By Richard Baxter » Immigrants planning to buy a home in Canada soon after arrival should come with cash. Plenty of it.
A red hot real estate market that shows no signs of easing means
property prices continue to rise across the country, with $1 million
price tags no longer raising eyebrows in desirable neighbourhoods.
So what can a million dollars buy you in Canada? Well that depends not
only on the city, but also the district you want to move to.
According to a newly released Century 21 Canada survey, that once-princely sum can get you:
A three-bedroom, four-bathroom 3,000-square-foot detached character home on a 5,000-square-foot corner lot with a two-car garage, hardwood floors and a garden in the comfortable Dunbar neighbourhood on the west side of Vancouver.
A four-bedroom, three-bathroom 2,500-square-foot two-storey home on a 13,500-square-foot lot with multiple fireplaces, hardwood floors, security alarm, french doors and a large deck with a view off the master bedroom in the Calgary neighbourhood of Britannia. It is near the Calgary Golf and Country Club.
A three-bedroom, four-bathroom 3,700-square-foot bungalow on a 14,700-square-foot lot with media room, central air conditioning, four fireplaces, a four-car garage, hardwood floors, a pool with an indoor entrance, a security system, vaulted ceilings, in-floor heating, and granite counter tops in the the Regina neighbourhood of Wascana View. Included in the $1 million price tag is also get a 1,000-square foot cottage with a guest house, a boathouse and dock and 108 feet of waterfront on Pasqua Lake, 45 minutes from Regina.
A four-bedroom, two-bath 1,800-square-foot detached home with central air conditioning, a one-car garage and hardwood floors in the Bayview area of Toronto.
A four-bedroom, 3½-bathroom 2,500-square-foot detached home on an 11,000-square-foot landscaped and treed lot with a two-car garage, pool, security system, hardwood floors, central air conditioning and a fireplace in the Rockcliffe Park area of Ottawa, near the Governor General’s residence.
In the prestigious hilltop neighbourhood known as Mount Pleasant, five minutes from downtown Saint John, New Brunswick, $1 million will buy a package consisting of an 11-bedroom, 8½-bathroom 7,000-square-foot mansion on 1.4 landscaped acres. This is a well-kept Queen Anne-style brick and concrete home with a magnificent grand foyer, precision woodwork, high-moulded ceilings, stained-glass windows, and a two-car carriage-style garage with loft (listed at $800,000). Plus, a 1,446-square-foot executive townhouse in the city center, with views of the harbour and an easy stroll uptown (listed for $199,900), ideal as a rental property.
Don Lawby, president of Century 21 Canada, says housing markets across the country are remaining strong supported by a growing national economy that continues to provide income growth, low unemployment and relatively low mortgage interest rates.
“The consumer confidence that is creating today’s housing millionaires is based on strong economic fundamentals — and I can’t see it changing anytime soon,” Lawby said.
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