We all know that there is no such thing as a national housing market. Each local city has its own housing market, and its own high and lows when it comes to home prices. So which areas are the most accessible for the average buyer? Which region doesn’t have prices that are so sky-high that they’re out of reach for most people? Here we break down the most accessible housing markets in the country, and yes, Vancouver and Toronto home prices are in the mix, too. In these areas, which have been known as super hot and super expensive, it’s not about whether or not you can buy, it’s about what you can afford. Here we’ll take an average buyer’s budget of approximately $350,000 and look into what that can get you.
Starting in the West, and with the market that was under so much scrutiny for so long, is Vancouver. And while it’s only had the main media attention on it for the past few years, truthfully Vancouver’s housing market has been sizzling for the last couple of decades. While it’s settled down some, partially due to the mortgage rules put in place last year, this is still one pricey area. Last year the average price for a high-rise condo sat at about $512,000. However, if you want to bring that price down so that it’s more equal to the average buyer’s budget, you can find a 620 square foot apartment for $563 a square foot, bringing the budget to $350,000.
Calgary is another very hot housing market, and has been for at least a decade, but prices here are still pretty affordable. At least if you’re looking at condos that is. For $351,921 you can find a 1,200 square foot condo that comes with three bedrooms and two bathrooms. And, it’ll probably be in the nicer west end of the city.
If you’re looking at a single-detached home in Toronto, you can expect to pay over $800,000 for it. If you want to bring that number down closer to the average budget, you’ll need to turn your eyes to condos. For the price of $350,900 you’ll get a condo – but a small one. It’ll be a one bedroom that’s about 685 square feet; and if location is important to you, this one will be in the west end.
In Halifax, the economic hub of the Maritimes, you can get just about anything you want for the average buyer’s price range. If you want a single detached home, you can have it for about $270,000 – well below the average budget we’re working with here. If you look at the very best and the most expensive condos in the city (oceanfront view included), you’ll be looking at about $349,000 – still well within the pricing guide. If you want to save some of your money and still have a nice condo to call home, you’ll be looking at the bargain bottom price of $175,000 – but you can still find one that’s pretty nice.