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How big of a home can you get for $300K? Here’s what’s on the market

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Following a series of interest rate hikes imposed by the Bank of Canada this year, the national average price of a home sits at approximately $645,000, based on the latest data from the Canadian Real Estate Association (CREA).

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.

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“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.

Story continues below the graphic.

“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.)

OTTAWA

(Qardash Photography / Javed Sultani, Re/Max Hallmark Realty Group)

Type: Apartment

Price: $349,000

Year Built: 2019

Property Size: 38.18 sq. m (411 sq. ft.)

Lot Size: N/A

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.)

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Through Parvis, Real Estate Investment Opportunities Abound – Storeys

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As we collectively ride the ongoing inflation rollercoaster, it’s only natural — and wise — to consider how you can make your financial foundation as stable as possible.

For many, investing is a preferred way to protect and grow wealth. And in the last several years, Canadian real estate has seen an unprecedented boom in interest from all angles, including the investment realm.

Today, investors are increasingly keen to stake claim on real estate assets as a means of diversifying their portfolio. Understandably so, considering the Canadian market’s demonstrated fundamentals of low supply and high demand lend themselves to steadily increasing value.

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Making the sourcing and securing of such assets easy, Parvis Invest – a Canadian marketplace for real estate investing – offers a portfolio of curated, high-quality real estate developments to its investors through a user-friendly platform.

READ: Money Matters: This Online Marketplace Makes Real Estate Investment Easy

Parvis’ selection of real estate products is strategically built via direct collaboration with developers and property owners, plus team insights, analytics, and industry data. Opportunities also undergo vetting by the company’s Investment Committee, which has insight and experience from the worlds of real estate development, private equity, tech, law, and finance.

Capturing the essence of Parvis’ curated offerings, a new 24-storey condo development called Centra invites investors to get in on the ground floor of something special in Surrey, BC. The building’s developer, Everest Group, boasts a team with more than 150 years of combined experience in international real estate and construction management, with more than 30 successfully completed projects and over 1,000 acres of land developed.

The project, five months into its 24-month building schedule, brings 164 residential condominiums — plus three townhomes and two levels of underground parking — to one of Canada’s fastest-growing cities (and the fastest-growing in BC; Surrey’s population is expected to more-than double in the next decade).

Located at 13868 101 Ave, the building is near a host of restaurants and shops, as well as Simon Fraser University, Memorial Hospital, and Skytrain access. Downtown Vancouver is just a short drive away, serving spots to tuck into for a bite, a live show, or an afternoon of shopping. And at the end of the day, residents can comfortably return to their lush, green, and calm family-friendly neighborhood.

For investors, Centra’s risk profile is classified as moderate to high level of risk, because it’s a new construction building. Two factors that help de-risk this project, relative to comparable new developments, are that over 80% of its units are pre-sold, and Parvis investors will receive a preferential equity return of 17.5% IRR. The Parvis equity return is in priority to the remaining equity invested.

Even further assurance is provided by way of a corporate guarantee by Everest, and personal guarantees by its directors. The condominium’s minimum investment is $20,000, with a total equity raise of $18,500,000.

By spring 2023, Parvis will also introduce its secondary market, which will give investors the chance to liquidate and sell their investment ahead of time, should they wish — big moves, for a traditionally illiquid asset class. For Centra, there are no transaction or management fees for investors to pay, and in the case one chooses to sell on Parvis’ secondary market, the seller only pays 1% commission.

ParvisParvis
Centra (Parvis)

Also currently available for investment is a fully-tenanted residential building in Kitchener, Ontario, classified under the Parvis Core Plus Strategy, which typically features a longer investment horizon with a low to moderate risk profile for investors, and a targeted IRR of 9% to 16%. The building is located at 199 Ahrens Street, is home to 16 units ranging from one to three bedrooms, and was purchased by its developer below market value.

Renovations to the interiors by Mike Beer Investments, plus repositioning of the building and property, promise to increase its annual rental income by nearly double — and the financing for these upgrades is already in place.

This building’s minimum investment is $10,000, with a five-year investment term, and an average projected annual return of 16%. The product’s total equity offering is $1,700,000.

ParvisParvis
Kitchener (Parvis)

Within walking distance of several parks, cafes, restaurants, and shops, the address is perfectly situated just north of downtown Kitchener’s main strip. And with GO Transit also only steps away, residents have day trips at their fingertips.

Like with Centra, there are no transaction or management fees related to this building for investors, and in the case one chooses to sell on Parvis’ secondary market when the option opens up, that 1% seller commission comes into play.

