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Canada Real Estate: What $500K Buys You Across the Country

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Canada Real Estate: What $500K Buys You Across the Country
10 min. read

From a 550 sqft townhouse condo in Vancouver to a huge 3,650 sqft detached home in Fredericton, NB, the Canadian real estate market offers some contrasting options for $500,000.

The average home selling price in the country was $468,350 this February, according to the most recent data released by CREA (Canadian Real Estate Association). From lavish properties with lots of square footage and amenities to cramped quarters with virtually no add-ons, there are quite a few housing options that this money can buy across the country.

So, exactly what kind of a property can a Canadian get for the national average price? To shed light on this matter, we picked 15 of the country’s biggest urban centers and dived into their real estate offerings. When doing this, we searched specifically for Canada’s favourite housing type—detached homes—and we rounded up the price to $500K, for reasons of simplicity. For Toronto and Vancouver, we had to find some other variants, since detached homes at half-a-million were almost non-existent in the nation’s two most expensive markets.

To see what different properties worth $500K look like in different parts of Canada, check out the list below or click on each city to jump to it directly:

Calgary, AB
Hamilton, ONSurrey, BC
Charlottetown, PEIMontreal, QCToronto, ON
Edmonton, ABOttawa, ONVancouver, BC
Fredericton, NBSaint John’s, NLWindsor, ON
Halifax, NSSaskatoon, SKWinnipeg, MB

Calgary, AB

11 Cedarbrook Wy Sw, Calgary, Alberta, 5 beds, 4 baths, 2,294 sqft

canada-real-estate-500k-buys-across-country-calgary

Photo via point2homes.com

The typical Calgary home for sale goes for around $460K. Add a bit extra, and you’ll be able to purchase this stunning 2-storey detached house located in Cedarbrae.

The property boasts a generous 2,294 sqft of living space and features 5 beds, 4 baths. You’ll not only appreciate this home’s high-end finishes and unconventional layout but its fully renovated kitchen as well. And to top it all off, the house also includes a huge basement and a lovely deck in the back, just perfect for entertaining.

Charlottetown, PEI

55 Sheffield Crescent, Charlottetown, Prince Edward Island C1E2G8, 4 beds, 3 baths, 2,300 sqft

canada-real-estate-500k-buys-across-country-charlottetown

Photo via point2homes.com

Since the average price of a home for sale in Charlottetown is currently at $220K, imagine what you can buy for the hefty amount of $500K! And here’s a gorgeous option.

This Beach Grove 2-story detached house sits on a 0.24-acre lot and boasts 2,300 sqft of living space. It features 4 bedrooms and 3 baths, a spacious backyard, as well as a garage, and its unfinished basement could easily be transformed into a recreational area at any time.

And if that doesn’t get you excited, know that it also includes a fireplace for those relaxing evenings at home.

Edmonton, AB

16259 138 St Nw, Edmonton, Alberta T6v0j8, 3 beds, 3 baths, 2,272 sqft

canada-real-estate-500k-buys-across-country-edmonton

Photo via point2homes.com

You’ll find that this custom-built Carlton home has character to it, both inside and out! The property’s exterior will win you over with its unique curb appeal.

The interior is all about comfort. The house features 2,272 sqft of living space, including 3 beds, 3 baths. It showcases a fireplace on the main level, as well as a spa-like ensuite on the second floor, offering a relaxing getaway within your own home.

But options like these don’t come easy in Alberta’s capital. You will need to pay well over the average price of a home in Edmonton – which is currently pegged at around 350K – to call this property your own.

Fredericton, NB

234-236 Odell Avenue, Fredericton, New Brunswick E3B2L5, 6 beds, 4 baths, 3,656 sqft

canada-real-estate-500k-buys-across-country-fredericton

Photo via point2homes.com

While $500K may not land you a house in some of Canada’s biggest metropolitan centres, in New Brunswick’s capital it will get you not one, but two of them! Since Fredericton homes for sale go for an average price of a little over $170K, this should come as no surprise.

