After reaching its peak of $816,720 in February, the average price of a home in Canada has dropped by more than $170,000. According to the latest data from the Canadian Real Estate Association, the average price of a residential property in October was $644,643, not seasonally adjusted.
Despite the lower price tag, most online searches among Canadian homebuyers are for properties that cost well below the national average. This is according to a new study by Point2 Homes, an online real estate search portal.
Out of five million searches performed on Point2 Homes in 2022, more than 75 per cent targeted properties with a price of $600,000 or less.
“Canadian homebuyers are tightening their budgets in the post-pandemic landscape of increasing prices, inflation and mortgage rates,” the report states. “The lower budget ranges speak volumes to the buyer’s perception of affordability in today’s housing market.”
Additionally, the most popular price range searched for by Canadians in 2022 was between $200,000 and $300,000. This represents less than half the average price of a home in Canada.
CTVNews.ca has compiled a list of houses and apartments in major cities that are listed for less than $600,000, falling below the national average price of a home.
VANCOUVER
Type: Leasehold apartment
Price: $375,000
Year Built: 1970
Property Size: 48.5 sq. m
Lot Size: N/A
This leasehold apartment in Vancouver features a large combined living and dining space connected to the kitchen, which has updated appliances. In addition to one bedroom and one bathroom, the unit also has a private patio offering views of the English Bay. The building has upgraded windows as well as an outdoor swimming pool and shared laundry space.
KELOWNA
Type: Apartment
Price: $549,500
Year Built: 1991
Property Size: 120.12 sq. m
Lot Size: N/A
Along with two bedrooms and two bathrooms, this corner apartment unit in Kelowna has a refurbished kitchen with quartz countertops, stainless steel appliances and vinyl plank flooring. The office space doubles as a sunroom, with large windows throughout. The building is a short drive away from Hot Sands Beach, and numerous restaurants are close by.
CALGARY
Type: House
Price: $559,000
Year Built: 1931
Property Size: 101.41 sq. m
Lot Size: 411 sq. m
Originally built in the 1930s, this updated character home is located in Calgary’s Bankview neighbourhood. It features three bedrooms and a four-piece bathroom with white tiles and cabinetry. The bungalow also has a sunken living room with vaulted ceilings, and its original wood-burning fireplace. Throughout the home are planked wood ceilings and hardwood floors.
EDMONTON
Type: House
Price: $379,000
Year Built: 1921
Property Size: 129.97 sq. m
Lot Size: 395.55 sq. m
Located in Edmonton’s Westmount neighbourhood, this three-bedroom, two-bathroom home is more than 100 years old. On the main level, the living and dining rooms each have maple hardwood flooring, while ceramic tile floors complete the foyer. In the upgraded kitchen are stainless steel appliances, new cabinets and cork flooring. The corner lot also has a fully fenced backyard with a deck.
REGINA
Type: House
Price: $599,900
Year Built: 2013
Property Size: 146.79 sq. m
Lot Size: 426.24 sq. m
Large windows along the back of this Regina home allow plenty of light to seep in. On the main floor is a custom kitchen with two-tone cabinets, granite countertops, a tile backsplash and a corner pantry. Also on the main floor is a living room with a 19-foot ceiling and gas fireplace. Filling the rest of the home are three bedrooms and four bathrooms. The walk-out basement is fully renovated and at the back of the home is a covered balcony.
SASKATOON
Type: House
Price: $529,900
Year Built: 1916
Property Size: 135.64 sq. m
Lot Size: 389.54
This two-storey home in Saskatoon features two bedrooms, two bathrooms and a finished basement. On the main floor are hardwood floors and custom cabinetry, along with a built-in coffee bar near the kitchen, and a copper gas fireplace in the living room. Located in the city’s Nutana neighbourhood, near South Saskatchewan River, this home is just a short drive from downtown Saskatoon.
WINNIPEG
Type: House
Price: $574,900
Year Built: 1895
Property Size: 156.17 sq. m
Lot Size: 278.71 sq. m
This Winnipeg home features a modern design, with exposed glulam beams and hardwood flooring. On the upper level is the main bedroom, with a unique three-piece ensuite and a private balcony. Filling out the rest of the property are two more bedrooms and two additional bathrooms, as well as an open-concept kitchen, living and dining area.
TORONTO
Type: Apartment
Price: $518,800
Year Built: 1973
Property Size: 79.9 sq. m
Lot Size: N/A
With one bedroom and one bathroom, this fully renovated unit has a back wall made completely of glass. The updated kitchen includes a large island that seats three people, as well as custom cabinets and stainless steel appliances. In the bathroom is a custom shower enclosure with a new vanity and toilet. Situated in the Annex, the apartment is a short walk from transit stations, parks and other amenities.
OTTAWA
Type: Townhouse
Price: $599,000
Year Built: 2005
Property Size: 111.48 sq. m
Lot Size: N/A
Located in Ottawa, this property features an open-concept floor plan on the main level. The large kitchen, complete with stainless steel appliances and an eating bar, connects to both the living and dining areas. The main and upper floors each have a balcony, offering views of the playground nearby. Rounding out the townhome are three bedrooms and two bathrooms.
MONTREAL
Type: Apartment
Price: $545,000
Year Built: 1983
Property Size: 88.44 sq. m
Lot Size: N/A
Brand new wood floors run throughout this two-bedroom apartment unit in Montreal. In the living area is a stone fireplace and large windows. In addition to one bathroom, there is also a private balcony facing the courtyard. The unit is situated just steps away from a subway station and various restaurants and cafes.
ST. JOHN’S
Type: Townhouse
Price: $333,000
Year Built: 1915
Property Size: 186.74 sq. m
Lot Size: under 0.2 hectares
This two-bedroom, three-bathroom townhome is within walking distance of downtown St. John’s. At the entrance of the home is the foyer, featuring its original staircase. Beyond that are large living and dining rooms, as well as a gourmet kitchen with a propane stove and exposed brick detailing. On the top level are both bedrooms and the main bathroom, a four-piece ensuite with a shower and corner tub.
HALIFAX
Type: Apartment
Price: $499,900
Year Built: 1987
Property Size: 111.67 sq. m
Lot Size: under 0.2 hectares
Located in downtown Halifax, this corner apartment unit spans approximately 112 square metres. It has two bedrooms and two bathrooms, along separate living and dining areas. The galley-style kitchen has been renovated and includes stainless steel appliances, while the main bedroom has a walk-in closet and two-piece ensuite. In the apartment building is a heated indoor pool, gym and sauna.
CHARLOTTETOWN
Type: House
Price: $469,000
Year Built: 1974
Property Size: 227.43 sq. m
Lot Size: under 0.2 hectares
Built in 1974, this three-bedroom, two-bathroom home has seen a number of upgrades, including an updated eat-in kitchen. Next to the kitchen is the living room, complete with a large bay window. All three bedrooms are located on the main floor, while the lower level features a laundry room and full bathroom.
FREDERICTON
Type: House
Price: $469,900
Year Built: 1964
Property Size: 144.19 sq. m
Lot Size: 906 sq. m
A mudroom welcomes guests into this four-bedroom, two-bathroom home in Fredericton. Porcelain tile floors lead to a renovated kitchen with a tiled backsplash and soft-close cabinets. Hardwood floors run throughout the living and dining rooms, and a small bathroom rounds out the main floor. On the upper level are three bedrooms, the main bathroom and a covered balcony.
