After reaching its peak of $816,720 in February, the average price of a home in Canada has dropped by more than $170,000. According to the latest data from the Canadian Real Estate Association, the average price of a residential property in October was $644,643, not seasonally adjusted.
Despite the lower price tag, most online searches among Canadian homebuyers are for properties that cost well below the national average. This is according to a new study by Point2 Homes, an online real estate search portal.
Out of five million searches performed on Point2 Homes in 2022, more than 75 per cent targeted properties with a price of $600,000 or less.
“Canadian homebuyers are tightening their budgets in the post-pandemic landscape of increasing prices, inflation and mortgage rates,” the report states. “The lower budget ranges speak volumes to the buyer’s perception of affordability in today’s housing market.”
Additionally, the most popular price range searched for by Canadians in 2022 was between $200,000 and $300,000. This represents less than half the average price of a home in Canada.
CTVNews.ca has compiled a list of houses and apartments in major cities that are listed for less than $600,000, falling below the national average price of a home.
VANCOUVER
(iShot / Thomas Albrighton, Macdonald Realty Ltd.)
Type: Leasehold apartment
Price: $375,000
Year Built: 1970
Property Size: 48.5 sq. m
Lot Size: N/A
This leasehold apartment in Vancouver features a large combined living and dining space connected to the kitchen, which has updated appliances. In addition to one bedroom and one bathroom, the unit also has a private patio offering views of the English Bay. The building has upgraded windows as well as an outdoor swimming pool and shared laundry space.
KELOWNA
(Kyle Sanguin / Shannon Styles, Stilhavn Real Estate Services)
Type: Apartment
Price: $549,500
Year Built: 1991
Property Size: 120.12 sq. m
Lot Size: N/A
Along with two bedrooms and two bathrooms, this corner apartment unit in Kelowna has a refurbished kitchen with quartz countertops, stainless steel appliances and vinyl plank flooring. The office space doubles as a sunroom, with large windows throughout. The building is a short drive away from Hot Sands Beach, and numerous restaurants are close by.
CALGARY
(Zoon Media / Chris Zaharko, Royal LePage Benchmark)
Type: House
Price: $559,000
Year Built: 1931
Property Size: 101.41 sq. m
Lot Size: 411 sq. m
Originally built in the 1930s, this updated character home is located in Calgary’s Bankview neighbourhood. It features three bedrooms and a four-piece bathroom with white tiles and cabinetry. The bungalow also has a sunken living room with vaulted ceilings, and its original wood-burning fireplace. Throughout the home are planked wood ceilings and hardwood floors.
EDMONTON
(Justin Grimm Photography / Mary Bark, Re/Max River City)
Type: House
Price: $379,000
Year Built: 1921
Property Size: 129.97 sq. m
Lot Size: 395.55 sq. m
Located in Edmonton’s Westmount neighbourhood, this three-bedroom, two-bathroom home is more than 100 years old. On the main level, the living and dining rooms each have maple hardwood flooring, while ceramic tile floors complete the foyer. In the upgraded kitchen are stainless steel appliances, new cabinets and cork flooring. The corner lot also has a fully fenced backyard with a deck.
REGINA
(Josh Piett, Hatch Media / Peter Fourlas, Coldwell Banker Local Realty)
Type: House
Price: $599,900
Year Built: 2013
Property Size: 146.79 sq. m
Lot Size: 426.24 sq. m
Large windows along the back of this Regina home allow plenty of light to seep in. On the main floor is a custom kitchen with two-tone cabinets, granite countertops, a tile backsplash and a corner pantry. Also on the main floor is a living room with a 19-foot ceiling and gas fireplace. Filling the rest of the home are three bedrooms and four bathrooms. The walk-out basement is fully renovated and at the back of the home is a covered balcony.
SASKATOON
(Lee Kolenick / Ellen Nasser, Boyes Group Realty)
Type: House
Price: $529,900
Year Built: 1916
Property Size: 135.64 sq. m
Lot Size: 389.54
This two-storey home in Saskatoon features two bedrooms, two bathrooms and a finished basement. On the main floor are hardwood floors and custom cabinetry, along with a built-in coffee bar near the kitchen, and a copper gas fireplace in the living room. Located in the city’s Nutana neighbourhood, near South Saskatchewan River, this home is just a short drive from downtown Saskatoon.
