“[When] it comes to the Vancouver and Toronto markets, finding a single detached home becomes far more difficult. While prices in Vancouver have dropped 19 per cent over the past year, the average price is still the highest in Canada at $878,000, and that includes condos,” the analysis emphasized.
“A check of the Multiple Listing Service found not a single detached home in the City of Vancouver that fell into our price range. There are some in nearby communities such as Surrey, but if you want to be in Vancouver, close to downtown, you'll be looking at a condo.”
In Montreal, a home built in 1945 is currently going for $769,000. Boasting of three bedrooms and one bathroom, the property is situated in Côte-des-Neiges, west of the University of Montreal and the downtown area.
In Edmonton, a single-detached house becomes a more realistic prospect. For $769,900, a would-be home owner can purchase a 2,659-square-foot home built as recently as three years ago, and featuring “a triple detached garage, gas fireplace and a gourmet kitchen with granite countertops.”
Atlantic Canada markets fared much better, however. In Halifax, $775,000 would yield a 2,800-square-foot estate designed by renowned architect Andrew Cobb nearly a century ago. “It has five bedrooms and three bathrooms, and sits on a large lot in a historic neighbourhood near Dalhousie University. It features the original hardwood floors and moldings, a sunroom and a sun deck.”
And in Stratford in Prince Edward Island, $738,880 provides relative luxury, especially compared to Toronto and Vancouver: The indicated sum can purchase a 4,000-plus-square-foot home that comes with five bedrooms and four bathrooms, along with “nine-foot-ceilings, a theatre/media room downstairs, a wraparound covered veranda and a four-car garage.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
In a February 28 analysis of various MLS systems, CBC News offered snapshots of what $770,000—the average price of a Toronto home—can buy in several real estate markets across Canada. For comparison, this sum can purchase a heritage income property, with two floors, three suites, and a two-car garage, in Toronto.