The average price of Canadian homes is rising year by year, and a new survey highlights the widening gap between condo and home prices in major Canadian cities.
Conducted by Point2 Homes and published earlier this monthThe study shows that in 14 Canadian cities, most of which are in Ontario and British Columbia, home prices are more than double the price of condominiums. This data is based on MLS benchmark prices as determined by the Canadian Real Estate Association (CREA) and local market real estate associations as of May 2023. Benchmark prices are assigned based on property type rather than square footage.
Point2 Homes said the findings paint a “dark picture” for those looking to expand from condos to single-family homes, especially in major real estate markets such as the Toronto metropolitan area and the Vancouver area.
For example, in Vancouver, a home costs on average about $1.2 million more than a condo, representing a difference of about 153%. “Single-family home” refers to a single-family home, attached single-family home, townhouse or tenement, and “condo” refers to an apartment building.
On the other hand, in Trois-Rivières, Kenya, there is a $44,000 price difference between the average house price and the average condo price. Aside from Trois-Rivieres, only his three cities—Halifax, NJ; St. John’s;
According to CREA’s latest data, the national average price for a home is $709,218. The figure shows a month-over-month decline, but remains higher than average Canadian home prices just one year ago. Additionally, to curb demand and curb inflation, the Bank of Canada recently raised its key rate to his 5%.
As average home prices and interest rates have risen, housing affordability has become an increasing concern for Canadians. Some even decide to leave the country and settle abroad to secure more affordable housing and a lower cost of living.
“In a market defined by chronically rising interest rates and steady demand, the notion that homeowners can comfortably upgrade their residence is unlikely,” said a Point2 Homes research report released July 5. “For apartment owners looking to upgrade to a home, the concept seems particularly unlikely.”
The study also looked at median household incomes in various Canadian cities to determine whether years of employment were needed to justify the price differential between homes and condominiums. Income figures are sourced from his 2021 Census from Statistics Canada.
In Calgary, for example, the price difference between the average home price and the average condo price is $304,076. Based on a median income of $89,972, it would take almost three and a half years to reach this amount.
Halifax, on the other hand, has a net difference of $84,400 between the average price of each property type. With a median income of $74,098 for him, it would take him just over a year to reach that amount. Research shows that the price gap between homes and apartments varies from city to city, but the overall price gap has widened in recent years.
CTVNews.ca produces a list of homes and condos currently for sale in major Canadian cities and compares the average price of the two property types.
Vancouver
(360hometours.ca / Leo Wilk, Engel & Volkers Vancouver)
price: $849,000
Age: the year of 2000
Property size: 73.11 square meters
lot size: N/A
Difference between average condo and house prices: $1,243,342
Light oak floors and exposed brick walls are present throughout. Apartment in the Yaletown District of Vancouver. The Scandinavian style unit features an open concept layout with 2 bedrooms, 2 bathrooms and several closets with additional storage space. The building is within walking distance of restaurants, parks and public transportation.
Richmond Hill, Ontario.
(Crossdim / Yashar Aini, Royal LePage Terrequity Confidence Realty)
price: $1,388,000
Age: 1992
Property size: 111.48 square meters
lot size: 306.92 square meters
Difference between average condo and house prices: $996,125
Built in 1992, Two-story house in Richmond Hill, Ontario., has undergone extensive renovations in recent years. Upgrades include new flooring throughout and the addition of modern appliances and quartz countertops in the kitchen. Upstairs are all three of his bedrooms, and there are four of his bathrooms throughout the house.
Toronto
(Lucas Peters/Courtney Farquhar, Keller Williams Co-Elevation Realty)
price: $758,000
Age: the year of 2000
Property size: 73.39 square meters
lot size: N/A
Difference between average condo and house prices: $761,769
this 2 Bedroom, 1 Bathroom Condo in Downtown Toronto. This unit has 18ft (5.5m) ceilings and large warehouse windows that allow natural light into the combined living, dining and kitchen areas. Building amenities include a rooftop patio, pool, and gym. Additionally, the condo is within walking distance of stores, restaurants, and public transportation.