It’s no question that 2022 was filled with trials, and ended with uncertainty for many sectors. But through marked financial growth, multiple instances of professional recognition, and licensing approvals secured, Parvis came out of last year an anomaly: exceptionally grounded, stable, and strong.

If these are the attributes you want to see in your own investment portfolio, Parvis can help you get there.


This article was produced in partnership with STOREYS Custom Studio.

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Historic Muskoka Resort Hits the Market for $12M – Storeys

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Written By
Erin Nicole Davis

An iconic Muskoka resort has just hit cottage country’s real estate market. 

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For those looking for a new business venture in the summertime hot spot, Windermere House has just been listed for $12M.

Muskoka resortMuskoka resort
Windermere House

The sprawling, long-time landmark sits on Lake Rosseau — one of the “Big Three” Muskoka lakes — and is known for its quintessential Old Muskoka charm mixed with modern luxury and amenities. Beloved by both tourists and local cottagers, the picturesque resort has been synonymous with Muskoka tourism since 1870. 

Muskoka ResortMuskoka Resort
Windermere House

Known as ‘The Lady of The Lake,’ this 56-room resort hotel sits in a prime location in the Village of Windermere, overlooking the stunning lake. Offering a dose of timeless charm, its historic features include original stone architecture, a charming veranda, and classic Muskoka-style windows. The hotel features several food and beverage outlets, full-service spa capabilities, and a 3,200 sq. ft. of function space that ranges from a private boardroom to state-of-the-art conference facilities. 

Muskoka resort Muskoka resort
Windermere House

With quintessential cottage country recreation front and centre, the 6.62-acre resort features a heated outdoor swimming pool, tennis court, sand beach, marina, and golf course. 

Muskoka resortMuskoka resort
Windermere House

The new owner of the property will have the opportunity to take up residence in Windermere Cottage, the traditional four-bedroom private cottage with a separate entrance from Fife Avenue that can also be rented as an additional resort property. Or, as the listing highlights, there’s also the option to personalize a penthouse “cottage” suite within the hotel. 

Muskoka resortMuskoka resort
Windermere House

The Muskoka chair-filled property includes three detached staff houses, an older, staggered row-style 10-plex, and ample on-site parking. 

While its price tag isn’t within reach of everyone, considering that most of the sprawling cottages on the lake sell for upwards of $5M — coupled with its inevitable income-generating potential — the property may be considered a steal for someone in the market for a breezy new business venture.

Find the full listing here.

Written By
Erin Nicole Davis

Erin Nicole Davis is a born and raised Toronto writer with a passion for the city and its urban affairs and culture.

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Toronto building home to historic pub to be converted into new hotel – blogTO

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Toronto is getting a new hotel by expanding an old hotel that has spent decades not being a hotel. I know, very confusing, but I can totally explain.

A four-storey building that has stood at the southwest corner of Church Street and Richmond Street East for over 140 years could soon undergo a significant transformation.

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The building at 124 Church Street was originally constructed as a hotel in the 1880s, and after 14 decades, a developer has filed plans to bring the property back to its roots with a renovation and expansion supporting a new boutique hotel.

M&G Hotels Limited has big plans for the property, filing a minor variance application that calls for a YY Architecture Studio-designed addition extending the building’s roofline and providing additional space for hotel and other hospitality uses.

This address has been home to McVeigh’s Irish Pub since 1962, and despite major changes on the horizon for the property, it looks like the bar will maintain its presence in the building, and be left practically undisturbed through the renovations.

Plans for the site show little modifications in store for the first two levels of the existing building, aside from a new elevator shaft and other small changes.

The current space occupied by McVeigh’s is listed simply as “existing bar” and “existing kitchen” in plans, a good indication that the establishment will maintain its long-term presence at the intersection.

New floors would be added above the current parapet, bringing the existing four-storey building to an increased height of six levels.

A total of 24 hotel suites are planned on levels three through six, topped by a new rooftop bar and terrace.

The rejuvenated hospitality property will reportedly operate under the branding Clover Hotel, and this will not be the first time that the site or even the current building has been home to a hotel.

124 church street toronto

Diagram of the proposal showing additional floors and rooftop bar space. Image via City of Toronto development application.

The southwest corner of Church and Richmond has been home to bars and hotels since the mid-19th century, and the current 1882-built structure was originally constructed as a hotel, replacing an earlier timber hotel building dating back to the 1850s.

Opened as the Windsor Hotel and later renamed the New Windsor Hotel in the early 20th century, the building was maintained as a hotel into the 1960s.

Plans to expand the building and open a hotel are just some of the big changes happening to the property.

The existing building at 124 Church Street stands as the lone holdout against a huge condo development now under construction that will soon tower over the property’s south and west elevations.

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