Based on the most recent data from the Canadian Real Estate Association, the average price of a home in Canada during June 2023 stood at $709,218, reflecting a 6.7 percent increase compared to the same period last year.
However, this doesn’t mean that home ownership is solely attainable for those with deep pockets. If you’re looking for an affordable starter property, look at locations outside major cities, and be prepared to put some effort into renovations. Even if the distance between your job and your new home makes it impractical to live there full-time, renting it out can assist in covering the mortgage costs and help you accumulate equity.
For inspiration, check out our sampling of inexpensive real estate listings available in each province in July. We’ve slightly increased our budget this month, so not all these properties require extensive renovations.
British Columbia: Two-Bedroom Home in West Kelowna for $99,500
If you’re looking for a place to retire, this could be it. This two-bedroom, one-bath 1,248 square foot manufactured home is located in a 55+ park. Shopping, golf, the beach and a wine trail are all nearby. There’s a comfortable living room, updated kitchen with gas range, laminate flooring, five-piece bathroom and a family room and den. Major items like the roof, furnace and hot water tank have all been replaced in the past 5-10 years.
Alberta: Affordable Home in Oyen for $59,900
With a total area of 874 square feet., this budget-friendly home in Oyen, located east of Calgary and near the Saskatchewan border, offers a spacious primary bedroom and convenient main floor laundry. There’s a room in the basement, too. The property includes a fully fenced backyard, and is equipped with central air conditioning for added comfort.
Saskatchewan: Two-Bedroom Bungalow in Swift Current for $99,900
Manitoba: Two-Bedroom House in Portage la Prairie for $95,000
This two-bedroom home in Portage la Prairie, west of Winnipeg, is located on a spacious double lot, offering ample space. The living room features PVC windows, allowing for plenty of natural light. The bathroom is a four-piece with updated flooring, and the large eat-in kitchen is accompanied by a spacious laundry room. Recent updates include new windows, flooring and an upgraded electrical panel. The home also includes a wrap-around deck.
Ontario: Two-Bedroom House in Sturgeon Falls for $125,000
Located in Sturgeon Falls, between Sudbury and North Bay, this small two-bedroom house occupies a half-acre lot that ensures privacy and space. The ample outdoor area provides numerous possibilities, including creating a beautiful garden or adding a workshop or garage. Future expansion is possible, too. Sold ‘as is,’ the house may require some work. But it offers a lot of potential.
Quebec: One-Bedroom Home in Harrington for $99.900
This four-season, one-bedroom cottage sits on a spacious plot of over 15,700 square feet, surrounded by lush trees, providing privacy and tranquility. Located in Harrington, northwest of Montreal and just 45 minutes from Lachute, it offers convenient access to the beach and beautiful Lac Forest. This property is an excellent opportunity to immerse yourself in nature without breaking the bank.
New Brunswick: Three-Bedroom Home in Canaan Forks for $100,000
This Canaan Forks listing features a three-bedroom, one-bathroom home on an acre of land west of Moncton. The serene location has a brook bordering the property and the calming sounds of the forest. Nature enthusiasts will appreciate the proximity to the Canaan River for fishing. Inside, the home features a spacious open-concept kitchen, a bright living room and a sunroom that doubles as an office. Upgrades include a heat pump, steel roof, wood stove and new flooring.
Nova Scotia: Three-Bedroom House in Lyons Brook for $99,900
This charming, rustic house in Lyons Brook near Pictou has cozy written all over it. Three bedrooms provide ample space for comfortable living. The open-concept kitchen and dining area create a welcoming ambiance, while the nice-sized living room is perfect for relaxing and entertaining. Situated close to the Trans-Canada Trail, schools, shopping amenities and some of the best beaches in Nova Scotia, this location offers both convenience and natural beauty. The property boasts mature apple trees, an outside entrance to the basement and a new oil tank.
Prince Edward Island: Three-Bedroom, Two-Bath House in Bear River for $100,000
This fixer-upper has good structural integrity and is situated on a spacious country property close to Souris. Boasting three well-proportioned bedrooms and two bathrooms, this home offers ample space for a growing family or accommodating guests. Its timeless charm is preserved by retaining original woodwork, doors and beautiful hardwood flooring throughout. Nestled within a rural landscape, this property holds great promise for those seeking a project brimming with potential.
Newfoundland and Labrador: Semi-Detached One-Bedroom in St. John’s for $73,500
This two-level, semi-detached one-bedroom home is an excellent choice for investors or handypersons. With its 588 square feet, it offers ample potential for customization and renovation. Located in St. John’s, the property is near all amenities, including a grocery store, coffee shop, restaurants and a park. Whether you’re looking to invest, undertake renovation projects or enjoy the convenience of a compact home in a well-served area, this property could be just the ticket.