Canadian real estate is pricey, but some markets are less affordable than others. Looking at the numbers from Canadian Real Estate Association (CREA), there’s a huge divide in the prices of homes across the country. Here’s the most expensive, as well as the most affordable, detached and condo markets in Canada.
The Most Expensive, and Most Affordable Detached Markets
Detached homes are expensive across Canada, but the dream of owning one in one of Canada’s largest cities is downright unattainable for most. Looking at the top three most expensive places, Vancouver tops the list. The June 2017 benchmark price for a detached home in Vancouver is now $1,587,800, 1.39% more than the same month last year. In second is the Lower Mainland region of BC, where the benchmark will set you back $1,298,000, a 3.7% increase from last year. Toronto’s benchmark detached is now $962,400, which almost seems affordable in contrast.
On the other side, the most affordable detached homes can be found in Saskatoon, Regina, and Moncton. Saskatoon’s benchmark for detached is now $320,600, a 2.52% decrease from the same time last year. Regina is saw the benchmark detached price reach $309,900, a 1.02% decrease from last year. Moncton saw detached prices hit $172,800, a 4.79% increase from last year.
The Most Expensive, and Most Affordable Condo Markets
Condos prices across the country are slightly more affordable, but not by much. The most expensive condos in June were in Greater Vancouver, Lower Mainland, and Oakville/Milton. The benchmark condo in Greater Vancouver is now $600,700, a 17.64% increase from the same time last year. Lower Mainland is now $548,700, a 32.97% increase from last year. The Toronto suburb of Oakville/Milton is now $473,000, a 32.97% increase from last year.
The most affordable condos were once again seen in Saskatoon, Regina, and Moncton. Saskatoon saw condo prices fall to $191,100, a 4.59% decrease from the same time last year. Regina reached $188,300, a 3.46% increase from last year. Moncton condos fell to $152,800, a massive 14.58% decrease from last year.
Despite the fact that wages across the country are fairly similar, home prices are drastically different. As prices in the most expensive cities leave real estate loving Canadians locked out of the market, cheaper markets have a huge opportunity. Now to see if local governments can figure out how to attract that millennial talent.
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