Canadian Real Estate: What $500K buys you across the country
The latest stats from the Canadian Real Estate Association (CREA) pinpoint the country’s average home selling price at $454,776 as of January 2019.
This amount can fetch some sophisticated properties in certain parts of Canada, boasting a lot of space as well as an entire array of amenities. In other areas, however, it can harshly limit a homebuyer to just a little elbow room, no add-ons included.
Point2Homes.com wanted to find out what Canadians can purchase across the country for the national average home price. For simplicity, they rounded this amount up to $500K before delving into the real estate offerings in Canada’s 15 largest cities, digging specifically into detached homes since they are closer to Canadians’ hearts.
As you can imagine, detached units at this price point were virtually nonexistent in the nation’s priciest markets, Vancouver and Toronto, so for these two locations, other alternatives were found.
If you’re curious to see what $500K buys you in different parts of Canada, browse through the list below.
Warning: this content may be upsetting to some readers.
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11 Cedarbrook Wy Sw, Calgary, Alberta, five beds, four baths, 2,294-sq-ft
The typical Calgary home for sale goes for around $450K. Add a bit extra, and you’ll be able to purchase this stunning two-storey detached house located in Cedarbrae.
The property boasts a generous 2,294-sq-ft of living space and features five beds, four baths. You’ll not only appreciate this home’s high-end finishes and unconventional layout but its fully renovated kitchen as well. And to top it all off, the house also includes a huge basement and a lovely deck in the back, just perfect for entertaining.
55 Sheffield Crescent, Charlottetown, Prince Edward Island C1E2G8, four beds, three baths, 2,300-sq-ft
Since the average price of a home for sale in Charlottetown is currently a little less than $210K, imagine what you can buy for the hefty amount of $500K! And here’s a gorgeous option.
This Beach Grove two-story detached house sits on a 0.24-acre lot and boasts 2,300-sq-ft of living space. It features four bedrooms and three baths, a spacious backyard, as well as a garage, and its unfinished basement could easily be transformed into a recreational area at any time.
And if that doesn’t get you excited, know that it also includes a fireplace for those relaxing evenings at home.
16259 138 St Nw, Edmonton, Alberta T6v0j8, three beds, three baths, 2,272-sq-ft
You’ll find that this custom-built Carlton home has character to it, both inside and out! The property’s exterior will win you over with its unique curb appeal.
The interior is all about comfort. The house features 2,272-sq-ft of living space, including three beds, three baths. It showcases a fireplace on the main level, as well as a spa-like ensuite on the second floor, offering a relaxing getaway within your own home.
But options like these don’t come easy in Alberta’s capital. You will need to pay well over the average price of a home in Edmonton – which is currently pegged at around 340K – to call this property your own.
234-236 Odell Avenue, Fredericton, New Brunswick E3B2L5, six beds, four baths, 3,656-sq-ft
While $500K may not land you a house in some of Canada’s biggest metropolitan centres, in New Brunswick’s capital it will get you not one, but two of them! Since Fredericton homes for sale go for an average price of a little over $170K, this should come as no surprise.
This gorgeous century-old property is made up of two houses attached front to back, situated on a 0.24-acre lot, encompassing a total of, brace yourself, 3,656-sq-ft of living space. The first building has three beds, three full baths and the second one is a three-bed, one-bath establishment.
While the home’s interior has a classical charm to it, enhanced by the old furniture and original features, it also includes upgraded appliances and some modern finishes.
Lot HC35 108 Hadley Crescent, Halifax, Nova Scotia, three beds, four baths, 2,576-sq-ft
Homes for sale in Halifax go for a median price of almost $310K, so $500K allows for a substantial upgrade. Actually, this stunning house offers much more than that!
Close to one of the most popular swimming destinations in Halifax, you’ll want to call this Ramar contemporary jewel your own. Set on three levels and featuring three bedrooms and four bathrooms, the detached home is located in the Long Lake Village community.
The home not only showcases ultra-modern features and a high-end design but is also covered by the Platinum Atlantic New Home Warranty, to give you peace of mind for the upcoming years.
3 Minto Avenue, Hamilton, Ontario L8L 6E1, five beds, 2.5 baths, 1,753-sq-ft
If classic Victorian style is your thing, here’s something you might find appealing!
Just steps away from Barton Village, this Gibson home is set on two-and-a-half levels and boasts a total of five bedrooms and 2.5 bathrooms. One of the main advantages of this property is that it includes a self-contained in-law suite.
Even though the exterior has a vintage design to it, the home has been fully renovated on the inside, showcasing modern furniture and appliances. And to make things even more attractive, the detached house costs only $4K more than your average home for sale in Hamilton!
