Saturday, May 9, 2015

Average Canadian Home Price is $440K - What Will That Buy?

The real estate market continues to be hot, with the average price for a home in Canada reaching a record high in March.

But what does that mean for home buyers across the country?

According to the Canadian Real Estate Association (CREA), the national average price for homes sold in March was $439,144.

The average is up 9.4 per cent from March 2014, although six provinces saw price decreases. CREA says that national sales activity data is skewed by Canada's most active markets, Greater Vancouver and Greater Toronto. (Excluding these two areas, the average price would be $332,711.)

While higher house prices speak to the health of the Canadian market on the whole, there is still a big difference in what $439,000 can get you in different cities – from a 900-square-foot condo in Toronto to a 2,500-square-foot detached home in Halifax.

Here's a snapshot of what you can buy for the current national average based on houses found on the Multiple Listing Service (MLS).

Alberta


Calgary
Since March 2014, the city's average home price has increased 4.1 per cent.
What $440K gets you: A 1,321-square-foot condo with two bedrooms and two bathrooms.

Edmonton
The city's average home price is up 1.5 per cent from March 2014.
What $440K gets you: A 1,622-square-foot detached home with three bedrooms, three bathrooms and an attached garage.

British Columbia


Vancouver
Greater Vancouver's average home price has increased by 7.2 per cent from March 2014.
What $440K gets you: A 925-square-foot condo with two bedrooms and two bathrooms.

Victoria
The city's average price has increased 2.7 per cent since March 2014.
What $440K gets you: A 1,477-square-foot townhouse with three bedrooms, three bathrooms and a two-car garage.

Manitoba

The province's average price has increased by 0.9 per cent since this time last year.

Winnipeg
What $440K gets you: A two-storey, 2,113-square-foot detached home with four bedrooms, three bathrooms, a patio and an attached garage.

Brandon
What $440K gets you: A two-storey, 1,510-square-foot detached home with four bedrooms, four bathrooms, a deck and an attached garage.

New Brunswick

The province's average price has dropped by 3.8 per cent since March 2014.

Saint John
What $440K gets you: A 1,068-square-foot condo on the waterfront with two bedrooms and two bathrooms.

Moncton
Greater Moncton's average home price has increased 0.5 per cent from a year ago.
What $440K gets you: A two-storey, 4,900-square-foot detached house with four bedrooms, four bathrooms and an attached garage.

Newfoundland and Labrador

The average price in N.L. has decreased by 5.3 per cent in the last year.

St. John's
What $440K gets you: A two-storey, 2,658-square-foot detached home with four bedrooms, four bathrooms and an attached garage.

Conception Bay South
What $440K gets you: A two-storey, 2,625-square-foot detached home with three bedrooms, two bathrooms and an attached garage.

Northwest Territories

The average price here has increased by 14.7 per cent from March 2014.

Yellowknife
What $440K gets you: A 1,520-square-foot detached home with three bedrooms and two bathrooms.

Nova Scotia

The average price has increased by 6.2 per cent in the last year.

Halifax
What $440K gets you: A 2,500-square-foot detached home with five bedrooms, four bathrooms, a deck and an attached garage.

Sydney
What $440K gets you: A 3,300-square-foot detached home with four bedrooms, three bathrooms and a detached garage.

Ontario

The province's average home price has increased by 7.3 per cent from March 2014.

Toronto
The average price in the Greater Toronto Area has increased by 7.8 per cent since March 2014.
What $440K gets you: A 900-square-foot condo with two bedrooms and two bathrooms.

Ottawa
The average home price in the nation's capital has increased by 0.2 per cent from March 2014.
What $440K gets you: A 2,300-square-foot, two-storey detached home with four bedrooms and four bathrooms.

Thunder Bay
What $440K gets you: A 1,536-square-foot detached home with three bedrooms and three bathrooms.

Prince Edward Island

Charlottetown
What $440K gets you: A 3,496-square-foot detached house with four bedrooms and three bathrooms.

Summerside
What $440K gets you: A 2,840-square-foot detached home with four bedrooms, three bathrooms and an attached garage is listed at $399,900.

Quebec

The province's average price has increased by 2.5 per cent since March 2014.

Montreal    
Greater Montreal's average price has increased by 0.5 per cent from March 2014.
What $440K gets you: A 931-square-foot duplex with two bedrooms and one bathroom.

Quebec City
What $440K gets you: A two-storey, 2,072-square-foot detached home with four bedrooms, two bathrooms and an in-ground swimming pool.

Saskatchewan

The prairie province's average price has decreased by 3.8 per cent from March 2014.

Saskatoon
The average price is down 0.2 per cent from March 2014.
What $440K gets you: A 1,132-square-foot detached home with three bedrooms, two bathrooms and a detached garage.

Regina         
In the last year, Regina's average has dropped by four per cent.
What $440K gets you: A 1,678-square-foot, two-storey detached home with five bedrooms, three bathrooms, a deck and a detached garage.

Yukon

The territory's average price has decreased by 6.4 per cent since March 2014.

Whitehorse
What $440K gets you: A 1,968-square-foot detached home with four bedrooms, two bathrooms and a patio.

Dawson City
What $440K gets you: A 2,040-square-foot detached home with three bedrooms and two bathrooms is listed for $334,000, well below the average Canadian home price.

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