Homes selling for under $200,000 in Canada are becoming so rare that a new report is likening them to the unicorn.
Point2Homes released its latest report on housing prices in Canada, and the findings are depressing for prospective home buyers.
While home prices began decelerating after reaching a high of $861,000 in March 2022, the online real estate database found that the numbers are beginning to climb again.
The cooling period buyers were just starting to take advantage of might be over before they even get to make a move.
“It also means that finding something within budget is slowly becoming almost impossible again,” reads the report.
“And if affordable is synonymous with almost impossible, cheap is becoming downright mythical: Homes under $200,000 in the country’s largest, most desirable cities are fewer by the day.”
According to Point2Homes, 24 of Canada’s 50 largest cities have average home prices of over $1 million.
To add salt to the wound, 35 of these cities have zero homes for sale below $200,000. Sucks for us millennials who couldn’t get into the housing market like our parents in the early 2000s to buy a house for $150,000!
Point2Homes says the remaining 15 cities have some homes on the market for less than $200,000, but they represent less than 1% of all the properties for sale.
The company ranked Canada’s 50 largest cities based on the percentage of listings below $200,000 and it seems cheap properties haven’t yet become a myth in two Ontario spots.
Waterloo came out on top with 3.13% of its listings under $200,000, followed by Kawartha Lakes at 2.62%.
While there’s barely a sign of life for affordable prices in Toronto with 0.04% of its listings under $200,000, possibilities for this price have fully flatlined in Vancouver.
Fortunately, Atlantic provinces and the Prairies' housing markets haven't fully detached from reality.
At almost 45%, Cape Breton, Nova Scotia, leads the way with the highest share of affordable homes for sale, reported Point2Homes.
It's followed by Saint John, New Brunswick; Regina; Winnipeg; Edmonton; Saskatoon; Lethbridge, Alberta; Red Deer, Alberta; and St. John’s, Newfoundland, all displaying shares of affordable homes higher than 10%.