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19 Dec

What $390,000 Will Buy You Across The Country


Posted by: Darick Battaglia

• What $390,000 Will Buy You Across The Country The average price of a house in Canada in the fall of 2013 was about $390,000. Here’s what that amount will buy you in the country’s various real estate markets. Trois-Rivieres is one of the most affordable housing markets in Canada, and here the average house price will get you something close to a palace. Three bedrooms and some pretty awesomely fitted-out bathrooms in this 2,000-square-foot home. This 580-square-foot cottage is located in Toronto’s inner east end and has one bedroom on the main floor and a second in the basement. It may be small, but it’s actually sort of remarkable that you can still buy a standalone house anywhere in the 416 for under $400,000. Listed at $389,000. This custom-built split-level house on the east side of Regina has 1,800 square feet of floor space, and features a family with room with a fireplace. At 548 square feet, this loft condo is only slightly smaller than that cottage in Toronto. But it’s certainly slicker; it’s located in yuppie-ish Yaletown and features a stainless-steel appliance kitchen with a movable island. Listed for $384,000. $388,000 will get you this house with four bedrooms and as many fireplaces in charming little Summerside (PEI). A whopping 4,464 square feet of floor space on a half-acre lot makes this easily the largest home on this list. Fort McMurray, the heart of Alberta’s oilsands, may be a small city, but thanks to enormous oil business salaries, it has real estate prices like a big city. This two-bedroom condo on the south side of town features oak cabinets and a gas fireplace, and lists for $393,500. According to the CMHC, the average price for a two-bedroom apartment across the country was $920 in October, up 2.5 per cent over the past year. Vancouver had the priciest market in the country, with two-bedroom apartments going for $1,281, beating out second-place Calgary, where two-bedrooms went for $1,224 on average. Toronto came in third, at $1,213. A decade ago, Toronto rents were the highest in the country and about 8 per cent higher than second-place Vancouver. Toronto’s booming condo market could explain some of the relative weakness in rental rates. With condos coming online at a faster clip than population growth, the supply of apartment housing in Toronto has been increasing.