What you get for half a million bucks

Canada's housing boom continues to resonate, keeping realtors busy, prompting bidding wars among buyers and pushing prices skyward.

There has been a recent urgency to the real estate market as a few factors have compelled home buyers to act.

Of course, the greatest incentive has been bargain-basement mortgage interest rates. The Bank of Canada's stimulus efforts to right the economy has kept borrowing costs at historical lows. Before interest rates start to normalize - the major banks have already nudged mortgage rates upward - buyers are locking into terms.

Also, new legislation taking effect April 19 will impose tighter conditions on mortgages, making anyone buying a home with less than a 20% down payment forced to qualify based on the posted rate for a five-year mortgage. First-time home buyers are moving now before they are priced out of the market.

Many buyers in British Columbia and Ontario are also trying to beat the arrival in July of the harmonized sales tax, which will add $2,500 to $3,000 to the average purchase price.

But the real estate business isn't humming at the same pace across the country.

The average house in Canada now sells for $328,440, up 18% from last year. However, in Vancouver, the priciest housing market in the country, the average price rose to $584,435, a 20% jump from a year ago.

On the other hand, in Montreal the median price is $245,000, even after a 10% price increase.

In the Greater Toronto Area, the average sale price has hit $434,696.

Here is a taste of what half-a-million dollars, give or take, can buy in Canada's biggest cities:

VANCOUVER
546 Beatty Street
$489,000
This 750-square-foot loft sits in the Crane building, constructed in 2008 in Vancouver’s trendy Crosstown neighbourhood. It has one bedroom, one bathroom, two office areas, 10-foot ceilings and underground parking.

CALGARY
240 Westpoint Gardens SW
$539,900
This two-storey is located in the West Springs neighbourhood on the western edge of Calgary. It has three large bedrooms on the second floor, three bathrooms, including an ensuite bathroom in the master bedroom, and a double garage.

TORONTO
43 Coral Cove Crescent
$499,900
The realtor for this North York property calls it about as nice as can be found in Toronto at this price range. It has three bedrooms, two bathrooms, a fenced-in backyard and a large basement.

OTTAWA
1876 Wembley Avenue
$499,000
This bungalow is located in the Carlingwood neighbourhood in Ottawa’s west end. It has a recently renovated kitchen, three bedrooms, finished basement, a fenced-in backyard and a carport.

MONTREAL
7170 Crois Du Littoral
$499,000
This townhouse is located in Anjou, a borough in Montreal’s east end. It has three bedrooms, two bathrooms and a finished basement.

HALIFAX
27 Lowe Court
$519,900
This 2,960-square-foot home is located on a cul-de-sac in Halifax’s suburb of Bedford, on a half-acre lot with a fenced backyard. It has three bedrooms, an eat-in kitchen and a triple-car garage.

(prepared by Tim Shufelt/Financial Post)