BC Business
What can you buy with $500,000? We take a look at the real estate markets across 15 cities and what your half a million can get you there.
Vancouverites and Torontonians, get the box of tissues handy. Recently, Point2Homes, a Saskatchewan-based real estate news site, conducted a search to determine what Canadians across the country can get for $500,000 in the residential property market. Looking at some of Canada’s largest cities, the results showed a very polarized market nationwide.
In Calgary, homebuyers spend an average of $460,000 on a house, according to Point2Homes. For an extra $40 K, you can get this 2,294-square-foot house in Cedarbrae, complete with five bedrooms, four bathrooms and a private deck perfect for summer barbecues.
Those shopping in the Charlottetown market will see their $500 K go a long way. With four bedrooms and three bathrooms, this Beach Grove home can keep your car cosy in its private garage while you warm up next to the hearty fireplace. And you’ll have a grand to spare.
Hopeful residents of Edmonton can look forward to a 2,272 square-foot home in the city‘s Carlton-Oxford neighbourhood. While this home costs well above the average $350,000 price tag in the market, according to Point2Homes, it is custom-built and conveniently located close to the Anthony Henday Drive, which is reflected in the price. This 2015-built abode boasts three bedrooms and three bedrooms.
If one house is not enough for you, Fredericton might be the place to buy. Those in the market for a new home can opt for this 128-year-old property. Consisting of two houses connected back to front, it sports an impressive six bedrooms, five bathrooms and 3,656 square feet of floor space. Despite its age, though, it still features granite countertops and stainless-steel appliances. Not to mention a yard big enough for your pets.
Calling all watersports aficionados. This newly built home is conveniently located across from one of the city’s most popular swimming spots. Long Lake Provincial Park also offers paddleboarding, kayaking and canoeing. The 2,567-square-foot house has three bedrooms, four bathrooms and, among other amenities, a mudroom. All for $1,000 short of half a million.
As it turns out, $500,000 gets you some pretty nice digs in Hamilton. With hardwood floors, the fully renovated, one-and-a-half-storey house is perfect for small families, featuring three bedrooms and two bathrooms in a friendly residential neighbourhood.
Say “bonjour” to this seven-bedroom duplex. Located in Pierrefonds-Roxboro, it offers space for all the family, three living units and is conveniently located near the Roxboro train station. Magnifique!
If the furnishings in this home make you hear Vivaldi’s Four Seasons in your head, you’re not alone. The classically styled four-bedroom house has a two-car garage, a master bedroom with an ensuite and large rec room for all your entertainment needs.
In the province’s capital, half a million gets you a 3,349-square-foot bungalow on a 12,292-square-foot lot overlooking a green belt—plus a fully-wired shed and a double garage.
For your half-a-million-dollar budget, you could move into this modified bi-level in the neighbourhood of Evergreen. Its five bedrooms are plenty for families and the double-car garage is sure to keep the household gear-heads happy and busy.
Here in B.C., some neighbourhoods are clinging on to houses with more than one bedroom. Considering most homes in Surrey sell for an average of $730,000, according to Point2Homes, this is a bit of a golden egg. Located in manufactured-home community Sunnyside Estates, the three-bedroom home sits on a 5,860-square-foot lot.
This is where those tissues I mentioned earlier will be useful. Known for its bustling city and crunch for space, it follows suit that homes would be priced higher. But by how much? Located in the Fort York neighbourhood of Toronto, this 670-square-foot townhouse offers one bedroom and bathroom. If you can get past the price, it faces Lake Ontario and features quartz countertops accompanied by high-gloss white cabinets.
In Vancouver, like Toronto, it‘s nearly impossible to find a detached house for under $1 million, and definitely impossible to find one under $500,000. Where the 416‘s townhouse (see above) measures 670 square feet, this Vancouver home is only 553 square feet. Located in the popular Hastings area, it‘s newly renovated and features a private garden patio for those warm Vancouver summers.
Things take a positive turn once again as we head back East. Here, your $500,000 fetches you a custom-built home in Riverside with maple kitchens, quartz countertops, crown mouldings and a covered back deck.
Last but not least, you could opt to live in Manitoba’s capital. Here you can find a newly built, 2,053-square-foot house in the family-friendly Starlite Village. With nine-foot ceilings, quartz countertops and all the luxuries of a 2018-built home, you shouldn’t have too much trouble seeing where that half a million went.