With the downward trend in house prices, it may be time to take the plunge. According to the latest statistics from the Canadian Real Estate Association, the average cost of a home in Canada in April 2023 stood at $716,083. This represents a decline of 3.9 percent compared to the same period last year. If you’ve been thinking about entering the market, an affordable starter property may be the way to go. Once renovated it can become a permanent residence or sold at a profit.
It is important to note that most cheap listings are usually located in smaller, more remote towns. If you’re retired or a remote worker, this isn’t be a big deal. Most of the properties on our list will require a fair amount of work to get them ready to live in.
British Columbia: This Three-bedroom House in Pouce Coupe for $50,000
Located just outside Dawson Creek, this three-bedroom, one-bathroom house is situated on a large lot. While it requires upgrades, it presents a good opportunity for renovation and customization. It also benefits from low property taxes, making it an attractive investment option. It is suitable for families as it is located near schools and parks. Amenities are within walking distance, providing added convenience. Another option is to tear down the existing 836 sq. ft. house and start from scratch.
Alberta: A One-bedroom Bungalow in Tilley for $35,000
Let’s address the elephant in the room straight away: The listing describes this one-bedroom house in Tilley, about an hour northwest of Medicine Hat, as being in complete disrepair. But, If you really want to save, it may be worth the reno. The 649 sq. ft. house sits on a nice big lot and there’s a single detached garage with side parking. There’s a back alley too. Another benefit of this property? Low property taxes. Thanks to Alberta Realtor Bernice Dubon for pointing this one out.
Saskatchewan: This Two-bedroom Bungalow in Moose Jaw for $45,000
This 588 sq. ft. bungalow is ready for a reno. It sits on a 50′ x 120′ lot and with its affordable price, there is potential to completely transform the home. Inside, you’ll find an open-concept layout encompassing the kitchen, dining and living areas. There are two bedrooms and a full bathroom. There’s plenty of parking too.
Manitoba: A Year-round Riverfront Cottage in Westbourne for $40,000
This cottage is designed to accommodate year-round or seasonal living. Recently built, some finishing touches are still required, but a significant portion of the work has already been completed. The main floor features a living room, an eat-in kitchen, two bedrooms, and a four-piece bathroom. A small upper level includes a loft space. Situated along a riverfront, the property offers nice views and the convenience of fishing right from the doorstep. Summer or winter, it’s a good place to get away from it all. Or, turn it into a revenue property by renting it out when not in use.
Ontario: A Detached Two-storey Bungalow in Greenstone for $85,000
Ideal for investors and renovators, this property boasts an excellent location on a large corner lot in the Northwestern Ontario town of Greenstone. The two-storey bungalow is located near highways and abundant amenities. There are three bedrooms, two bathrooms and an unfinished basement. The property requires a fair amount of renovation work, but offers lots of potential. The house is being sold as is. However, the roof is in good condition.
Quebec: Two-storey Home in Campbell’s Bay for $69,900
This affordable and quaint vintage-style home in Campbell’s Bay, Quebec, northwest of Ottawa, comes with a very affordable price. The cute house has three bedrooms and one bathroom and, while it does need some work both inside and out, it could be a fun renovation project. There’s also a detached garage and plenty of amenities nearby.
New Brunswick: Three-bedroom House in Saint John for $59,000
This three-bedroom house presents an excellent opportunity due to its great location in Saint John and affordable price. It is situated outside the fog belt but is close to shopping and other amenities. The house faces the Saint John River and the property includes a spacious backyard. However, it is important to note that the house is being sold “as is,” indicating that it requires a lot of renovation and repair work.
Nova Scotia: This Three-bedroom House in North Brookfield for $59,000
This property near Kejimkujik National Park is definitely a fixer-upper opportunity. The three-bedroom, one-bathroom home home covers 1736 sq. ft., with all the bedrooms on the second floor. There is potential to convert the third level into an office space. The kitchen is spacious, and there is a large living room area. The property includes a single attached garage. Currently there is no heat source in the house, so that’ll be one of your first reno tasks. The foundation also requires work, but the necessary supplies are on-site, along with a project plan.
Prince Edward Island: This Two-bedroom in Murray River for $89,900
This is a smaller two-bedroom home situated on a nice lot with trees. It has undergone some recent upgrades, including a new well pump, shingles and insulation. The house comes with a newer heat pump for efficient heating and cooling. There are two outbuildings: a small shed and another building that can be used as a garage or workshop. The property is just a short drive away from Montague, where you’ll find grocery stores, restaurants, schools, a regional hospital, beautiful sandy beaches and some outstanding craft breweries. If that’s not enough, Charlottetown is just 45 minutes away.
Newfoundland and Labrador: A Two-bedroom Bungalow in Placentia for $84,900
This two-bedroom, one-bath bungalow has a country-style kitchen (includes fridge & stove) and a spacious living room. In addition, the house has a laundry room and a utility room. There’s a water view too! Recent upgrades include a heat pump and breaker panel. The house is close to shopping, town services, the hospital and the college.