Slowly giving up on the idea of owning a home in Canada? Who could blame you, friend?
A BMO survey recently revealed that 68% of Canadians feel homeownership is slipping further away, especially when compared to their parents' generation. This sentiment hits especially hard for Gen Z folks and Millennials between 25 and 34 years old.
With million-dollar mortgages becoming the new norm in some Canadian cities, it can seem like a hopeless endeavour even daydreaming about home ownership. However, believe it or not, with a bit of research and a few concessions, you can still find homes in Canada for $200,000 and under. Heck, depending on how much you're willing to compromise, you can find homes for as little as $75,000.
As it turns out, opening yourself to the exploration of government auctions and foreclosure sales can make real estate magic happen. So, even with the challenges of rising interest rates and heart-stopping house prices (I mean, have you seen the averages in Ontario and B.C.?), there's still hope.
We've done your homework for you and compiled a list of cheap homes for sale in Canada that are in decent-ish condition.
Here's hoping it sparks a little hope in your life.
Blissfully cheap fixer-upper
96 St-Georges, Saint-Ubalde, Quebec.
Mireille Doyon | RE/MAX
Asking Price: $75,000
Address: 96 St-Georges, Saint-Ubalde, QC
Description: Nestled in the tranquil countryside along the banks of the Blanche River, 96 St-Georges in Saint-Ubalde stands as a testament to days gone by.
Dating back to 1945, this three-bedroom cottage, although oozing with potential, is admittedly in dire need of some tender love and care. Its authentic bones and surroundings paint a picture of nature's embrace, but any potential dweller should be ready to roll up their sleeves and breathe new life into this residence.
Amidst its 22,000-square-foot expanse, this property is waiting for a restoration that honours its rustic past. So, if you're up for a project that reconnects you with nature, this could be for you.
It's on the market for an astonishingly low $75,000, so you're unlikely to find much cheaper out there.
View the listing on RE/MAX
Quaint village home
12 Harrison Avenue, Stanley, New Brunswick.
Walter Warford | Century 21
Asking Price: $149,900
Address: 12 Harrison Ave, Stanley, NB
Description: Say hello to this two-bedroom bungalow sitting comfortably on a 1.6-acre plot – but honestly, who's counting?
Located just a breezy 35-minute drive from downtown Fredericton, this place has got a dash of old-world charisma. The family room is spacious, and the kitchen is, well, super "country" with those cute original cupboards. And the sunporch? Perfect for enjoying some sunshine or contemplating your life choices.
Did we mention it's full of character? If you've ever dreamt of your own home theatre, there's a stonewalled basement calling your name.
Outside is a single-car garage, a little workshop that's heated for your comfort, and – pause for dramatic effect – a stone patio that's practically begging for summer barbecues and stargazing.
The cherry on top? Gorgeous landscaping and a veggie garden that's more productive than most of us on a Monday morning.
So, if you're fed up with your apartment's noisy neighbours or just want a change from the hustle and bustle, this piece of 1928 history priced at a cool $149,900 might just be your ticket to chill town.
View the listing on Century 21
Federal government property
18 Sahcho Avenue in Norman Wells, Northwest Territories.
Government of Canada
Asking Price: $162,000
Address: 18 Sahcho Ave, Norman Wells, NT
Description: The federal government has listed a property for sale located at 18 Sahcho Avenue in Norman Wells, Northwest Territories.
Offered at a modest asking price of $162,000, this sizeable residence has a floor area of 1,625 square feet and sits on land that stretches for about 5,658 feet.
So what's the catch? Well, it's located in the Northwest Territories, and not close to Yellowknife either, so it's like way out there. If isolation and quiet aren't your thing, this property probably isn't for you.
Over the years, this house has undergone various upgrades, including interior improvements like a paint refresh in 2016, new flooring in 2010, an updated tub and surrounding in 2015, and a new furnace in 2014.
View the listing online
Foreclosed Saint-Tite bungalow
821 Rue Matte, Saint-Tite, Quebec.
Emilie Hallé | RE/MAX
Asking Price: $169,000
Address: 821 Rue Matte, Saint-Tite, QC
Description: 821 Rue Matte in Saint-Tite is a foreclosure property, so it's got some stories behind those walls. It's one of those "you take it as it is" deals without a legal warranty of quality.
Now, for the nitty-gritty. Built in 1977, it's spread out with a total of 13 rooms. Out of those, you've got five bedrooms (two up front, three somewhere elsewhere) and two bathrooms. The entire plot is a decent 8,304 square feet and sits at the end of a cul-de-sac. So, if privacy is your bag, this could be a good fit.
The property's listing warns that it's in need of some TLC. But hey, that's where the fun is, right? Fixing up places and making them your own?
View the listing on RE/MAX
The Little Green Home In Thunder Bay
130 Machar Avenue, Thunder Bay, Ontario.
Karen Perreault | RE/MAX
Asking Price: $189,900
Address: 130 Machar Ave, Thunder Bay, ON
Description: This cozy two-bedroom home stands as a great example of how affordable real estate can get when you travel north.
The upstairs bathroom has a jetted tub, which you'll need to survive Thunder Bay's bitter winters. Downstairs, the living room and dining room are charmingly open-concept.
Sadly, from the sounds of the listing, its basement needs some "development" — a task you may or may not want to take on. On the bright side, the property is within walking distance of downtown Thunder Bay, so you won't feel too isolated.
View the listing on Century 21
Hopefully, this group of listings has reignited the hope in your heart. It's certainly still possible to live Canada and own a home, but you'll need to be willing to make some sacrifices.
Whether that means investing in a foreclosed home or moving further up north, finding homes that are selling at objectively cheap rates remains an obstacle that take quite a bit of manoeuvring to get over.