What a $500,000 home looks like in every major city

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For those who learn the headlines, Canada’s actual property market should look like the planet’s least approachable. Unwinnable bidding wars. Out-of-control hypothesis. One other uninhabitable Toronto rats’ nest promoting for $1.5 million.

However in the event you’re planning a house buy this 12 months, do not forget that Canada is house to 1000’s of particular person actual property markets. Most are remoted sufficient that, in the event you don’t dwell close to the better Vancouver or Toronto areas, you don’t want to fret that their markets are on fireplace.

Even in Canada’s priciest markets, you’ll find properties promoting for below half 1,000,000 — though they is perhaps somewhat cramped or tough across the edges. Right here’s a take a look at what $500,000 should buy you in a few of Canada’s main cities, from west to east.

Ottawa

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Actual property within the nation’s capital has been on fireplace for the final three years. A variety of the motion has been on the town’s west aspect, the place one of many nation’s largest tech hubs continues its speedy growth, however there are some nice finds to the east.

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Take a look at this $430,000 slice of loveliness simply exterior the town in Rockland. Solely a 12 months outdated, this three-bedroom, two-bathroom townhouse is immaculate and surprisingly spacious. The hardwood and tile flooring amplify the property’s pure brightness, making it really feel much more ethereal than its 1,100 sq. toes already are.

The draw back is that Rockland just isn’t Ottawa’s hottest suburb. It ranks poorly for buying, eating places and bike-friendliness, so in the event you’re transferring there, possibly invest some of the money you’re saving in a comfortable pair of driving gloves.

Regina

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Due to greater than 5 years of sluggish gross sales that preceded the pandemic, the Queen Metropolis continues to be house to some critically tasty bargains. Scaling as much as the $500,000 vary means you’ll be taking a crack at some very good properties.

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It’s onerous to discover a single room on this 1,500-square-foot bi-level behemoth that couldn’t be described as “cavernous.” The four-bed, three-bath house additionally boasts a wide range of eye-catching, high-quality flooring selections, a fuel hearth in the lounge and a professionally developed basement with its personal full bathtub and rec room, all for $499,900.

Throw in parking for 4 autos, and also you’ve acquired your self a comfy little fortress on the town’s quickly growing east aspect.

Victoria

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Half 1,000,000 doesn’t take you just about so far as it used to in Victoria. As soon as an reasonably priced various to the sky-high costs in Vancouver, the Backyard Metropolis doesn’t have many bargains left.

For those who’re fortunate, your $500,000 price range will land you two bedrooms and two loos, such as you’ll discover on this 1,012 sq. foot rental positioned simply north of Victoria in Saanich.

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It’s not the sleekest or most modern-looking rental, and the kitchen is dinky at finest, but it surely’s in a killer neighbourhood loaded with inexperienced house, locations to buy and nice eating places. While you determine to dwell in a field, that exterior stuff is fairly vital.

Moncton

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Half 1,000,000 just isn’t a value that’s generally paid in Moncton, however homebuyers who go that prime usually get rather a lot to point out for it.

This govt house in Rosemont Park is dripping with each curb enchantment and inside attraction. At 3,971 sq. toes, there isn’t any scarcity of house: 5 bedrooms, three loos, a sprawling kitchen that’s been just lately up to date and a further room for an workplace.

The yard is big, too. Perhaps not as properly tended-to as the home itself, however there’s quite a lot of room to play with.

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Saint John

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The place to start with this masterpiece?

Constructed round 1850, this beautiful goliath offers an virtually unreasonable 6,500 sq. toes of residing house in Saint John’s stunning Mount Nice neighbourhood. It’s a real mixture of basic structure and trendy fashion.

Half 1,000,000 means that you can buy six bedrooms, six loos, 9 fireplaces and a marble grand corridor — a powerful worth, particularly in the event you can land a super low mortgage rate. A property of this measurement and age in Toronto, sitting on a equally huge 28,000 sq. foot lot, would in all probability run you 10 occasions that.

Calgary

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This one’s a head-scratcher, a minimum of at first. Half 1,000,000 usually will get you a complete lot of home in Cow City, however on this case, it will get you simply over 1,100 sq. toes, two bedrooms and a toilet.

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The itemizing for this house in Calgary’s Mount Nice neighbourhood calls it “dated however practical,” which appears beneficiant.

The true draw is the lot the home sits on: as much as 7,250 sq. toes so that you can replenish together with your precise dream house. You’ll simply need to knock this one down first. It shouldn’t take lengthy.

