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.
