequences be? The Financial Post explores the state of sovereign debt in Canada and beyond in a weeklong series called Red Ink. From a primer on Canadian indebtedness to the consequences of a U.S. default, it examines some major questions about government debt and the looming deficit.

  • Owe Canada: Everything you need to know about Canada’s $1.28 trillion (and counting) federal debt
  • How soaring government debt could play a starring role in the next great financial crisis
  • Canada is in a small club of countries with a AAA credit rating. How long can it last?
  • Danielle Smith: Balancing the budget gets a lot easier if you build a pipeline
  • Ottawa’s new budget framework is stirring controversy. Here’s what you need to know about it

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After a meteoric rise this year, gold has fallen the most in a week as traders consider the implications of the United States Federal Reserve’s interest rate policy.

Any changes to the policy may alter gold’s trajectory and investors are now gauging the possibility of interest rate movement in December.

Traders have priced in about a 66 per cent chance of further easing next month.

  • Today’s Data: U.S. ADP National Employment Report
  • Earnings: Toyota Motor Corp., Novo Nordisk A/S, McDonald’s Corp., Robinhood Markets Inc., DoorDash Inc., MetLife Inc., Cameco Corp., Honda Motor Co., Sun Life Financial Inc., Nutrien Ltd.
  • Canada budget 2025 offers billions in tax incentives to spur investment in economy
  • Canada budget 2025: Five tax changes that you need to know about
  • Politics vs. Power: Newfoundland and Labrador’s partisan fight puts historic Churchill Falls hydro deal at risk
  • Low crude prices creating buyers market in Canada’s oilpatch, fuelling more consolidation
  • Palantir’s unwavering momentum sends valuation into stratosphere

Gold is still up more than 50 per cent this year. Read more here. Common fears such as outliving retirement savings, pressure to support loved ones and housing costs can certainly stoke anxiety, but there are solutions. For one, outlining a realistic budget with a financial planner can help to make sure you’re on the right path and can live the life you want.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Find out more.  Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

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  • Toronto home sales and prices drop amid economic uncertainty
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