In a recent home price survey of 30 major markets across Canada, real estate portal Point2 Homes found that Quebec hosts the cities that offer the most residential space for $300,000.
“Although $500K is the national average home price, we found that in reality, people are hoping to find homes well under this amount and this is why we decided to look at how much space is in $300,000 homes,” Point2 Homes stated in its report, as quoted by HuffPost Business Canada.
As of January 2017, the Quebec metropolitan markets of Sherbrooke (2,041.00 square feet), Gatineau (1,887.00 square feet), and Quebec City (1,485.00 square feet) provide the greatest amount of space for $300,000.
On the other hand, sales volume powerhouses such as Toronto and Vancouver fared poorly in the study—unsurprising in light of the runaway home price growth rates that have characterized these markets over the past few years.
“According to our calculations, $300,000 would get you 520 square feet in Toronto, which is the equivalent of a tiny bachelor’s pad,” Point2 Homes wrote.
And as one of the country’s highest-demand markets, Vancouver only gives 339.00 square feet for that much.
“Among the biggest cities in B.C. we looked at, only Abbotsford, the largest city outside the GTA, offers over 1,000 square feet for $300K,” Point2 Homes reported.
Wondering what can you purchase for $300,000 in Guelph and surrounding area? Contact me to find out!
Source: Canadian Real Estate Magazine