What if you cashed out of your pricey pad and moved some place where you could get a house twice as nice for half as much?
The average price of a home in Canada went up just over seven per cent in 2016, according to the Canadian Real Estate Association. At only $489,591, the price seems very affordable for those in big city centres like Vancouver and Toronto where average home prices are almost double that.
But elsewhere in the country, $500,000 can go pretty far.
In December, we took a look at what $1 million homes looked like in key Canadian cities. From a run-down home ready for demolition in a south Vancouver neighbourhood to a stunning and large lakefront home in Halifax, the discrepancies from coast to coast were remarkable.
Now we’re lowering the bar to a more affordable price point.
To keep it simple, we went searching for detached homes with at least three bedrooms. In some cases, it wasn’t possible to find one in our budget. For those, we had to go outside the city.
Here’s what you can get for $500,000 in cities across Canada:
Vancouver, BC
What you get for $500,000:
With nothing in Vancouver-proper in the budget, there was this home in Langley. Listed at $545,000, this 1920’s character home has three bedrooms and needs quite a bit of work.
Victoria, BC
What you get for $500,000:
What used to be an affordable oasis a boat ride from Vancouver, Victoria’s home prices are now growing at a rapid pace. The cheapest detached home outside the city in Saanich is listed at $517,500 and needs considerable work – or a bulldozer.
Kelowna, BC
What you get for $500,000:
As the increase in prices moves east, homes in Kelowna are still on the verge of affordable. This four-bedroom home in West Kelowna was built in 2003 and is listed at $519,000.
Calgary, AB
What you get for $500,000:
Who said real estate in Calgary came cheap? In the Marlborough neighbourhood of Calgary, this renovated home is listed at just under $500,000. It may be some distance from the city but it is close to the C-Train.
Edmonton, AB
What you get for $500,000:
For just under $500,000, you can buy a 2,200 square-foot home with four bedrooms right on the River Valley. Located in Beverly Heights, a neighbourhood east of Edmonton, the home is fully renovated and comes with an amazing view.
Saskatoon, SK
What you get for $500,000:
This home, built in 1912 and updated to modern standards, is listed for $539,000. Located in the Riversdale neighbourhood, it has five bedrooms but only one bathroom.
Winnipeg, MB
What you get for $500,000:
You get a lot of bang for your buck in Winnipeg. This river-front home in North Kildonan has five bedrooms, four bathrooms and a large backyard backing on the river. It also has an elevator.
Toronto, ON
What you get for $500,000:
Toronto prices certainly aren’t getting cheaper. The city is feeling a real estate boom similar to Vancouver’s, meaning $500,000-homes are like finding a needle in a haystack. This one in West Hill, east of Toronto, sits on a 20-foot lot and has five bedrooms.
Hamilton, ON
What you get for $500,000:
This home in Sherwood, Hamilton is listed at $488,484 and comes with a large backyard, four bedrooms and two bathrooms. It’s been recently renovated and has air conditioning.
Ottawa, ON
What you get for $500,000:
Just across the river in Gatineau, this new home built in 2011 offers modern luxuries and an above-ground pool. It’s apparently only seven minutes away from Ottawa and is listed at $549,900.
Montreal, QC
What you get for $500,000:
A renovated “cottage” in Saint-Laurent can be yours for $479,000. It has three bedrooms, two bathrooms, a solarium and a finished basement.
St. John’s, NL
What you get for $500,000:
Most new construction in St. John’s is priced in the $500,ooo range. This brand new home in Kenmount Terrace is listed at $492,900 and includes three bedrooms, three bathrooms and an open-concept floor plan.
Moncton, NB
What you get for $500,000:
For much less than $500,000, this Moncton home features four bedrooms, four bathrooms and a custom kitchen. It’s located right in the heart of the city and is listed for $459,000.
Halifax, NS
What you get for $500,000:
Just across the bridge in Dartmouth, this 1872-built home with modern updates is listed for $549,900. It has four bedrooms and a large 14,000-square foot lot overlooking the Halifax harbour.
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