In northeastern B.C., $2 million can buy you an 11,000-square-foot lodge that sleeps 28 and boasts more than 100 acres of land. On Vancouver’s west side, it can buy you a teardown or a townhouse, but not much else.
This is not an exhaustive list of properties on the market currently, nor are the listings selected necessarily representative of the overall market in a given region. Properties listed here have been chosen, in part, because they have unique or distinguishing characteristics.
VANCOUVER, WEST SIDE
Starting in Metro Vancouver, where the benchmark price for a detached home was more than $1.8 million in March, there are hundreds of properties currently listed at or near the $2 million mark.
Within the city proper, however, offerings west of Main Street are overwhelmingly limited to condos and townhouses. The only detached homes available are either teardowns or properties located on leasehold land that isn’t technically part of Vancouver at all.
This seven-bedroom, five-bathroom, 4,200-square-foot home on Musqueam Drive is located – as the street name suggests – on Musqueam First Nation land.
Leasehold home on Musqueam Drive listed for $1,825,000
The $1,825,000 listing boasts of the property’s “park-like” landscaped yard with a pond, and the bedroom and bathroom totals listed include a basement suite.
Musqueam Drive home
The only detached home on the west side for less than $2 million that wasn’t a leasehold lot when CTV News looked Wednesday afternoon was this five-bedroom, two-bathroom house on West 62nd Avenue in Marpole, which is being offered for $1,890,000.
Like the Musqueam Drive property, this one is also divided into two suites, with three bedrooms upstairs and two downstairs. No images of the building’s interior were included in the listing.
Home on West 62nd Avenue in Vancouver
VANCOUVER, EAST SIDE
In East Vancouver, $2 million goes a little further. CTV News found 96 listings for detached homes between $1.5 million and $2 million on Wednesday afternoon, with many of them pitched as investment properties ahead of potential future redevelopment.
This property on Windermere Street two blocks west of Highway 1 has 13 bedrooms and seven bathrooms spread across two suites in the main building and a laneway house.
Multi-unit property on Windermere Street.
Investors still seem to be the target market for the $1,999,999 listing, even if redevelopment isn’t imminent. The listing indicates that the property generates $6,000 per month in rental income.
Multi-unit property on Windemere Street.
SURREY
Outside the City of Vancouver, detached homes at the $2 million price point get more lavish.
This one on 141A Street has nine bedrooms and six bathrooms for $1,980,000, though some of those are again located in the “mortgage helper” basement suite.
House on 141A Street in Surrey.
Described in the listing as “perfect for growing families,” the property abuts McLeod Park and is a short walk from multiple elementary schools.
House on 141A Street in Surrey.
ABBOTSFORD
Outside Metro Vancouver, $2 million can be enough to buy a large family home, a substantial amount of land, or both.
Currently available in Abbotsford for $1,750,000 is a five-acre parcel of land on Sumas Prairie that is zoned for agricultural use.
“Whether you’re looking to start your own farm or simply want to enjoy the wide-open spaces that come with living in the country, this property offers plenty of possibilities,” the listing boasts.
An undeveloped five-acre parcel zoned for agriculture in Abbotsford.
Alternatively, $1,899,800 could buy a nine-bedroom, seven-bathroom home on Terminal Court in west Abbotsford, near the community of Aldergrove in Langley.
House on Terminal Court in Abbotsford.
The home features “over 4,700 square feet of luxurious living space,” according to the listing, which makes no mention of a secondary suite or “mortgage helper.” Instead, the home features “tons of room for the whole family,” including a rooftop patio.
Home on Terminal Court in Abbotsford.
KAMLOOPS
Luxury is similarly on offer in the Interior. In Kamloops, $1,995,000 is the current asking price for a seven-bedroom, six-bathroom home on Crosshill Drive in the Aberdeen neighbourhood, southwest of downtown.
Home on Crosshill Drive in Kamloops
The “breathtaking, custom-built dream home” has “spectacular mountain, river, and city views,” according to the listing, which also boasts of ceiling speakers and “smart toilets in every bathroom.”
Home on Crosshill Drive in Kamloops.
KELOWNA
In Kelowna, this luxury home listed for $1,980,000 has five bedrooms and five bathrooms, plus a gym on the lower level and “a self-contained nanny suite.”
Kelowna luxury home
Located in a subdivision called Iron Horse Estates in the Southwest Mission neighbourhood, the home also features “a king-sized primary suite with private patio,” from which residents can view Okanagan Lake.
Kelowna luxury home
Interestingly, Kelowna also sees a few listings in the $2 million price range that qualify as teardowns, including this “development opportunity” on Belaire Avenue in the Central City neighbourhood for $1,998,000.
