What could $300,000 buy across the country?

by Justin da Rosa06 Jan 2017
A new study aims to answer that question by breaking down how much home can be purchased for that modest amount.

The answer, in most markets, is not very much.

“Say you had about $300,000 to spend on a new home and you want to find something pretty decent. Looking at the visual below, you’ll quickly see that $300,000  is not enough to buy you a home of average size —  around 2,000 square feet — almost nowhere in Canada’s biggest cities,” Point2Home, an online real estate tech company, said in a recent report. “From the cities we took into account only 2 were close to offering a decent home size for this price:  Gatineau and Sherbrooke, both in the province of Quebec.”

The chart below, which was developed by Point2Homes, shows what size house a buyer can expect to purchase with $300,000 in various markets.

Quebec is home to the best deals, with three markets that offer the most bang for a buyer’s buck.

A 2,041 square foot home in Sherbrooke, QC  can be had for $300,000; that same sum can get you 1,887 square feet in Gatineau and 1,485 square feet in Quebec City.

Windsor, meanwhile, offers the best Ontario deal at 1,435 sqft.

On the flip-side, Toronto and Vancouver – and their surrounding areas – will yield the smallest average-sized homes.

Prospective buyers can expect to squeeze into 339 sqft in Vancouver and 520 sqft in Toronto.

 

COMMENTS

  • by T Jones Dealmaker 1/6/2017 12:37:27 PM

    Unless there is a real estate market drop of say 50% which is highly unlikely in Toronto my feeling is that young couples & singles wishing to purchase homes in lower price brackets have to look to areas like Belleville, Kingston, Acton, Orillia & of course Barrie.

    The solution might be for employers to allow certain positions in Toronto accountable to come into the office 2 times per week and the other 3 days a dependable, trustworthy employee could work from their home to cut down on commute time. Obviously this would only apply to jobs that could operate from a satellite home office. This has been done in Los Angeles for many years now due to the heavy traffic congestion in L.A. and long commuter times.

    As far as living in a 400 sq ft condo that an individual purchases in Toronto my feeling is that this is crazy especially with a dog or a baby. This is no life for a family. You would be better off renting in an older apartment building in Toronto and saving what money you can from a dual income household and investing in a winterized " get away cottage" up north for your weekend retreat and future retirement. Also if you rent in an older apartment bldg in Toronto or Mississauga near your work then you might even be able to dispense with the cost of a car and just rent a ZIP car on weekends when you want to get away or for emergencies, saving a sizable amount of money by not owning a vehicle.

  • by Dawn Peltola - Century 21 All Seasons Realty 1/11/2017 8:42:21 AM

    I don't know why but somewhere along the way New Brunswick has been left out of this topic. We currently have a family home with 4000 sq ft for only $293,000 and more homes to choose from. We might not have the big city feel but certainly get more bang for the buck.

  • by Diane 1/17/2017 6:34:39 PM

    What about Victoria, BC?

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