Average home prices in Canada are on the rise. New data released by the Canadian Real Estate Association (CREA) shows the average price of a home in Canada was $816,720 in February, a new record for the country. Just one month prior, that figure was $748,450, and in February 2021, the average price of a home in Canada was about $677,600.
Data compiled by the CREA also shows steady increases in the benchmark prices of all major residential property types, including apartments. In February, the average price of an apartment in Canada came to $597,900, up from $571,100 in January.
Earlier this month, a 1,208-square-metre penthouse in Vancouver became the most expensive condominium listed in Canada, with a price tag of $49 million. The four-bedroom, five-bathroom home comprises three floors and is believed to be the largest condo in Western Canada.
Although the country’s condo market contains some costly options, there are still a number of condominiums and apartments available across Canada that are listed at more affordable prices. Here is a selection of suites in several major Canadian cities that are listed for less than $550,000:
VANCOUVER
Type: Condominium
Price: $535,000
Year Built: 1971
Square Footage: 49 sq. m.
This updated condominium in Vancouver offers an efficient layout featuring an open concept living, dining and kitchen area, along with one bedroom and one bathroom. The north-facing patio overlooks a nearby residential street, while a shared rooftop offers views of the North Shore Mountains and downtown cityscape. Just a few blocks away is Kitsilano Beach, and several restaurants, shops and amenities remain nearby.
VICTORIA
Type: Condominium
Price: $535,000
Year Built: 2017
Square Footage: 71 sq. m
Located in one of the newest condo buildings in Victoria’s Fernwood neighbourhood, this ground-level suite features one bedroom, one bathroom and a den, and comes with its own entrance. The kitchen comes complete with quartz countertops and stainless steel appliances. Wood laminate flooring covers most of the unit, while the bathroom has heated tile floors. Ideal for dog-lovers, the building also has a paw-washing station.
CALGARY
Type: Apartment
Price: $399,900
Year Built: 2011
Square Footage: 108 sq. m
With two bedrooms and two bathrooms, this 108-square-metre unit has a modern design and upgrades throughout, including vinyl plank flooring, in-suite laundry and custom coverings for its floor-to-ceiling windows. The bedroom comes with a large walk-through closet connecting to an ensuite bathroom. Each room in the unit has a view of downtown Calgary and surrounding mountains.
EDMONTON
Type: Condominium
Price: $145,000
Year Built: 1968
Square Footage: 38 sq. m
This renovated unit in downtown Edmonton features 10-foot ceilings and designer concrete flooring. The property comes with one bedroom, one bathroom, in-suite laundry, and an open-concept kitchen area, complete with granite countertops and stainless steel appliances. The building also offers direct access to the LRT, and is located near a number of grocery stores, restaurants and Rogers Place.
REGINA
Type: Condominium
Price: $259,900
Year Built: 2012
Square Footage: 73 sq. m
Just a short walk from downtown Regina, this top-floor unit has nine-foot ceilings and laminate flooring throughout. In addition to the bedroom, the condo also includes a four-piece bathroom, in-suite laundry and a den. The dining room connects directly to the living room, which leads to a large balcony with space for a natural gas barbecue.
SASKATOON
Type: Condominium
Price: $449,900
Year Built: 1980
Square Footage: 161 sq. m
This spacious unit features two bedrooms and three bathrooms across two storeys. On the main floor is a large kitchen, as well as dining and living rooms with floor-to-ceiling windows and sweeping views of the city. The second floor includes bedrooms and bathrooms. Located in downtown Saskatoon, the building also has a pool, hot tub and saunas, as well as a rooftop deck.
WINNIPEG
Type: Condominium
Price: $359,800
Year Built: 1980
Square Footage: 163 sq. m
With two bedrooms and two bathrooms, this 163-square-metre condo unit in downtown Winnipeg is architecturally designed, with exposed duct-work and steel ceilings adding an industrial feel. The open-concept living space spans across two storeys – on the main level are floor-to-ceiling windows and a large balcony area, while the upper level features a large family room with 12-foot ceilings and a skylight.
TORONTO
Type: Condominium
Price: $495,000
Year Built: 2014
Square Footage: 39 sq. m
Located in Toronto’s King West neighbourhood, the unit includes one bedroom, one bathroom and a private balcony. The combined living and dining area is connected to a modern, European-style kitchen; its simple design includes minimal hardware and flush doors. Located in a boutique building comprised of distinct units, this unit is steps away from the city’s Fashion District.
MONTREAL
Type: Condominium
Price: $499,900
Year Built: Unknown
Square Footage: 74 sq. m
This New York-style unit comes with two bedrooms and one bathroom. Its open-concept layout includes a gourmet kitchen with a custom island for added storage, as well as a private balcony with views of southwest Montreal. Located in what was once an industrial building, the unit is just steps away from public transportation and a 10-minute drive from downtown Montreal.
HALIFAX
Type: Condominium
Price: $375,000
Year Built: 1966
Square Footage: 121 sq. m
This three-bedroom, two-bathroom condo includes a spacious living room, formal dining room and glassed-in sunroom. The master bedroom has a four-piece ensuite bathroom, and parquet hardwood flooring covers a majority of the unit. Situated in the heart of downtown Halifax, restaurants, transportation and other amenities are located nearby. The condo building also has a heated in-ground pool and courtyard.
CHARLOTTETOWN
Type: Condominium
Price: $398,000
Year Built: 2022
Square Footage: 95 sq. m
This one-bedroom, two-bathroom unit is one-of-a-kind, built in a retrofitted condominium building that was once a recreation centre. Carved out of what used to be a pool, this loft now features a blend of modern and industrial styles. The kitchen includes acrylic cabinets and a quartz countertop with a waterfall edge. The two-storey unit also has its own walk-out patio with views of downtown Charlottetown.