This gorgeous century-old property is made up of two houses attached front to back, situated on a 0.24-acre lot, encompassing a total of, brace yourself, 3,656 sqft of living space. The first building has 3 beds, 3 full baths and the second one is a 3-bed, 1-bath establishment.

While the home’s interior has a classical charm to it, enhanced by the old furniture and original features, it also includes upgraded appliances and some modern finishes.

Halifax, NS

Lot HC35 108 Hadley Crescent, Halifax, Nova Scotia, 3 beds, 4 baths, 2,576 sqft

canada-real-estate-500k-buys-across-country-halifax

Photo via point2homes.com

Homes for sale in Halifax go for an average price of a little over $300K, so $500K allows for a substantial upgrade. Actually, this stunning house offers much more than that!

Close to one of the most popular swimming destinations in Halifax, you’ll want to call this Ramar contemporary jewel your own. Set on 3 levels and featuring 3 bedrooms and 4 bathrooms, the detached home is located in the Long Lake Village community.

The home not only showcases ultra-modern features and a high-end design but is also covered by the Platinum Atlantic New Home Warranty, to give you peace of mind for the upcoming years.

Hamilton, ON

42 Garside Avenue S, Hamilton, Ontario L8k 2×6, 3 beds, 2 baths, 2,295 sqft

canada-real-estate-500k-buys-across-country-hamilton

Photo via point2homes.com

Located in a family-friendly neighbourhood, this stunning home is set on 1 and a half levels and boasts 3 bedrooms and 2 bathrooms. If 1,400 sqft of space won’t do it for you, know that it also offers an additional 895 sqft of furnished living in the basement.

The home has been fully renovated, showcasing modern furniture and appliances, and it also has its own built-in barbeque in the backyard. Price-wise, the detached house costs $60K more than your average home for sale in Hamilton!

Montreal, QC

3 7e Rue, Montreal, Quebec, 7 beds, 2 baths, 2,100 sqft

canada-real-estate-500k-buys-across-country-montreal

Photo via point2homes.com

The average selling price of a Montreal home is around $350K, so $500K will surely bring some nice additions to the average local property.

Surprisingly, for this price tag, this Pierrefonds duplex offers even more than you would normally expect. It incorporates not one, not two, but three separate units in the same dwelling, one on each of its levels, perfect for bigger families who like to stick together, or for renting out, fully or partially.

The 7-bed house has been recently renovated and includes a garage, four parking lots, and an intimate courtyard, ideal for entertaining.

Ottawa, ON

702 Larcastle Circle, Ottawa, Ontario K4A 4Z3, 4 beds, 4 baths, 0.09 acres lot

canada-real-estate-500k-buys-across-country-ottawa

Photo via point2homes.com

Fancy some classic furnishings? Then check out this 4-bed, 4-bath, 2-level home in Avalon!

Just add $80K to the average price of a home in Ottawa, and you’ll not only own an elegant property, but the natural oasis next to it – the unit has a private garden in the back that is surrounded by fruit trees, shrubs and perennials, making it a great place for relaxed get-togethers.

Saint John’s, NL

60 Bayberry Place, St. John’s, Newfoundland and Labrador A1H1B1, 4 beds, 3 baths, 3,349 sqft

canada-real-estate-500k-buys-across-country-saint johns

You can probably imagine that Newfoundland and Labrador’s capital has some sophisticated options to offer for the lavish amount of $500K, given that the average price of a home in Saint John’s is less than half that! Moreover, this huge home in the city proves once more that Atlantic Canada provides the most space for your dollar in the entire country.

This stunning property just screams ‘room’! It offers 3,349 sqft of living space, 4 beds and 3 baths, as well as an oversized backyard. You’ll not only love the large propane fireplace in the family room but the fully developed rec room on the lower level as well!

