What $500,000 gets you in Canada’s new construction markets

Rendering: PRIME Condos, CentreCourt and Centrestone Urban Developments Inc.

Once upon a time, $500,000 was a sizeable budget that could get you a decent property in many Canadian markets. Nowadays, even in the new construction segment, a half-million dollars will only get you so far.

In some cities, $500,000 won’t get you much more than a studio apartment, while in other communities, the same dollar amount is enough to score a brand new two-storey home.

Thanks to the flexibility of remote working, some homebuyers have migrated to other cities or provinces during the pandemic where their dollars might stretch farther. If you’re working with a budget of $500,000, you might be able to access different sizes and types of new homes depending on where you’re looking to live or invest.

With that, here are some of the new construction plans and units that can be found in various Canadian cities for around the $500,000 mark.

Prices, plans and unit information have been sourced from data found on BuzzBuzzHome’s search map. This is not a definitive list of all of the units or plans available near the $500,000 price point.

Greater Toronto Area

Plan PRIME 310 at PRIME Condos (Toronto)

Housing type: Condo
Developer: CentreCourt and Centrestone Urban Developments Inc.
Price: From $499,990
Status: Selling, under construction
Specs: Studio, one bathroom, from 310 square feet
Project last updated: Nov 17, 2021

Plan Mulberry Lane at Rossmont Green (Whitby)

Housing type: Condo
Developer: Star Residence
Price: From $499,900
Status: Selling, pre-construction
Specs: One bedroom, one bathroom, from 551 square feet
Project last updated: Jan 27, 2022

Greater Vancouver Area

Unit 209-23200 GILLEY ROAD at Hamilton Village Phases 2 & 3 (Richmond)

Housing type: Condo
Developer: Oris Consulting Ltd.
Price: $499,900
Status: Selling, under construction
Specs: One-and-a-half bedrooms, one bathroom, 646 square feet
Project last updated: Jan 05, 2022

Plan A1 at Myriad (Coquitlam)

Housing type: Condo and townhouse
Developer: Concert
Price: From $498,900
Status: Selling, under construction
Specs: One bedroom, one bathroom, from 476 square feet
Project last updated: Nov 15, 2021

Image: Ateliers Heritage, DevMcGill and TGTA

Montréal

Unit 408 at Ateliers Heritage

Housing type: Condo
Developer: DevMcGill and TGTA
Price: $501,200
Status: Selling, under construction
Specs: Two bedrooms, one bathroom, 679 square feet
Project last updated: Jan 21, 2022

Plan B16B INV at Maestria Condominiums – Phase 2

Housing type: Condo
Developer: Devimco Immobilier
Price: From $496,900
Status: Selling, under construction
Specs: One bedroom, one bathroom, from 514 square feet
Project last updated: Nov 30, 2021

Ottawa

Plan 1AC at The Charlotte

Housing type: Condo
Developer: Richcraft Homes
Price: From $503,000
Status: Selling, under construction
Specs: One bedroom, one bathroom, from 576 square feet
Project last updated: Jan 21, 2022

Plan New Callisto at Claridge Moon

Housing type: Condo
Developer: Claridge Homes
Price: From $502,000
Status: Selling, under construction
Specs: One bedroom, one bathroom, from 710 square feet
Project last updated: Dec 03, 2021

Rendering: NRTH, Urban Capital

Halifax

Plan 208 at NRTH

Housing type: Condo
Developer: Urban Capital
Price: From $492,900
Status: Selling, pre-construction
Specs: Two bedrooms, two bathrooms, from 700 square feet
Project last updated: Oct 31, 2021