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 $632,000, 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, NL, are seeing the most value for their money. In these regions, $300,000 is enough to purchase more than 139 square meters (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 differences in average home sizes.
(Martin Filion, Proprio Direct)
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, NL
(Photo Pros Plus / Jordan Stagg, eXp Realty)
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, NL, 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.)
(Perry Johnson / Bill Mueller, Re/Max Crown Real Estate)
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 meters. 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.)
(Shawn Hof / Sheldon Casavant, Century 21 Masters)
Year Built: 1978
Property Size: 128.94 sq. m (1,387.9 sq. ft.)
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 en suite 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.)
(Jim Todd Photography / Jennifer Queen, Re/Max Professionals)
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 house 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.)
(Skyline Photos / Kathy Bethune, Re/Max Nova)
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.)
(Kevin Arnason Peak Exposure Real Estate Photography / Mary Broadland, Royal LePage Kelowna)
Year Built: 1967
Property Size: 61.2 sq. m (659 sq. ft.)
Situated on the top floor of its building, this Kelowna, BC 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.)
(Qardash Photography / Javed Sultani, Re/Max Hallmark Realty Group)
Year Built: 2019
Property Size: 38.18 sq. m (411 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.)
(Sihem Zellagui, Re/Max Bonjour)
Year Built: 1995
Property Size: 65.9 sq. m (709.3 sq. ft.)
With approximately 65.9 square meters 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 colored 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.)
(Amazing Photo Video / Adam Reinhard, Re/Max Hallmark First Group Realty)
Year Built: approx. 2007
Property Size: 36.88 sq. m (397 sq. ft.)
This studio apartment in Toronto’s North York district covers approximately 37 square meters. In addition to its open-concept living and kitchen area, there 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.)
(Engelbert Romero / Scott Thompson, Coldwell Banker Prestige Realty)
type: Leasehold Apartments
Year Built: 1965
Property Size: 40.5 sq. m (436 sq. ft.)
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.)