Times are tough, like really tough, for those looking to purchase a home.
As many people pinch pennies and find savings where they can with the current cost of living, no relief can be found in the housing market.
The cheapest detached home in Cambridge on realtor.ca is on Elliott Street, going for $449,900.
The price isn't necessarily what's startling, but the bang for your buck certainly is.
Described as having "endless potential" with 2,000 square feet of living space on a quiet street in east Galt, it sounds like an opportunity awaits.
Just don't look at the photos.
Certain things are noticeably missing, like the door leading to the toilet in the basement. Base boards and trim in many rooms and drywall in the kitchen also appear to be "bring your own." Other rooms remain unfinished.
The three bedroom, two bath home sits close to parks, schools and downtown Galt, so that's a plus.
When reached for comment, the realtor and broker listed on the property didn't provide much of substance. However, broker Molly Gomes included a video with the listing.
"Today, we're talking complete renovation." Gomes said in the video.
Gomes even pokes fun at the state of the property while on screen.
"As you can see here, demolition has already started," she said as she stands in the kitchen.
"All you need to do is, everything. The designer suggested a new bathroom, it's optional."
She concludes saying "no joking folks, this home has a ton of potential and can be your next family home."
It's just another glaring example of a housing market, which is already grappling with high interest rates, spinning out of control.
According to The Waterloo Region Association of Realtors, a record low number of homes were sold in March. Shocker.
A total of 596 homes were sold via the Multiple Listing Service (MLS), a decrease of 3.2 per cent compared to this time last year and an overall decrease of 33.4 per cent when looking at the average number sold in March for the previous five years.
It's not all bad news for sellers though, as the first quarter of 2024 saw an 8 per cent increase from the previous year.
Christal Moura, president of the WRAR, said its important for first time home buyers to keep things in perspective with a number of factors impacting the market.
"First time home buyers have barriers to entry, they're up against migration of people moving out of Greater Toronto Area and competing with those looking to stay local," she said.
"Some are getting creative and resourceful by buying a house with friends and looking at it as an investment and selling it down the road."
The average price of a detached home in the region last month was $954,342, a 4.9 per cent increase from March 2023 and a 7.3 per cent jump from February 2024. One would assume these are much more of a finished product.
Average sale prices for townhouses, apartment-style condominiums and semis were $667,810, $483,085 and $680,039, respectively.
Moura believes the market is going to hold steady for the time being as interest rates hold and potentially drop.
"It's about getting into the market and not buying a dream house," she said.
"To aim so high for the first house, that's a huge lifestyle adjustment. There's some positive to staying in the lower price bracket and growing as your lifestyle adapts."
The Elliott Street listing reminds people to "bring your plans and vision."
And maybe a wrecking ball.