Kitchener

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At time of writing, 31 properties have been up on the market on Realtor.ca within the $475,000 to $500,000 value vary — and most have been condos or semis. That’s what occurs when your market’s on the doorstep of Waterloo, Canada’s reply to Silicon Valley.

In order for you a indifferent house for lower than $500,000 in Kitchener, you’ll need to be glad with one thing on the smaller finish of the spectrum, like this three-bedroom, two-bathroom cutie listed for $499,000.

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Its 1,050 sq. toes are vibrant and comfy, and it’s clear that the latest homeowners confirmed it quite a lot of love through the years. The inside has been fantastically up to date and the yard has been sculpted into a stunning little oasis.

Charlottetown

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Making an attempt to spend half 1,000,000 on a house in Charlottetown isn’t simple. In any case, the common sale value in P.E.I. in March was solely $330,121.

New builds can hit $500,000, however they’re uncommon. On the time of writing, solely 4 properties have been out there in that value vary on Realtor.ca, and three have been both new builds or lower than a 12 months outdated. That ought to provide you with some perception into the havoc that lumber and constructing prices are having on the once-affordable pre-construction house.

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Of the 4 choices, this three-bedroom, three-bathroom house on Parkway Drive affords just below 2,000 sq. toes of residing house near the wonderful collection of colleges, parks and buying out there in Charlottetown’s fascinating West Royalty neighbourhood.

Edmonton

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This four-bed, three-bath house must be one of many coolest properties out there for below $500,000 in Edmonton.

Each room walks the road between weird and beguiling. Its distinctive arched exterior turns the within into a geometrical smorgasbord for the eyes. The combination of curves, angles and features makes it really feel like a $459,500 piece of artwork you can stroll proper via.

The basement is a completed two-bedroom suite prepared for renters, too, making this 2,300-square-foot property an incredible place to wow your pals and earn some cash back.

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Montreal

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Montreal’s actual property market was pretty cool till round 2017, when buyers spooked by new taxes in Vancouver and Toronto started sniffing across the metropolis. It’s a special world in 2021, with intense bidding wars now the norm. There’s nonetheless some nice worth to be discovered, although.

This model new three-bedroom, two-bathroom quantity, listed for $489,000, is simply throughout the St. Lawrence River from Montreal correct within the quickly rising suburb of Longueuil. With 1,597 sq. toes unfold over the bottom ground and the basement, it’s the type of gleaming and classy design that provides new development a very good title.

For that value, you’re getting right into a strong neighbourhood, too. Longueuil is loaded with colleges, small parks and locations to buy, and downtown Montreal is minutes away.

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Mississauga

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We selected this rental in central Mississauga for a few causes.

First, it proves you’ll find an honest three-bedroom, two-bathroom property within the metropolis that gained’t price you an arm and a leg — a minimum of, it gained’t sever these limbs immediately. On this case, $499,000 will get you 1,294 sq. toes unfold out over two ranges.

The second purpose we selected this one is to remind you that, simply because a property comes with a lower cost tag, it doesn’t imply it’s going to be extra reasonably priced in the long term. This unit will suck up $841 each month in upkeep charges.

That’s an additional $10,092 you’ll really feel such as you’re setting on fireplace yearly you personal it.

Fredericton

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On the time of writing, this custom-built 2008 gem is definitely one of the crucial costly properties on the market in Fredericton — at solely $499,900.

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For the value of a small rental in Toronto, you recover from 1,600 sq. toes of ground house that features three bedrooms, two loos, cathedral ceilings and no scarcity of glowing hardwood.

The concrete veranda and stone entrance add an plain dose of curb enchantment to the outside. So does the plush, manicured garden, which enraptured house-hunters will little question think about tickling the soles of their toes.

Vancouver

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When even townhouses are averaging round $840,000 in Vancouver, you realize something promoting for $499,000 goes to be fairly small.

At 411 sq. toes, this Robson Road studio affords one toilet and nil bedrooms. (Kudos to whoever urged the hide-a-bed.) Except for the kitchen, what you see within the photograph above is just about it. A storage locker is included, so you possibly can at all times entertain visitors down there.

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That stated, if an reasonably priced place with a killer “stroll rating” is what you’re on the lookout for, you might have discovered it. Few locations are as walkable and vibrant as downtown Vancouver.

Toronto

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You thought it was going to be a rental, didn’t you?

For under $449,000, you possibly can truly nab your self a three-bedroom, two-bathroom townhouse in West Humber.