Surrey, British Columbia
(Katrina Amrao, eXp Realty, Surrey)
price: $1,300,000
Age: 1987
Property size: 156.45 square meters
lot size: 678.1 square meters
Difference between average condo and house prices: $725,431
is located in Detached house in Surrey, British Columbia There are separate living, dining and kitchen areas. The living room with gas fireplace opens onto the large brick patio in the backyard. The rest of the bungalow consists of 3 bedrooms and 2 bathrooms.
Calgary
(Rimy Reehal, OTBx Air/Giselle Kee-Wilson, Re/Max First, Ella Kuindersma, Re/Max Central)
price: $260,000
Age: 2017
Property size: 40.75 square meters
lot size: N/A
Difference between average condo and house prices: $304,076
this 40sqm Condo in Calgary’s East Village District It features an open concept floor plan with 1 bathroom and 2 bedrooms, one of which can be used as an office. There are floor-to-ceiling windows throughout the apartment units with views of Calgary Tower.
montreal
(Carly Fridman, Royal Lepage Heritage)
price: $475,000
Age: 2021
Property size: 49.2 square meters
lot size: N/A
Difference between average condo and house prices: $281,500
is in Montreal, this 1 bedroom, 1 bathroom apartment It has an area of about 50 square meters. Most units have wooden floors and a private balcony accessed from the living area. The building itself is located near public transport and tourist attractions.
edmonton
(ListSimple / Conor Salisbury, Century 21 All Stars Realty)
price: $385,000
Age: 1915
Property size: 127.23 square meters
lot size: 404.93 square meters
Difference between average condo and house prices: $160,500
It is a two-story building built in 1915. Character homes in Edmonton Brick accents throughout. The main floor features a combined living and dining area that leads to a newly renovated kitchen with upgraded tile floors and granite countertops. Upstairs he has 3 bedrooms and his 4 bathrooms. The fully completed basement includes a three-part bathroom and recreation room.
Winnipeg
(Photo by Jim Todd/Rahim Mirza, Re/Max One Group)
price: $329,900
Age: 1899
Property size: 106.1 square meters
lot size: 306.58 square meters
Difference between average condo and house prices: $105,850
Originally constructed in 1899, the building Single family home in Winnipeg There have been numerous upgrades over the years, including adding new cabinets to the kitchen. In addition to the living and dining areas, there are three bedrooms and one bathroom spread across the main level and upstairs. The front of the house has a sunroom and a deck in the fully fenced backyard.
Regina
(Raj Verma, Homelife Crawford Realty)
price: $359,900
Age: 2011
Property size: 124.12 square meters
lot size: 278.71 square meters
Difference between average condo and house prices: $100,481
is located in Regina’s Pioneer Village District, This Two-Story Home It has 3 bedrooms and 2 bathrooms in 124 square meters of space. The open concept layout on the main floor integrates the kitchen, living and dining areas. The house also has a partially completed basement with a separate side entrance.
ST. Johns, New Jersey
(Amanda Ryan / Robert Decker, Re/Max Infinity Realty)
price: $339,900
Age: 1996
Property size: 141.96 square meters
lot size: less than 0.2 hectares
Difference between average condo and house prices: $85,100
This building, which spans approximately 142 square meters, Semi-detached house in St. Johns, NJincludes a combined living and dining area with bay windows and a propane fireplace. The eat-in kitchen at the back of the house has direct access to the private patio and powder room on the main floor, while the upper level consists of 3 bedrooms and 4 unit bathrooms.
Halifax
(Sarah Jewell, Concept Major / Liz Martin, Domus Realty)
price: $415,000
Age: 1967
Property size: 102.29 square meters
lot size: less than 0.2 hectares
Difference between average condo and house prices: $84,400
Recently updated, this Halifax Southend Apartment Bathroom with new vanity and tiled floors. Additionally, the terrace has been converted into an indoor space that can be used as an office or training area. This condo has two bedrooms along with a kitchen that overlooks the living and dining room.
Trois-Rivieres, Queensland
(Olivier St-Pierre, Re/Max de Francheville)
price: $350,000
Age: 1966
Property size: 192.87 square meters
lot size: 743.2 square meters
Difference between average condo and house prices: $44,000
this Bungalow in Trois-Rivieres, Quais.It has 4 bedrooms, 1 bathroom, living room, kitchen and dining area. The basement is fully finished and the private backyard has a deck and garden. There are schools, parks and public transportation near my house.
