Realty reality: What $350k can buy in Canada
Published Tuesday, November 20, 2012 6:00AM PST Last Updated Tuesday, November 20, 2012 7:24PM PST
While $350,000 won’t buy you a detached house in Vancouver, it can net you a lovely – some may say stately -- abode in other parts of the country.
Steele on Your Side teamed up with CTV consumer reporters across Canada to take a look at what your real estate dollar can buy you.
For $359,000 in Vancouver’s Fairview neighbourhood, you can buy a cozy, 600-square-foot, one-bedroom apartment.
Though small on size, the building is just steps to the city’s famous seawall, parks and Granville Island.
In West Edmonton, $349,900 nets you a 1,300-square-foot, three bedroom detached home. Built in 2007, it has three bathrooms and a remodeled kitchen, complete with new white appliances and ceramic cooktop.
For the same price, you can own a newly-renovated three bedroom, 1,000-square-foot bungalow in Calgary’s inner city. The weather may be cold in Alberta, but the housing market is heating up.
"We’re not near the peak pricing though, the 2007 price -- we're not quite there yet." Said Bob Jablonski of the Calgary Real Estate Board.
The deals get sweeter the further east you go in the country.
In Winnipeg, a two-storey, 1,800-square-foot home is a relative steal for $359,000. It has three bedrooms, two and a half baths and there’s a finished lower level.
The home is 27 years old, but recently upgraded, and considered upscale by Winnipeg realtors.
Keep heading east to Windsor, Ontario, where you can buy a 4,200-square-foot heritage home for $332,900. It has five bedrooms, six bathrooms and an in-ground pool.
In Toronto, the market is expensive, but it’s still achievable to buy a semi-detached home for $350,000. A 900-square-foot duplex in the east end can be yours for $349,900. The three-bedroom fixer upper was built in 1954.
Realtor Dominic Dimilta calls it a perfect starter home.
“It’s very economical to heat, and property taxes are under $2,000 a year,” he told CTV Toronto Consumer Reporter Pat Foran.
Your real estate dollar goes far in Halifax, where for $359,000 you can buy a custom cedar bungalow. At over 2,200-square-feet, the home has four bedrooms, four bathrooms and access to a nearby lake.
If the reality check of home prices across Canada leaves you feeling ripped off by sky-high prices in Vancouver, realtor Ian Tang says it’s all relative.
"You’re living in Vancouver. In my opinion it's the best place in Canada to live,” he said.
The Canadian Mortgage and Housing Corporation is forecasting the average price of a home in Vancouver to jump about $20,000 by the end of 2013 to just under $760,000.
Have your say: What do you think of the real estate prices in Canada?