Let’s be real, the dream of one day owning a house seems further away than ever. And with $300,000, the chances of finding real estate worth your money in cities like Toronto and Vancouver, are low. Very low. A new report by Point2homes looked at how much Canadians could get in terms of space at half the cost of the average home price.
According to Point2homes, the national median home price fell to just under $630,000, which for many Canadians is out of their budget. The company looked at how much square footage a homebuyer can get for just half of that median price. And let’s just say, we deserve better.
In 20 of the most populated cities in Canada like Montreal, Mississauga, and Brampton, $300,000 barely gets you a 500-square-foot unit.
“This means that, in coveted cities like Toronto, Montréal, Mississauga, or Vancouver, the price per square foot can jump well above $600,” read the report – which is true considering the price per square foot in Toronto and Vancouver is about $1,200, according to Point2homes. This means you’d get less than 250 square feet for $300,000.
But if you’re willing to relocate, cities like Saguenay, QC, Trois-Rivières, QC, and St. John’s, NL can get you more bang for your buck with more than 1,500 square feet for $300,000.
Cities in Canada with the most square feet for $300,000
According to the report, the city with the most square footage for $300k is Saguenay, QC while Vancouver ranks the top spot for the least amount of square footage for $300k.
It’s not like Toronto is any better either, trailing behind in second place.
Cities in Canada with the least square feet for $300,000
Though it may not come as a shock to many, Ontario dominated the top 10 list for cities with the least square footage for $300k. Toronto, Oakville, Mississauga, Markham, Burlington, and Richmond Hill all made the cut-off and it’s not something to be proud of.
And if you thought switching over to the rental market would save you some money, think again. Rent increased this past summer in provinces like B.C and Ontario and continues to do so.
So unless you’re willing to move outside the city, don’t expect to live in a massive home. We heard Alberta is looking for Torontonians to make the move and is welcoming them with open arms.
The full report can be viewed here.