Here’s What a New ‘Entry-Level’ Home Costs Around Canada

Depending on where you live, a new Canadian starter home could be a $300,000 detached home or a $700,000 condo, analysis from Statistics Canada suggests.

By Josh Sherman | 2 minute read

A detailed report from Statistics Canada shows to what extent entry-level housing costs vary for homebuyers across 12 Canadian metro areas from coast to coast. 

Stepping onto the property ladder remains an important milestone for many Canadians, but what does a starter home look like today? A generation ago, the go-to property for many first-time buyers was a single-family home. While a recent Wahi poll found that this remains the preference for 64% of Canadians, the reality is very different for those in the market for a new home in some of the country’s priciest markets today.

So suggests new research from Statistics Canada, which looked at the cost of new so-called “entry-level” homes in 12 metro areas throughout seven provinces.

StatCan defines these entry-level homes as those priced within the bottom 20% of the new-construction market. Based on list and sold prices for new homes, StatCan provides a price range for each market.

Overall, the study found that a new typical starter home in Canada ranges from between $300,000 to $415,000 at the low end for a detached home in Prince Edward Island up to $567,000 to $699,000 at the high end for a condo in Vancouver. 

Despite affordability challenges, detached homes remained the most popular entry-level property in seven of the 12 markets examined, with the east coast offering the best affordability.

“The type of dwelling considered as entry level was based on what type of home entry level buyers are typically in the market for,” a statement from StatCan explains, noting research included consulted with local homebuilders.

The national statistical agency says it spoke with and collected data from homebuilders to gauge what a starter home looked like in each market.

“In Vancouver, condos are the preferred option due to their affordability compared to detached and other types of single family homes, while in Halifax detached homes are most in demand and most available,” the StatCan statement continues.

After Prince Edward Island, the next most affordable detached-home markets based on the lowest end of entry-level pricing were St. John’s ($360,000-$388,000), Winnipeg ($363,000-$479,000), Halifax ($413,000-$606,000), and Fredericton-Moncton ($415,000-$529,000).

Regina and Saskatoon weren’t much more expensive, with entry-level detached homes in the range of $420,000-$490,000 and $430,000-491,000, respectively.

In the five B.C. markets included in the analysis (Abbotsford-Mission, Kamloops, Kelowna, Vancouver, and Victoria), StatCan determined condos were the most common type of entry-level home.

Of these metro areas, Kamloops was the most affordable. There, a condo buyer could expect to pay anywhere from $352,000 to $525,000 for an entry-level unit. Kelowna ($402,000-$525,000),  Victoria ($425,000-$540,000), and Abbotsford Mission ($461,000-$497,000) all had considerably lower price points than Vancouver.

Notably, Toronto, the country’s largest housing market and one of its most expensive — was absent from the list. StatCan says that due to the scope of the work, as well as a desire to release the data quickly, meant the focus was limited to seven provinces initially. “We are planning to expand the initiative to other markets such as Toronto in the coming year,” as per the StatCan statement. “There is a lot of interest in housing prices.”