With the housing affordability crisis a major concern among Canadians, this price may still be out of reach for many.
A recent study conducted by Point2 Homes looks at how much residential space Canadians can get for about $300,000, or half the national average price of a home. The study is based on data from 43 of Canada’s largest cities.
According to the online real estate search portal, those living in parts of Quebec and Atlantic Canada, such as St. John’s, N.L., are seeing the most value for their money. In these regions, $300,000 is enough to purchase more than 139 square metres (1,500 sq. ft.) of residential space, on average. Homes in Quebec’s Trois-Rivières and Saguenay in particular offer the most room for the least amount of money.
“Quebec cities are the best for your buck,” reads the report, published in October. “Prairie provinces (Saskatchewan, Alberta and Manitoba), as well as Newfoundland, are also major players for Canadian affordability.”
However, in larger urban hubs such as Vancouver and Toronto, $300,000 is only enough to buy a home with 22.6 to 22.9 sq. m of space (243 to 247 sq. ft.), on average.
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“Hypothetically, one home in Trois-Rivières or Saguenay could hold more than six homes in Vancouver, Toronto or downtown Montreal — for the same money,” the report states.
In 20 of the most populated cities in Canada, $300,000 is not enough to purchase 46.5 sq. m (500 sq. ft.) of residential space, the study suggests.
CTVNews.ca has gathered a list of properties currently on the market for about $300,000. Scroll down to see what’s available in major Canadian cities, as well as the difference in average home sizes.
TROIS-RIVIÈRES, QUE.
(Martin Filion, Proprio Direct)
Type: House
Price: $379,000
Year Built: 2015
Property Size: 118.8 sq. m (1,279 sq. ft.)
Lot Size: 490 sq. m (5,274 sq. ft.)
This bungalow in Trois-Rivières, Que., has an open-concept floor plan including two bedrooms and two bathrooms. The kitchen leads to a combined living and dining area, which also features a fireplace. The basement is fully finished, and the outdoor shed and garage both have heating.
How much space does $300K get you? About 156.5 sq. m (1,685 sq. ft.)
ST. JOHN’S, N.L.
(Photo Pros Plus / Jordan Stagg, eXp Realty)
Type: House
Price: $294,900
Year Built: 1996
Property Size: 156.1 sq. m (1,680 sq. ft.)
Lot Size: under 0.2 hectares
Several upgrades have been made to this 156-square-metre home in St. John’s, N.L., over the past couple of years. Near the main entrance is the living area, which is connected to a combined dining and kitchen space. On the top floor are three bedrooms and a four-piece bathroom, and a fully finished in-law suite can be found in the basement. In the backyard is a deck, a steel garage and a small storage shed.
How much space does $300K get you? About 146.7 sq. m (1,579 sq. ft.)
REGINA
(Perry Johnson / Bill Mueller, Re/Max Crown Real Estate)
Type: House
Price: $234,900
Year Built: 1913
Property Size: 131.74 sq. m (1,418 sq. ft.)
Lot Size: 290.32 sq. m (3,125 sq. ft.)
Constructed in 1913, this two-and-a-half storey home in Regina spans approximately 132 square metres. In addition to three bedrooms is a bonus room on the top floor. On the main floor is the kitchen, recently updated with a new tile backsplash and stainless steel appliances. The basement which is mostly unfinished, includes a three-piece bathroom and laundry area.
How much space does $300K get you? About 116.6 sq. m (1,255 sq. ft.)
EDMONTON
(Shawn Hof / Sheldon Casavant, Century 21 Masters)
Type: Apartment
Price: $269,900
Year Built: 1978
Property Size: 128.94 sq. m (1,387.9 sq. ft.)
Lot Size: N/A
This loft-style apartment has two bedrooms and two bathrooms, and a combined living and dining area. The kitchen has granite countertops and a large island, while the main bedroom has an ensuite with a soaker tub and bidet. The second bedroom can double as a home office or studio. Sitting in the heart of downtown Edmonton, this apartment offers easy access to public transportation.
How much space does $300K get you? About 103.6 sq. m (1,115 sq. ft.)
WINNIPEG
(Jim Todd Photography / Jennifer Queen, Re/Max Professionals)
Type: House
Price: $229,900
Year Built: 1930
Property Size: 83.61 sq. m (900 sq. ft.)
Lot Size: 276.48 sq. m (2,976 sq. ft.)
Near the entrance of this Winnipeg bungalow is a large living area with original hardwood flooring and a fireplace. Next to the formal dining area is the kitchen. Rounding out the home are two bedrooms with views of the backyard, and a four-piece bathroom. The basement is unfinished, while the backyard is fully fenced and leads to a detached garage.
