What kind of home will $770K buy? It all depends on where you want to live
A fixer-upper in Toronto, a condo in Vancouver or a wilderness lodge in Yukon can cost about the same
With the price of a detached home in Vancouver well beyond the reach of most families, we took the average price of a home in Toronto — $770,000 — and set out to see what kind of property that could get you in cities across Canada.
Our survey showed that the size and quality of a home selling in that price range varies widely by postal code. In Atlantic Canada, that kind of money goes a long way, and there are also some decent deals on the Prairies.
But 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.
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.
Vancouver: $768,000
We found a 913-square-foot condominium in a 10-year-old high-rise in a convenient location in downtown Vancouver. There are no photos of the suite itself, but the listing says the building has an indoor pool, exercise facilities and a meeting room. Beyond the mortgage payments, the buyer would also pay $360 in monthly condo fees.
Edmonton: $769,900
In Edmonton there are plenty of single detached homes within the price range. This 2,659-square-foot home was built three years ago in an established neighbourhood west of downtown. It features a triple detached garage, gas fireplace and a gourmet kitchen with granite countertops.
Regina: $749,900
In Regina you can find an executive-style home in a newer subdivision and still have some money left over from the $770,000 budget. This 2,602-square-foot two-storey home was built in 2014 and features an open-concept design with a custom cherry wood kitchen, three bedrooms, three bathrooms and a den. It also sits on a large pie-shaped lot.
Haines Junction, Yukon: $795,000
It's pushing the budget a bit, but this wilderness lodge in Yukon is within the price range of the average home in Toronto. The main building is 3,200 square feet, on a 1.68-hectare property. It has six bedrooms, four bathrooms and spectacular views from its large deck.
Winnipeg: $779,900
Although a little over budget, $780,000 will get you this custom-built two-storey home in a newer subdivision in the south end of Winnipeg. The 2,221-square-foot home has four bedrooms, four baths, a built-in theatre in the walkout basement and an immaculately landscaped yard.
Toronto: $768,000
This home in Toronto's Weston Road and Eglinton area is listed as an income property, with the upstairs divided into two suites and a third downstairs. The building itself is over 100 years old. There are separate entrances, and separate electrical panels for each suite. It also has a two-car garage.
Montreal: $769,000
This home was built in 1945 and features three bedrooms and one bathroom. It's located in the neighbourhood of Côte-des-Neiges, just west of downtown and the University of Montreal.
Halifax: $775,000
This charming 2,800-square-foot home was designed by one of Halifax's top architects, Andrew Cobb, nearly 100 years 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.
Stratford, Prince Edward Island: $738,880
