The average price of a home in Canada reached a record high of $748,450 in January, according to new data released by the Canadian Real Estate Association (CREA) on Tuesday. This represents an increase of 21 per cent compared to the same time last year, with figures not seasonally adjusted.
Month-over-month, Canada saw an increase of one per cent in national home sales compared to December. The number of newly listed properties, however, fell 11 per cent from December to January.
Across the country, there appears to be an even split between the number of local markets that saw an increase in sales and those that saw a drop. Cities such as Calgary, Ottawa and the Greater Vancouver area saw a rise in the number of residential property transactions, while activity in Winnipeg and Montreal fell.
The national average price of a home is heavily impacted by sales in specific regions across the country, including Greater Vancouver and the Greater Toronto Area, which are considered two of Canada’s most active and expensive housing markets.
With this year starting off on a record-breaking foot, it appears as though housing prices will continue to climb. While the average price of a home in Canada may have surpassed $700,000, there are plenty of options across the country that don’t cost as much. Below are properties across the country that are listed for less than $700,000:
VANCOUVER
Type: Apartment
Price: $649,900
Year Built: 2013
Property Size: 65 sq. m
Lot Size: N/A
This one-bedroom, one-bathroom penthouse unit located in North Vancouver is completely renovated, featuring heated hardwood floors, custom-made cabinets and an oversized waterfall island made of quartz. The open layout, nine-foot ceilings and large windows let natural light to filter in, while the balcony is ideal for taking in scenic skyline views of Vancouver Harbour.
VICTORIA
Type: Apartment
Price: $449,000
Year Built: 1975
Property Size: 109 sq. m
Lot Size: N/A
With new kitchen cabinet facings and a remodelled bathroom, this corner apartment unit in western Victoria features a number of recent upgrades. It includes three bedrooms and one bathroom, as well as wood laminate flooring and new vinyl windows. Close by are several parks as well as a recreational centre and the Esquimalt Waterfront.
CALGARY
Type: House
Price: $489,900
Year Built: 2007
Property Size: 128 sq. m
Lot Size: 0.03 hectares
This fully finished home in southern Calgary comes with four bedrooms and 2.5 bathrooms across two storeys. Also on the property is an oversized 22-foot by 26-foot garage with in-ceiling storage area access and new roofing. The kitchen, dining room and living room on the main level all follow an open concept floor plan, and the basement is fully renovated with a bedroom, bathroom, recreation room and laundry room.
REGINA
Type: House
Price: $699,900
Year Built: 1976
Property Size: 248 sq. m
Lot Size: 0.08 hectares
Located in Regina, this residential home has a large private lot that backs onto plenty of green space. Inside, the home features five bedrooms, four bathrooms and a large foyer with an elegant staircase. Black granite countertops stand out against the gray cabinets finished with modern hardware. The basement is also fully renovated with its own bedroom, kitchenette and a games room.
WINNIPEG
Type: House
Price: $599,900
Year Built: 2005
Property Size: 193 sq. m
Lot Size: 639 sq. m
The 13-foot ceiling in this four-bedroom, four-bathroom Winnipeg home makes for a spacious living and dining room area. Brand new hardwood covers the main floor, and the main bedroom features a large walk-in closet and four-piece ensuite. In the backyard is a sunroom with vaulted pine ceilings and a hardie board exterior. The home is within walking distance of a nearby school and park, and a short drive from amenities.
TORONTO
Type: Apartment
Price: $649,000
Year Built: 2017
Property Size: 60 sq. m
Lot Size: N/A
Located in downtown Toronto, this apartment features an open concept layout, with the den combined with the kitchen and dining area. It also includes two bathrooms and one bedroom with a walk-in closet. An oversized double balcony provides a view of the east side of the city, while its proximity to nearby streetcars makes it easy to get around town.
OTTAWA
Type: Townhouse
Price: $649,900
Year Built: 2018
Property Size: 180 sq. m
Lot Size: 199 sq. m
This three-bedroom and three-bathroom townhouse is situated in eastern Ottawa. Hardwood floors run throughout the living and dining room areas, which are lit with pot lights. The living room includes a gas fireplace surrounded by tile, and the kitchen features a walk-in pantry and breakfast bar. Outside, the south-facing backyard is complete with a stone patio.
MONTREAL
Type: Apartment
Price: $425,000
Year Built: 1987
Property Size: 106 sq. m
Lot Size: N/A
This corner apartment unit in southwest Montreal lets in plenty of natural light across both storeys. It features two bedrooms and two balconies. Upgrades have been made to the bathroom and kitchen, which includes new flooring, and transportation is easy with subway stations, highways and a bus route located nearby.
ST. JOHN’S
Type: House
Price: $585,000
Year Built: 2019
Property Size: 250 sq. m
Lot Size: N/A
Custom built in 2019, this St. John’s home sits on an oversized lot and includes three bedrooms and 2.5 bathrooms. The kitchen is made up of all-white cabinetry with shaker style doors, and includes a statement island with seating for four. A surround sound system is installed in the main living space, and the home also features nine-foot main floor ceilings and a propane fireplace.
CHARLOTTETOWN
Type: House
Price: $518,000
Year Built: 1970
Property Size: 273 sq. m
Lot Size: 0.09 hectares
With five bedrooms and three bathrooms, this Charlottetown home also features a spacious eat-in kitchen, as well as a formal dining room that extends into the living room area. The basement is newly renovated and includes a large recreation room, as well as a bedroom and full bathroom. A deck overlooks the private backyard, and the house itself is located just minutes from downtown Charlottetown when travelling by car.
