TORONTO —
The real estate market in Canada has been red hot in 2021 and homes are becoming increasingly expensive for prospective buyers.
While the data from November is expected in the coming days, the Canadian Real Estate Association reported last month that the average residential home price rose to $716,585 in October, up 18.2 per cent from October 2020. Excluding Vancouver, Toronto and their surrounding areas, the national housing average price drops more than $155,000.
Christopher Alexander, senior vice president of RE/MAX Canada, said 2021 has been busy in the real estate world, but expects something closer to normal in the coming year.
“I really think 2022 is going to be a good year,” he told CTVNews.ca in a recent phone interview. “I think people should not expect the crazy price appreciation that we saw in 2021 to continue. It’s just not going to happen.”
Alexander cited slowly rising interest rates as a reason to expect a slowing housing market, but added that lack of supply may still drive prices into 2022.
But what is actually available for the average price point?
For Alexander, there are plenty of options out there for a nice home at an average price, depending on where you look.
“There are still pockets of Canada that are much more affordable than the average, like Saskatchewan, Newfoundland, Nova Scotia (and) New Brunswick,” he said.
CTVNews.ca complied a series of active MLS listings in major cities across the country for a look at what might be attainable for the average price in Canada and the results range from condo units, to townhomes, to entire island properties.
VICTORIA
(REMAX.ca)
Price: $744,900
Details: 3 bed, 3.5 bath
In nearby Langford, B.C., a three-bedroom townhome is available for a little above average, but includes a custom kitchen and backs onto a wooded area with a pond.
VANCOUVER
(REMAX.ca)
Price: $715,000
Details: 2 bed, 1 bath
In Vancouver’s River district, this two-bedroom condominium comes with a “contemporary designed kitchen” and is close to several parks and shopping areas
EDMONTON
(REMAX.ca)
Price: $719,800
Details: 6 bed, 4 bath
Described as a “luxury modern house” in Edmonton’s Pleasant View neighbourhood, this home comes with a fully furnished basement.
CALGARY
(REMAX.ca)
Price: $715,500
Details: 4 bed, 3.5 bath
This home is described as the “very best” in the area and includes a deck in the backyard. It is close to Calgary’s Bowness Park.
Alexander believes that perspective homebuyers should be looking at Calgary as a true destination.
“I think (in) Calgary, you’ll get the most value out of any of the cities,” Alexander said. “Calgary’s got all kinds of great lifestyle amenities close to it, like the mountains and hiking and skiing and all that, but the challenge with Alberta is their economy is so one dimensional.”
“I think Calgary has got great long-term potential.”
WINNIPEG
(REMAX.ca)
Price: $724,900
Details: 3 bed, 2.5 bath
This custom-built home from 2014 comes with a double garage off the back of the home, wine fridge and a “built-in entertainment wall” with a gas fireplace.
TORONTO
(REMAX.ca)
Price: $719,900
Details: 2 bed, 1.5 bath
This two-bedroom condo located outside Toronto’s downtown corecomes with several building features, including and a gym, pool, party room and yoga studio.
When it comes to cities such as Toronto and Vancouver, Alexander said detached homes for around the national average are out there, provided the buyer is willing to make some compromises.
“If you’re willing to sacrifice some things, you can find properties for much less,” he said.
“For much less than $700,000, you can get something pretty decent. Uou could probably find something big. It might not be in the best area, but it’s all about what your needs and wants are.”
OTTAWA
(REMAX.ca)
Price: $719,000
Details: 1 bed, 1.5 bath
This home in Ottawa’s Vanier neighbourhood features a detached garage and can be used for a low-rise apartment, according to the listing.
MONTREAL
(REMAX.ca)
Price: $719,000
Details: 4 bed, 2 bath
This home on the southern part of the Island of Montreal comes with a sizable backyard, an attached carport, and is close to public transportation options.
HALIFAX
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Price: $750,000
Details: 3 bed, 1 bath
While it is more than the national average, this cottage property comes with the entirety of Gezira Island on Lake MicMac in Dartmouth, complete with hiking trails and a docking system.
Alexander specifically highlighted Halifax as place where homebuyers can potentially find a deal and settle down in a desirable city.
“It’s a great city,” he said. “It offers a tremendous amount of amenities. You’ve got the ocean. You’ve got good schools and parks and hospitals, and the quality of life is fantastic.”
“If I was looking to buy something and I wanted an urban centre that isn’t expensive like Toronto or Vancouver, I would be looking at Halifax.”
ST. JOHN’S
(REMAX.ca)
Price: $699,900
Details: 4 bed, 3 bath
This house in the east end of St. John’s, N.L.features a sunroom, sauna and has a fully developed basement with a games room.
