Victoria, BC
Based on recent 2024 data, housing prices in Victoria have continued to rise.
For $500,000, buyers are generally limited to smaller condos in the city. The average condo in central Victoria now costs around $525,000. In outlying areas like Hillside, $500,000 can typically secure a one-bedroom, one-bathroom unit of around 650 to 750 square feet, slightly smaller than previous years but still offering access to amenities and proximity to downtown.
Related: Compare rates to find the best mortgage rate in Canada)
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As of 2024, the Vancouver housing market remains one of Canada’s most expensive.
For around $500,000, buyers are generally limited to micro-studios or very small one-bedroom units. In the downtown area, a $500,000 budget typically affords a studio apartment of 350 to 400 square feet with one bathroom. This size reduction reflects rising costs, even as the average condo price in the city exceeds $900,000.
Kelowna, BC
In 2024, the Kelowna market has seen significant appreciation.
A $500,000 budget now typically buys a two-bedroom, one-bathroom condo within city limits or a small cottage-style home in outlying areas. Properties offering lake access or scenic views are generally priced higher, making such amenities harder to find within this budget.
Related: The top 22 cheapest places to live in Canada
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Get A QuoteCalgary, AB
Calgary remains one of the more affordable large Canadian cities.
In 2024, a budget of $500,000 can typically secure a two to three-bedroom house with one to two bathrooms in suburban areas or a larger condo within the city. The typical square footage for this budget has increased slightly, offering 1,200 to 1,400 square feet depending on the neighbourhood.
Related: Find the best mortgage rates in Alberta)
Edmonton, AB
Edmonton remains highly affordable in 2024 compared to other major cities.
For $500,000, buyers can find spacious single-family homes with three to four bedrooms and two to three bathrooms in established neighbourhoods or newer developments. Typical homes offer 1,800 to 2,200 square feet of living space, and suburban options often come with large yards.
Related: The top 12 cheapest places to live in Alberta
Regina, SK
In 2024, $500,000 remains a generous budget for Regina, SK.
Buyers in this price range can expect to find newer or recently updated single-family homes with three to four bedrooms and two to three bathrooms. Homes within city limits commonly provide around 1,600 to 1,900 square feet, often with large yards and modern finishes.
Saskatoon, SK
For $500,000 in 2024, buyers in Saskatoon, SK can still find spacious family homes, though options are typically three to four bedrooms and two to three bathrooms. Properties in this budget often provide 1,700 to 2,000 square feet in suburban areas, and many homes include modern amenities such as finished basements and open floor plans.
Winnipeg, MB
In Winnipeg, $500,000 in 2024 allows for a well-sized, detached home in established neighbourhoods or newer subdivisions.
Buyers can expect to find three to four-bedroom homes with two to three bathrooms and around 1,600 to 1,800 square feet. Many properties offer landscaped yards and proximity to parks and amenities, though premium features like pools are rare at this price point.
Related: Cheapest province to live in Canada
Toronto
As of 2024, Toronto’s real estate market remains highly competitive.
For $500,000, buyers are generally limited to older or smaller condos, rather than townhouses, within the city. In neighbourhoods like West Humber, a $500,000 budget may secure a one-bedroom condo or a small two-bedroom unit with 600 to 750 square feet, often with limited updates.
Related: Find the best mortgage rates in Ontario)
Mississauga, ON
In 2024, Mississauga’s housing market remains robust.
For $500,000, buyers can generally afford a one-bedroom condo or a smaller two-bedroom unit of around 700 to 850 square feet. Condos in this range may include access to amenities like gyms and shared outdoor spaces, though outdoor private patios are less common.
Related: 12 cheapest places to live in Ontario (and buy a home!)
Ottawa
In Ottawa, $500,000 in 2024 can generally afford buyers a two-bedroom townhouse or a one-bedroom condo closer to the city center. Townhouses in outlying areas like Rockland offer around 1,100 to 1,300 square feet, while condos in central Ottawa average around 700 to 850 square feet.
