Here’s how much house you can get for $400k in Oakville, Burlington and Milton

If you only have $400,000 to spend on a house, that money won’t get you very far in Halton–especially in Oakville.

According to a recent report by Point2Homes, $400,000–which is about half the price of the average home in Ontario (as of October, that number sits at $855,990)–won’t buy residents much in the GTA. 

The report says that $400k buys the smallest amount of square footage in downtown Toronto, with that amount of money purchasing just 395 square feet at $1,103 per square foot and a benchmark home price of $1,083,700.

The situation in Oakville is only slightly better, with $400k buying 493 square feet of space–a tiny condo at best. The report says the price per square foot in Oakville is $811, with a benchmark home price of $1,323,100. 

“With prices per square foot ranging from $302 to $1,013, half the province’s average home price would go a very long way in some cities, while barely moving the needle in other major urban hubs,” the report reads. 

“Homebuyers in Toronto, Oakville and Vaughan face the bleakest prospects: $400k would buy less than 500 square feet of living space.”

The report says the amount would “barely buy a one-bedroom condo,” and that is correct. According to data recently released by the Toronto Regional Real Estate Board, the average price of a condo in Halton hit $906,269 in November. 

Halton, in general, is expensive. According to the report, $400k will buy 519 square feet of space in Burlington, with a price per square foot of $700 and a benchmark price of $1,028,300. In Milton, that amount of money would buy a more generous 632 square feet of space, with a price per square foot of $633 and a benchmark price of $1,008,800. 

Not unexpectedly, the report points out that $400k goes much further in cities such as Thunder Bay, Chatham-Kent and Greater Sudbury. In those municipalities, the same amount could get buyers 1,000 square feet or more.

In fact, $400k will buy 1,325 square feet of space in Thunder Bay, where the benchmark price is $350,500 and the price per square foot is $302. 

The report notes that that’s three times more space than buyers in Toronto can expect for the same price. 

Other cities that are more affordable than regions in Halton include Ottawa, Kingston, London, Windsor, Hamilton, Brantford, Oshawa, Brampton, St. Catharines, Niagara Falls and Pickering.