That’s not dangerous, contemplating townhomes within the Larger Toronto Space presently common north of $850,000, in keeping with the Toronto Actual Property Board. (For those who’re curious what your GTA house is value, you possibly can find out in about two minutes.)

Admittedly, this is probably not the townhouse of your desires. Its 850 sq. toes looks like they haven’t been up to date in a decade or 4. From sure angles, it would even remind you of a jail. It’s additionally not removed from Toronto’s infamous Jane and Finch neighbourhood, which might be a deal-breaker for some customers.

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On the brilliant aspect, the realm affords an honest variety of colleges, parks and locations to buy — plus quick access to the freeway. Not a nasty place to be if it’s good to hit the highway within the morning.

Saskatoon

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When you’ve constructed up a $500,000 price range in Saskatoon, you possibly can anticipate to safe a powerful chunk of house. This four-bedroom, four-bathroom property in Forest Grove suits the invoice after which some.

For those who’re a fan of darker wooden tones, the house’s flooring and kitchen are certain to get you drooling.

The remainder of the home, unfold out over 2,002 sq. toes, is in some way each understated and swanky. The built-in sauna, quite a few floor-to-ceiling home windows and fully completed basement add a wow issue to what’s in any other case an eminently sensible house).

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Not dangerous for $499,900.

St. John’s

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Chances are you’ll assume $429,900 is somewhat steep for the property pictured right here — it’s actually properly above the town’s common sale value of $285,000 — however St. John’s’ vibrant, iconic row homes are in excessive demand. When you get inside this three-bedroom, three-bathroom stunner, you’ll see why.

Greater than 1,900 sq. toes unfold over three tales. Harbour views. Beautiful trendy loos. Skylights. Hardwood so far as the attention can see.

It’s a little bit of a heart-stopper. And since a lot of the beauty updates have been performed within the final 12 months, they’ll maintain their sparkle for years to return.

Kelowna

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As soon as Vancouver’s market caught fireplace round 2015 and homebuyers started exploring cheaper pastures, Kelowna was the primary of B.C.’s inside markets to actually see its costs take off.

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You’ll be capable to discover a townhouse or rental for half 1,000,000, however in the event you’re on the lookout for one thing somewhat extra distinctive, this three-bedroom, two-bathroom cottage simply north of the town will be yours for a similar value.

The skin’s somewhat prefab, however the inside — 1,076 sq. toes completely flooded with pure mild — walks a pleasant steadiness between fairly and comfy. You’ll even be steps from Okanagan Lake, which, on a scorching summer time day, might be well worth the value of admission alone.

Quebec Metropolis

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Quebec Metropolis was largely a locals-only market till 2019 when rising costs in Montreal triggered sudden curiosity within the provincial capital amongst actual property buyers.

Regardless of the elevated demand, you’ll discover that costs are nonetheless very a lot approachable — particularly in the event you’re working with a great credit score.

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Put your sun shades on earlier than strolling into this eye-popper. An abundance of pure mild, white tile and hardwood mix to make this house’s greater than 2,100 sq. toes positively glow. Even the black tile within the toilet shines.

For simply $489,000, you get 5 bedrooms, two loos, an workplace and house for a second workplace, totally equipping you for the brand new work-from-home actuality.

Winnipeg

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Winnipeg is understood for being one of many nation’s most secure, reasonably priced actual property markets. Discovering one thing stunning for below half 1,000,000 isn’t too difficult.

Coming in at $489,900, this 1,708-square foot, two-story house has rather a lot to supply. Along with 4 bedrooms, 4 loos and an inventory of updates that in all probability gave the itemizing agent carpal tunnel syndrome, the yard is fantastically landscaped round a kidney-shaped pool and a fireplace pit.

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The lot additionally backs straight onto the lake in Winnipeg’s coveted Kildonan Meadows neighbourhood, bringing a distinctly cottage-y really feel to the town’s western ’burbs.

Halifax

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It’s not a lot to take a look at — and the much less stated concerning the yard, the higher — however for $499,900, this over-under duplex is definitely an incredible little funding property.

Situated within the coronary heart of downtown Halifax within the energetic Quinpool neighbourhood, this house’s 1,600 sq. toes are cut up between a three-bedroom, 1.5-bathroom predominant ground and a one-bedroom, one-bathroom basement suite that comes with its personal laundry.

It’s near Halifax’s nightlife, its hospitals and its universities. You’ll haven’t any drawback discovering renters to assist pay down your mortgage.

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