How much space does $300K get you? About 99.9 sq. m (1,075 sq. ft.)
HALIFAX
(Skyline Photos / Kathy Bethune, Re/Max Nova)
Type: Townhouse
Price: $334,000
Year Built: 1977
Property Size: 111.48 sq. m (1,200 sq. ft.)
Lot Size: under 0.2 hectares
This townhouse is located in Halifax’s north end. In addition to the kitchen, living room and dining area on the main floor, there is a bathroom and three bedrooms on the upper level. The main bedroom features a balcony with views of the A. Murray MacKay Bridge. Within walking distance are parks and access to public transportation.
How much space does $300K get you? About 64.9 sq. m (699 sq. ft.)
KELOWNA, B.C.
(Kevin Arnason Peak Exposure Real Estate Photography / Mary Broadland, Royal LePage Kelowna)
Type: Apartment
Price: $339,000
Year Built: 1967
Property Size: 61.2 sq. m (659 sq. ft.)
Lot Size: N/A
Situated on the top floor of its building, this Kelowna, B.C. apartment has an open-concept kitchen and living area with new appliances and an electric fireplace. The unit also has one bedroom, one bathroom and its own east-facing balcony, along with in-suite laundry. The city’s downtown core, as well as Kelowna City Park and the general hospital, are all located nearby.
How much space does $300K get you? About 60.5 sq. m (651 sq. ft.)
In addition to a den, this Ottawa apartment has a full bathroom and bedroom area. Engineered hardwood floors run throughout the unit, and the kitchen features stainless steel appliances. The apartment is close to downtown Ottawa, as well as Byward Market and the University of Ottawa. Building amenities include a gym and spa pool.
How much space does $300K get you? About 55.7 sq. m (600 sq. ft.)
MONTREAL
(Sihem Zellagui, Re/Max Bonjour)
Type: Apartment
Price: $349,900
Year Built: 1995
Property Size: 65.9 sq. m (709.3 sq. ft.)
Lot Size: N/A
With approximately 65.9 square metres of space, this Montreal apartment has two bedrooms and one bathroom. A kitchen and combined living and dining area make up the rest of the unit, which has coloured tile floors throughout. The apartment itself is located near the downtown core and is not far from the city’s Quartier des Spectacles arts and entertainment district.
How much space does $300K get you? About 24.3 sq. m (262 sq. ft.)
TORONTO
(Amazing Photo Video / Adam Reinhard, Re/Max Hallmark First Group Realty)
Type: Apartment
Price: $299,900
Year Built: approx. 2007
Property Size: 36.88 sq. m (397 sq. ft.)
Lot Size: N/A
This studio apartment in Toronto’s North York district covers approximately 37 square metres. In addition to its open-concept living and kitchen area is a full bathroom. The unit also comes with one underground parking space and a locker. Located near a bus stop and subway station, the apartment offers easy access to public transportation and is close to several parks and schools.
How much space does $300K get you? About 22.9 sq. m (247 sq. ft.)
VANCOUVER
(Engelbert Romero / Scott Thompson, Coldwell Banker Prestige Realty)
Type: Leasehold Apartment
Price: $339,000
Year Built: 1965
Property Size: 40.5 sq. m (436 sq. ft.)
Lot Size: N/A
Oak laminate flooring runs throughout this one-bedroom, one-bathroom leasehold apartment, which is fully renovated with brand new cabinets and granite countertops in the kitchen and bathroom. The kitchen also features updated stainless steel appliances and lighting. Located in Vancouver’s West End, the unit also has a balcony offering views of the mountains, and is a short walk away from Stanley Park and English Bay Beach.
How much space does $300K get you? About 22.6 sq. m (243 sq. ft.)
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.
(Martin Filion, Proprio Direct)
(Photo Pros Plus / Jordan Stagg, eXp Realty)
(Perry Johnson / Bill Mueller, Re/Max Crown Real Estate)
(Shawn Hof / Sheldon Casavant, Century 21 Masters)
(Jim Todd Photography / Jennifer Queen, Re/Max Professionals)
(Skyline Photos / Kathy Bethune, Re/Max Nova)
(Kevin Arnason Peak Exposure Real Estate Photography / Mary Broadland, Royal LePage Kelowna)
(Qardash Photography / Javed Sultani, Re/Max Hallmark Realty Group)
(Sihem Zellagui, Re/Max Bonjour)
(Amazing Photo Video / Adam Reinhard, Re/Max Hallmark First Group Realty)
(Engelbert Romero / Scott Thompson, Coldwell Banker Prestige Realty)
