How to Find Cheap Houses for Sale in Canada

Looking for cheap houses for sale in Canada for 2024? Who isn’t? Here are some good ways to find a home for less.

Fixer uppers

If you see a property that has the description “handyman’s special,” it’s almost certain that the home can use some work. Buying a home that needs some love and attention in a good neighbourhood can be a good way to find a cheap house for sale. You can find fixer uppers on MLS. Look for terms like “fixer upper” or “handyman’s special” for places that needs work.

A fixer upper will sell for less than a home in perfect condition would in the same neighbourhood, all things considered equal. A note of caution: make sure you’re not taking on too much. Get some quotes from licensed contractors to find out how much home renovations will really cost so you don’t bite off more than you can chew.

For sale by owner

Not to be confused with a private sale, “for sale by owner” is when the homeowner decides to sell his own house. The homeowner is saving on the cost of the realtor’s commission, so most homebuyers expect to get a share of the savings. Without a seasoned realtor representing the homeowner, you may be able to buy a home for a lot less than you normally would be able to.?

You can find homes for sale by owner on websites like Purplebricks (formerly ComFree) and Property Guys, as well as MLS.

Smaller communities

A smaller community can be a great place to find cheap houses too. Small communities tend to have more affordable house compared to large cities. That’s because smaller communities tend to have fewer job opportunities than big cities.

You probably hear about people moving to smaller communities lately. Remote work is the culprit. With Canadians able to work remotely due to the pandemic, you have the opportunity to move to a small town and enjoy smaller town home prices, without giving up your high paying job in the city.

Satellite cities

If you’re not ready to give up the city life, you might consider a satellite city. A satellite city is a city located outside a medium or big city. For example, a satellite city of Toronto is Hamilton or Stoney Creek. Satellite cities let you still live within commuting distance of the big city, but move somewhere with more affordable housing prices, where you can get more bang for your housing buck.

Foreclosures

A foreclosure or a “power of sale” may be a great way to buy a home for cheap. A foreclosure is when the homeowner is unable to make his mortgage payments and the bank takes away his home. The bank is just selling the property to recover the money it’s owned, so you may be able to get it for a lot less than it normally sells.

Just make sure the home is in good condition by doing a home inspection. Foreclosure homes tend to need more repairs than regular homes. You wouldn’t want to run into issue with mortgage financing .

Estate sales

If the homeowner has recently passed away, an estate sale can be a great way to buy a house for less. With an estate sale, the family of the deceased may just be looking to sell the home as quickly as possible to get the money that they’re owed. That means you may be able to get a big bargain.

This article is the shortened version of an article originally published on Hardbacon.ca by Arthur Dubois under the title "How to Find Cheap Houses for Sale in Canada".