Imagine what many Canadian households will be able to do with $300,000 but when it comes to spending money in the real estate market, that amount can only get one a closet size space. Home prices compared to the available space are a shocker in Toronto.
It takes more than $300,000 to be able to have a very appreciable home size in the current housing market, but for buyers in Toronto, it’s even much better if you compare it to other nearby markets.
For instance in Vancouver, home prices are way beyond the reach for many middle class households.
Reports from a Point2 Homes study indicates that buyers can only get about 520 square-feet of land with $300,000 and this is a very unfortunate situation as some homes in the same city have bedrooms that have more space than that.
As bad as this might look buyers with the small portion or spaces are way off compared to some buyers in other markets.
In the Ontario municipality, Richmond Hill was the worst area to have an appreciable space with $300,000 followed by Vancouver. However, British Columbia is the worst region a buyer can go to without having a heavier pocket.
With $300,000 in Richmond, a buyer will be able to have a home of about 367 square-feet whereas in Vancouver one can have 339square feet home.
According to figures from the Point2Homes study, the average home price in Canada stands at $500,000 with the driving force behind these home prices comes from the high prices in markets such as Vancouver and Toronto.
$300,000 was the viewpoint of the study conducted because many Canadian home prices go in for home with this price range.
Interesting, although home prices in Toronto are very high, there are however homes for the price range of various people. Hence buyers can definitely find something at the end of the day.