KOOTENAYS
In Nelson, $1,919,000 could buy seven acres of currently undeveloped lakefront property on Kootenay Lake. The lot features 700 feet of waterfront, and could be developed as an RV park or a residential subdivision, according to the listing.
Land for sale on Kootenay Lake.
For those who prefer their lakefront property already developed, there’s this five-bedroom, five-bathroom home on Sproat Drive, which is currently available for $1,980,000.
Home on Sproat Drive in Nelson.
“The unique layout includes a tucked-away one-bedroom legal suite on the main floor, a double attached garage, and a beach-accessible bathroom,” the listing reads, adding that the property has its own beach.
View from the home for sale on Sproat Drive in Nelson.
PRINCE GEORGE
In northern B.C.’s largest city, there aren’t many properties currently listed for between $1.5 million and $2 million. A CTV News search on Wednesday afternoon yielded just six, the most expensive of which was a 12-unit apartment building on Upland Street for $1,799,000.
Apartment building for sale in Prince George.
The 12,000-square-foot complex has a new roof and brought in more than $144,000 in revenue last year, according to the listing.
The single-family home closest to our $2 million target price is located several kilometres south of the city along Highway 97. The asking price is $1,795,000.
With just three bedrooms and three bathrooms, the house is modest in comparison to the Okanagan offerings, but it comes with more than 37 acres of land, some of which is zoned for “small holdings” use.
Home south of Prince George.
The property also includes a three-bedroom, one-bathroom mobile home with a basement, “a detached double garage, a pole barn and a massive shop,” according to the listing.
The home south of Prince George is located on roughly 37 acres, some of which is zoned for “small holdings” use.
VICTORIA
While B.C.’s capital has a housing market nearly as expensive as Metro Vancouver’s, there are still detached homes to be had here for roughly $2 million, though many of them have secondary suites.
Such is the case with this listing on Cornwall Street in Fairfield for $1,800,000, which has five bedrooms and four bathrooms spread across a main living area and a garden level suite.
Home on Cornwall Street in Victoria.
In a similar vein, interested buyers with $2 million could own both sides of this duplex in James Bay, which the listing says rents for a combined $9,000 per month.
Duplex in James Bay.
NANAIMO
Listings in the Harbour City include a land assembly of three adjacent lots on Bowen Road west of the Departure Bay ferry terminal for $1,980,000.
Together, the three homes occupy more than 22,000 square feet and could be redeveloped into a multi-family residential or commercial building, according to the listing.
Those looking for a home rather than an investment opportunity may prefer this nearly five-acre property in the Regional District of Nanaimo outside the city.
Regional District of Nanaimo house
On the grounds surrounding the three-bedroom, three-bathroom home are “a large gravel space for a riding ring,” an 810-square-foot shop and horse stalls, according to the listing. The asking price is $1,950,000.
The home includes horse stalls and a riding ring.
NORTH ISLAND
Properties in the neighbourhood of $2 million are harder to find on the North Island, but there were a few intriguing options when CTV News searched Wednesday afternoon, including this property featuring both a house and a waterfront cabin on Quadra Island.
Quadra Island property
The $1,900,000 property is a little more than an acre in size and located “right across from Rebecca Spit Provincial Park and close to all the services in Heriot Bay,” according to the listing.
View from the Quadra Island property.
Elsewhere on the North Island, $1,800,000 can buy 90 acres of land on Quatsino Sound that has frontage on both Hecate Cove and on Colony Lake.
“There are many layers of value including possible subdivision potential, timber, and significant conservancy values,” the listing reads.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
Leasehold home on Musqueam Drive listed for $1,825,000
Musqueam Drive home
Home on West 62nd Avenue in Vancouver
Multi-unit property on Windermere Street.
Multi-unit property on Windemere Street.
House on 141A Street in Surrey.
House on 141A Street in Surrey.
An undeveloped five-acre parcel zoned for agriculture in Abbotsford.
House on Terminal Court in Abbotsford.
Home on Terminal Court in Abbotsford.
Home on Crosshill Drive in Kamloops
Home on Crosshill Drive in Kamloops.
Kelowna luxury home
Kelowna luxury home
Land for sale on Kootenay Lake.
Home on Sproat Drive in Nelson.
View from the home for sale on Sproat Drive in Nelson.
Apartment building for sale in Prince George.
Home south of Prince George.
The home south of Prince George is located on roughly 37 acres, some of which is zoned for “small holdings” use.
Home on Cornwall Street in Victoria.
Duplex in James Bay.
Regional District of Nanaimo house
The home includes horse stalls and a riding ring.
Quadra Island property
View from the Quadra Island property.
90 acres for sale on northern Vancouver Island.
