Updated: Dec 19, 2019
Canadian Mortgage Housing Corporation (CMHC) produced this Rental Market Report for Halifax, NS, late 2018. From this document, I get $1200 as an average cost renters are paying for a 2 or 3 bedroom unit. (Average 2 bedroom is $1156, average 3 bedroom is $1355. This data is over a year old now.)
Let's say you're currently renting at this rate. What could you buy that would keep you at that same monthly cost?
In terms of a house, this could be a detached (standing on its own) or semi-detached (a duplex unit attached to another) home. Let's set aside $400 for monthly expenses you would have for a house that you're not having to pay as a renter (taxes, insurance, heating, electricity, water, maintenance, etc. noting that maybe you are already paying some of these as a renter.) You could then have $800 per month to pay on a mortgage.
With current rates, you could get a house at $180, 000.
What does that look like, around town? (These were all available on December 17, 2019.)
996 square feet
1410 square feet
1842 square feet
748 square feet
1025 square feet
Aren't they all quite cute? You can get a good home at this price. It's not going to be on the peninsula but it can certainly be within a reasonable drive away, 15-30 minutes, easily.
If you'd like to talk about a more detailed budget, or to get introduced to a good mortgage broker, or to go for a tour of any of these houses, get in touch.