WINNIPEG
(Wayne Landgraff / Dylan Sacramento, BySell Real Estate Inc.)
Type: House
Price: $574,900
Year Built: 1895
Property Size: 156.17 sq. m
Lot Size: 278.71 sq. m
This Winnipeg home features a modern design, with exposed glulam beams and hardwood flooring. On the upper level is the main bedroom, with a unique three-piece ensuite and a private balcony. Filling out the rest of the property are two more bedrooms and two additional bathrooms, as well as an open-concept kitchen, living and dining area.
TORONTO
(Imaginahome / Chris Bresolin, Core Assets Real Estate)
Type: Apartment
Price: $518,800
Year Built: 1973
Property Size: 79.9 sq. m
Lot Size: N/A
With one bedroom and one bathroom, this fully renovated unit has a back wall made completely of glass. The updated kitchen includes a large island that seats three people, as well as custom cabinets and stainless steel appliances. In the bathroom is a custom shower enclosure with a new vanity and toilet. Situated in the Annex, the apartment is a short walk from transit stations, parks and other amenities.
OTTAWA
(Maya Desrosiers, London House Photography / Diana Sneddon, Royal LePage Team Realty)
Type: Townhouse
Price: $599,000
Year Built: 2005
Property Size: 111.48 sq. m
Lot Size: N/A
Located in Ottawa, this property features an open-concept floor plan on the main level. The large kitchen, complete with stainless steel appliances and an eating bar, connects to both the living and dining areas. The main and upper floors each have a balcony, offering views of the playground nearby. Rounding out the townhome are three bedrooms and two bathrooms.
MONTREAL
(Sofia Pauline Balouk / Alexis Rubinfeld, Keller Williams Prestige)
Type: Apartment
Price: $545,000
Year Built: 1983
Property Size: 88.44 sq. m
Lot Size: N/A
Brand new wood floors run throughout this two-bedroom apartment unit in Montreal. In the living area is a stone fireplace and large windows. In addition to one bathroom, there is also a private balcony facing the courtyard. The unit is situated just steps away from a subway station and various restaurants and cafes.
ST. JOHN’S
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
Type: Townhouse
Price: $333,000
Year Built: 1915
Property Size: 186.74 sq. m
Lot Size: under 0.2 hectares
This two-bedroom, three-bathroom townhome is within walking distance of downtown St. John’s. At the entrance of the home is the foyer, featuring its original staircase. Beyond that are large living and dining rooms, as well as a gourmet kitchen with a propane stove and exposed brick detailing. On the top level are both bedrooms and the main bathroom, a four-piece ensuite with a shower and corner tub.
HALIFAX
(Trevor Kennedy, Eye Capture Images / Andrew Perkins, Keller Williams Select Realty)
Type: Apartment
Price: $499,900
Year Built: 1987
Property Size: 111.67 sq. m
Lot Size: under 0.2 hectares
Located in downtown Halifax, this corner apartment unit spans approximately 112 square metres. It has two bedrooms and two bathrooms, along separate living and dining areas. The galley-style kitchen has been renovated and includes stainless steel appliances, while the main bedroom has a walk-in closet and two-piece ensuite. In the apartment building is a heated indoor pool, gym and sauna.
Built in 1974, this three-bedroom, two-bathroom home has seen a number of upgrades, including an updated eat-in kitchen. Next to the kitchen is the living room, complete with a large bay window. All three bedrooms are located on the main floor, while the lower level features a laundry room and full bathroom.
FREDERICTON
(Brent Urquhart / Dave Watt, The Right Choice Realty)
Type: House
Price: $469,900
Year Built: 1964
Property Size: 144.19 sq. m
Lot Size: 906 sq. m
A mudroom welcomes guests into this four-bedroom, two-bathroom home in Fredericton. Porcelain tile floors lead to a renovated kitchen with a tiled backsplash and soft-close cabinets. Hardwood floors run throughout the living and dining rooms, and a small bathroom rounds out the main floor. On the upper level are three bedrooms, the main bathroom and a covered balcony.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