3 7e Rue, Montreal, Quebec, seven beds, two baths, 2,100-sq-ft
The average selling price of a Montreal home is just shy of $350K, so $500K will surely bring some nice additions to the average local property.
Surprisingly, for this price tag, this Pierrefonds duplex offers even more than you would normally expect. It incorporates not one, not two, but three separate units in the same dwelling, one on each of its levels, perfect for bigger families who like to stick together, or for renting out, fully or partially.
The seven-bedroom house has been recently renovated and includes a garage, four parking lots, and an intimate courtyard, ideal for entertaining.
702 Larcastle Circle, Ottawa, Ontario K4A 4Z3, four beds, four baths, 0.09 acres lot
Fancy some classic furnishings? Then check out this four-bed, four-bath, two-level home in Avalon!
Just add $70K to the average price of a home in Ottawa, and you’ll not only own an elegant property, but the natural oasis next to it – the unit has a private garden in the back that is surrounded by fruit trees, shrubs and perennials, making it a great place for relaxed get-togethers.
Saint John’s, NL
326 Stavanger Drive, St. John’s, Newfoundland and Labrador A1A5W9, three beds, four baths, 2,976-sq-ft
You can imagine Newfoundland and Labrador’s capital has some sophisticated options to offer for the lavish amount of $500K, given that the average price of a home in Saint John’s is less than half that! Moreover, this huge home in the city proves once more that Atlantic Canada provides the most space for your dollar in the entire country.
This stunning two-storey property just screams room! It offers almost 3,000-sq-ft of living space, three beds, four baths included, as well as a spacious backyard garden with a wooden deck. Aside from the luxury and comfort welcoming you, the cozy atmosphere created by the family room and the large fireplace is another big plus.
258 Zary Road, Saskatoon, Saskatchewan S7W 0K8, five beds, three baths, 1,351-sq-ft
This Evergreen bi-level modified home includes five bedrooms, three baths and has a total living area of 1,351-sq-ft. It also boasts stainless steel appliances, hardwood floors, and an open concept interior design which is perfect for entertaining friends and neighbours.
The backyard exterior is also great for events of this sort, showcasing a covered deck with glass railing, a patio, as well as a private garden. Price-wise, the property costs $210K more than the typical home for sale in Saskatoon.
#5 2303 Cranley Drive, Surrey, BC, three beds, two baths, 1,440-sq-ft
Considering that a Surrey home goes for $660K on average, $500K may sometimes limit options. For this property, however, this is not the case!
The rare find features three beds, two baths and 1,440-sq-ft of living space, and has been fully-updated throughout the years. Located on a roomy 5,860-sq-ft lot, it showcases an ideal mix of sun and shade.
And to top it all off, the property is in a pet-friendly gated community that is not limited by any age restrictions.
38 Stadium Rd, Toronto, Ontario M5V3P4, one bed, one bath, 670-sq-ft
Given that homes for sale in Toronto went for an average price of a little less than $780K this January, you would expect a $500K property here not to be much. In any case, the chances of becoming the owner of a detached house in the city for this amount of money are close to none.
Nevertheless, here is a lovely option in Toronto for the price of $500K – a one-bed, one-bath townhouse condo that is sure to impress. You might find its 670-sq-ft a little tight, but what it lacks for in space, it makes up for in modern finishes and some breathtaking views of Lake Ontario.
110 – 2273 Triumph Street, Vancouver, BC CA V5L 1L2, one bed, one bath, 553-sq-ft
However, in the heart of the popular Hastings area, this renovated one-bed, one-bath jewel will definitely pique your interest. The 553-sq-ft condo is part of a townhouse and boasts its own private garden patio and modern furnishings.
825 Victoria, Windsor, Ontario N9a4n5, seven beds, four baths, 0.17 ac lot
The 2.5-storey property has a main home and also boasts an in-law basement suite, comprising a total of seven bedrooms and four bathrooms. If the wrap around porch or the large backyard aren’t already enough, the fully modernized gourmet kitchen will surely get you excited!
139 Philip Lee Drive, Winnipeg, Manitoba R3W 0J1, three beds, 2.5 baths, 1,876-sq-ft
A Winnipeg home for sale goes for $320K on average, so you can imagine that $500K will get you more than just the typical property.
And this home truly delivers! The newly-built dwelling has three beds and 2.5 baths and boasts a total 1,876-sq-ft of living space on its two levels. If you would have to use just two words to describe this home, “modern and stylish” would fit like a glove. The open concept on the main floor is great for entertainment and get-togethers.
- To compile this list, Point2Homes looked at detached homes in 15 of Canada’s largest cities;
- The sources used were the point2homes.com database, as well as national and local agent and brokerage websites;
- Average and median home prices for each area, as well as at the national level, are the latest available, dated January 2019.