Kitchener, ON
The 2024 market in Kitchener is competitive due to its proximity to Waterloo’s tech sector.
For $500,000, buyers can generally find two-bedroom condos or smaller semi-detached homes with around 850 to 1,100 square feet. Detached homes in this range are rare and tend to be smaller with modest updates.
Montreal, QC
In 2024, $500,000 remains sufficient for newer condos in Montreal’s suburbs, such as Longueuil. Buyers in this price range can expect two-bedroom units with 850 to 1,000 square feet. Within Montreal proper, similarly priced units are typically smaller, one-bedroom condos or older units in established neighbourhoods.
Quebec City
In 2024, Quebec City remains relatively affordable.
A budget of $500,000 can often secure a three to four-bedroom home with two bathrooms, offering around 1,800 to 2,000 square feet. Properties are generally newer or updated, with spacious layouts and ample natural light. However, five-bedroom homes are now rare in this range due to slight increases in the local housing market.
Saint John, NB
Saint John remains one of Canada’s most affordable markets.
In 2024, $500,000 can secure a large historic home or a newer property with three to four bedrooms, two to three bathrooms, and approximately 2,000 to 2,500 square feet. While 6,500-square-foot homes are rare in this price range, buyers still have options for spacious properties, especially in older neighbourhoods.
Moncton, NB
In Moncton, $500,000 remains a substantial budget in 2024. Buyers can typically find spacious homes with three to four bedrooms, two to three bathrooms, and 2,000 to 2,500 square feet of space. Such homes often include updated kitchens and landscaped yards. However, five-bedroom properties are now rare in this budget.
Fredericton, NB
Fredericton remains affordable in 2024.
A $500,000 budget can typically secure a three-bedroom, two-bathroom home with 1,600 to 1,800 square feet in newer suburban developments or established neighbourhoods. These homes often feature modern amenities, including hardwood floors and open floor plans.
Halifax, NS
In 2024, Halifax continues to offer investment opportunities within the $500,000 budget. Buyers can often find duplexes or single-family homes with potential for rental income. Typical properties include two to three bedrooms with one to two bathrooms per unit, offering around 1,400 to 1,600 square feet. Rental demand remains high due to the city’s growing population.
Charlottetown, PEI
Charlottetown remains one of Canada’s more affordable markets.
In 2024, with a $500,000 budget, buyers can secure a sizable single-family home with three to four bedrooms and two bathrooms, usually between 1,800 to 2,200 square feet. Properties in this range often include larger lots and are located in well-established neighbourhoods.
St. John’s, NL
In St. John’s, $500,000 is still considered a high-end budget in 2024. For this price, buyers can often secure three to four-bedroom homes with two to three bathrooms, around 2,000 to 2,400 square feet. Properties within this budget are typically newer and located in desirable neighbourhoods with easy access to amenities.
*Sources: Realtors Association of Edmonton (RAE), Association of Saskatchewan REALTORS® (ASR), Saskatoon Region Association of REALTORS® (SRAR), Winnipeg Real Estate Board (WREB), Toronto Regional Real Estate Board (TRREB), Mississauga Real Estate Board (MREB), Ottawa Real Estate Board (OREB), Kitchener-Waterloo Association of REALTORS® (KWAR), Quebec Professional Association of Real Estate Brokers (QPAREB), Saint John Real Estate Board Greater Moncton REALTORS® du Grand Moncton, Real Estate Board of the Fredericton Area, Nova Scotia Association of REALTORS® (NSAR), Prince Edward Island Real Estate Association (PEIREA), Newfoundland and Labrador Association of REALTORS® (NLAR), Canada Mortgage and Housing Corporation (CMHC), Canadian Real Estate Association (CREA), Statistics Canada: Housing Market Data
Disclosure: This content was generated with the assistance of AI technology. While the information and insights provided aim to be accurate and engaging, please keep in mind that the final content was influenced by AI-driven tools. For specific advice or decisions, always consult a financial professional or trusted expert.
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