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Home price in Canada: How Much $300K Gets You in Canada’s Largest Cities

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Although the median home price in Canada has recently dropped, many homebuyers still find it difficult to afford a house that fits their needs. Point2Homes recently conducted a study into how much home Canadians could purchase for $300,000 – less than half of the national median – to discover where the intersection between enough space and affordability lies.

Their research found that homebuyers in many of Canada’s most populous cities cannot purchase even 500 square feet with $300,000. For example, people living in Vancouver and Toronto would have to settle for less than 250 square feet at that price.

However, $300,000 can buy over 1,500 square feet for people searching for homes in Saguenay, QC, Trois-Rivières, QC, and St. John’s, NL and over 1,000 square feet in Winnipeg, MB, Saskatoon, SK, Edmonton, AB, Gatineau, QC, Regina, SK, Sherbrooke, QC, and Québec City, QC.

 

Canada’s Housing Prices Then and Now

Point2Homes often publishes reports to help Canadians gauge what size home they can afford in different cities throughout the country. In 2017, their research found that $300,000 could buy more than 2,000 square feet in Sherbrooke, QC, and 520 square feet in Toronto. That same amount can now buy 1,493 square feet in Sherbrooke and less than 250 square feet in Toronto.

Many factors go into the price of a home in Canada, including location, building type, construction materials, amenities, finishing touches, and the current state of the housing market. Still, a home that has room to grow into is likely unfeasible for the average person living in Canada’s most sought-after locations.

In Toronto, Montréal, Mississauga, and Vancouver, the price per square foot is often higher than $600. Compare this to 13 other, less coveted, cities that offer between 500 and 1,000 square feet for the same price.

 

Here’s Where You Can Purchase the Most Home for $300,000 in Canada

In 2017, most Canadians felt that a home should be at least 1,000 square feet in order to feel comfortable. Considering that this data is from before the pandemic, it’s possible that people now want even larger homes with room for home offices, gyms, and entertaining.

Luckily, there are cities in Canada with spacious and affordable homes. Saguenay and Trois-Rivières boast homes at just $178 per square foot, which means that $300,000 could get a home buyer 1,685 square feet in either city. Additionally, in Québec, Sherbrooke, Gatineau, and Québec City all offer homes with more than 1,100 square feet for $300,000 or less.

Unfortunately for people searching for affordable homes in Montreal, the price per square foot in this city is an incredible $1,146. At that rate, $300,000 is enough to purchase about 262 square feet – less space than the average studio apartment for rent.

With four cities that have affordable, roomy homes, it’s safe to say that homebuyers can get the most bang for their buck in Québec.

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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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.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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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.

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Here are some facts about British Columbia’s housing market

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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.

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