Calgary housing prices above average
Published Monday, October 29, 2012 5:48PM MDT
Last Updated Monday, October 29, 2012 7:10PM MDT
The average price of a single family home in Canada right now is about $350,000 but what kind of house can you get in different cities for the same money?
$350,000 goes a whole lot further in some cities than others.
In Calgary, you might get a single family home downtown for $350,000 but be prepared to buy a tear-down and to put in a lot of work and money into upgrades.
There are several condos in the core that can be had for the same money but you get more bang for your buck the further out you go.
The average house price here is $427,000 which is a 2.9 percent increase over 2011.
Real estate experts say that our market is still desirable compared to many others in the country.
"The economy is very stable here, people that were laid off in years back have come to Calgary and can find work here and the affordability of the housing market here in Calgary is very good so people coming from other centres can find a place to buy," said Bob Jablonski of the Calgary Real Estate Board.
In Edmonton, $359,000 could buy you a 56-year-old bungalow with two bedrooms and one bath.
In Vancouver, $350,000 won’t get you much of anything in the city. A 600 sq. ft. one bedroom condo rings in at $359,000.
The same budget goes a lot further in Winnipeg where prices of single family homes are below the national average.
The Canadian Mortgage and Housing Corporation says the average cost of a home in Winnipeg is about $240,000.
In Toronto, single family homes are out of reach for those with a $350,000 budget but condos and duplexes in outlaying areas are plentiful.
In Windsor, $349,000 will buy you a remodeled five-bedroom, three-storey house.
For more information on housing prices, visit the CMHC website.