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, 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.â€
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., 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 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 , this home comes with a fully furnished basement.
CALGARY
(REMAX.ca)
Price: $715,500
Details: 4 bed, 3.5 bath
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.â€
“I think Calgary has got great long-term potential.â€
SASKATOON
(Realtor.ca)
Price: $719,900
Details: 3 bed, 3 bath
This , two gas fireplaces and custom kitchen cabinets. The master bathroom comes with a large walk-in shower, heated tile floors and two sinks. Built this year, the home also has a backyard that faces south, allowing for plenty of sunlight to peek through.
REGINA
(Realtor.ca)
Price: $749,900
Details: 5 bed, 4 bath
Located in the southern part of the city, this home is packed with upgrades and comes with a chef’s dream kitchen, complete with . The fully developed basement comes stocked with a large recreation room, wet bar and lots of extra storage.
WINNIPEG
(REMAX.ca)
Price: $724,900
Details: 3 bed, 2.5 bath
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
comes 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.â€
OTTAWA
(REMAX.ca)
Price: $719,000
Details: 1 bed, 1.5 bath
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
comes with a sizable backyard, an attached carport, and is close to public transportation options.
HALIFAX
Price: $750,000
Details: 3 bed, 1 bath
While it is more than the national average, 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.â€
“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.â€
ST. JOHN’S
(REMAX.ca)
Price: $699,900
Details: 4 bed, 3 bath
features a sunroom, sauna and has a fully developed basement with a games room.
