Here is where you can buy a home for under $500K in Ontario


Published April 11, 2024 at 3:11 pm

Home prices are expected to rise this spring but there are places where you can get a townhouse for under $500,000 in Ontario.

Those looking to get into the housing market may want to consider a townhouse to start.

“Townhouses offer the best of both worlds: more space and bedrooms than apartments, either with similar amenities and maintenance, such as shared common spaces like underground parking, gyms, or playgrounds, or all the flexibility of a freehold property,” according to a report from digital real estate brokerage Zoocasa.

The benchmark price for a townhouse in Canada is $664,400 making them appealing to a first-time home buyer, according to the report.

And there are several cities across Canada and in Ontario with a benchmark price of $500,000 or less for townhouses.

Zoocasa analyzed the benchmark costs of townhouses throughout Canada, the required down payments, and their appreciation rates over the past year for the report.

In Ontario, London, Windsor and Ottawa had prices below $500,000.

The benchmark cost of an Ottawa townhouse is $495,000, in London and St. Thomas it is $474,200 and Windsor-Essex comes in at $402,500, according to the report.

In most other major cities in Ontario the prices are well above $500,000.

Those who want to look farther afield, can find six cities that offer benchmark townhouse prices under $350,000 in Canada.

The benchmark townhouse in Quebec is $326,300, closely followed by Saskatoon at $320,800.

Four markets have townhouse prices well below $300,000 are Winnipeg at $283,500, Saint John at $275,200, Edmonton at $245,900, and Regina at $225,600.

townhouses ontario under 500k

See the full report from Zoocasa here.

Lead photo: ArtisticOperations

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