Saskatoon, SK

258 Zary Road, Saskatoon, Saskatchewan S7W 0K8, 5 beds, 3 baths, 1,351 sqft

canada-real-estate-500k-buys-across-country-saskatoon

Photo via point2homes.com

This Evergreen bi-level modified home includes 5 bedrooms, 3 baths and has a total living area of 1,351 sqft. It also boasts stainless steel appliances, hardwood floors, and an open concept interior design which is perfect for entertaining friends and neighbours.

The backyard exterior is also great for events of this sort, showcasing a covered deck with glass railing, a patio, as well as a private garden. In terms of price, the property costs $160K more than the typical home for sale in Saskatoon.

Surrey, BC

#5 2303 Cranley Drive, Surrey, BC, 3 beds, 2 baths, 1,440 sqft

canada-real-estate-500k-buys-across-country-surrey

Photo via natashataylor.ca

Considering that a Surrey home goes for $730K on average, $500K may sometimes limit options. For this property, however, this is not the case!

The rare find features 3 beds, 2 baths and 1,440 sqft of living space, and has been fully-updated throughout the years. Located on a roomy 5,860 sqft lot, it showcases an ideal mix of sun and shade.

And to top it all off, the property is in a pet-friendly gated community that is not limited by any age restrictions.

Toronto, ON

38 Stadium Rd, Toronto, Ontario M5V3P4, 1 bed, 1 bath, 670 sqft

canada-real-estate-500k-buys-across-country-toronto

Photo via point2homes.com

Given that homes for sale in Toronto went for an average price of $840K this February, you would expect a $500K property here not to be much. In any case, the chances of becoming the owner of a detached house in the city for this amount of money are close to none.

Nevertheless, here is a lovely option in Toronto for the price of $500K – a 1-bed, 1-bath townhouse condo that is sure to impress. You might find its 670 sqft a little tight, but what it lacks for in space, it makes up for in modern finishes and some breathtaking views of Lake Ontario.

Vancouver, BC

110 – 2273 Triumph Street, Vancouver, BC CA V5L 1L2, 1 bed, 1 bath, 553 sqft

canada-real-estate-500k-buys-across-country-vancouver

Photo via stilhavn.com

As was the case in Toronto, finding detached homes priced at $500K in BC’s largest city is also impossible. Since homes for sale in Vancouver go for well over $1M, for half that price options are pretty scarce.

However, in the heart of the popular Hastings area, this renovated 1-bed, 1-bath jewel will definitely pique your interest. The 553 sqft condo is part of a townhouse and boasts its own private garden patio and modern furnishings.

Windsor, ON

1281 Eastlawn, Windsor, Ontario N8s0a7, 5 beds, 3 baths, 1,526 sqft

canada-real-estate-500k-buys-across-country-windsor

Photo via point2homes.com

home in Windsor goes for around $310K. If you have $500K to spare, you’ll love this custom-built Riverside beauty!

The home boasts a total of 1,526 sqft of living space on its main floor and finished lower level and has 5 bedrooms and 3 bathrooms. If the covered rear deck and the large backyard aren’t already enough, the fully modernized features and appliances will surely get you excited!

Winnipeg, MB

15 Bill Dance Dr, Winnipeg, Manitoba R3w0m4, 3 beds, 3 baths, 2,053 sqft

canada-real-estate-500k-buys-across-country-winnipeg

Photo via point2homes.com

Winnipeg detached home for sale goes for $330K on average, so you can imagine that $500K will get you more than just the typical property.

And this home truly delivers! The newly-built dwelling has 3 beds, 3 baths and boasts a total of 2,053 sqft of living space on its 2 levels. If you would have to use just two words to describe this home, “modern and stylish” would fit like a glove! The open concept on the main floor is great for entertainment and get-togethers.

Methodology:

  • To compile this list, we looked at detached homes in 15 of Canada’s largest cities;
  • The sources used were our own database, as well as national and local agent and brokerage websites;
  • Average home prices for each area, as well as at the national level, are the latest available, dated February 2019.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the story in this article. When doing so, we only ask that you kindly attribute the authors by linking to Point2Homes.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

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