Housing: The Three Rules of Real Estate

Location, Location and Location

How far away are you from your dream of owning your own home? The answer to that question depends on many things, the most important ones being your household income, your savings, what kind of house you need or want and what part of Canada you live in.

Housing prices vary greatly across the country. According to the Royal LePage Survey of Canadian House Prices, you can get a detached bungalow (A 111 square metre three-bedroom single storey home with 1 1/2 bathrooms, full basement and garage) in Dartmouth Nova Scotia for $100,000. That same bungalow could cost you as little as $88,000 in Trois-Rivieres, Quebec or 134,000 in Saskatoon, Saskatchewan. Or it could cost you as much as $650,000 in in Toronto’s Beach district or in West Vancouver.

This variation in price is almost as dramatic depending on whether you settle in the city or in the suburbs. A standard townhouse (92 square metres with three bedrooms, 1 _ baths, full basement and garage) that would cost you $329,000 in the Beach, would only cost $206,000 in Mississauga and $87,000 in Tillsonburg, Ontario (Tillsonburg is at the intersection of Highways 19 and 3 and is within one hour's drive of London, Kitchener, and Hamilton) . To see the full survey, click on the “Survey of Canadian House Prices” button on the menu bar at www.royallepage.ca.

CNM