New study highlights the gap between condo and house prices in major Canadian cities
As the common value of a house in Canada rises year-over-year, a brand new research is highlighting the rising hole between the price of condominiums and homes in main Canadian cities.
Conducted by Point2 Homes and revealed earlier this month, the research exhibits that home costs are greater than double the price of condominiums in 14 Canadian cities, most of that are in Ontario and British Columbia. The information is predicated on MLS benchmark costs decided by the Canadian Real Estate Association (CREA) and realtor associations in every native market as of May 2023. Benchmark costs are assigned based mostly on property sorts reasonably than sq. footage.
According to Point2 Homes, the research’s outcomes paint “a bleak picture” for these trying to upsize from condos to homes, significantly in main actual property markets such because the Greater Toronto and Vancouver areas.
In Vancouver, for instance, homes are roughly $1.2 million dearer than condos, on common, representing a distinction of about 153 per cent. The time period “house”refers to single-family homes, connected single-family homes and townhouses or row homes, whereas “condominium” refers to residences.
Meanwhile, in Trois Rivieres, Que., there’s a value distinction of $44,000 when evaluating the typical price of a home to that of a rental. Aside from Trois Rivieres, the worth hole between each property sorts is lower than $100,000 in simply three different cities – Halifax, St. John’s, N.L. and Sherbrooke, Que.
The nationwide common value of a house stands at $709,218, based on the most recent information from the CREA. While this determine represents a lower month-over-month, it stays increased than the typical value of a house in Canada precisely one yr in the past. Additionally, in an effort to dampen demand and funky inflation, the Bank of Canada just lately elevated its key rate of interest to 5 per cent.
As common house costs and rates of interest rise, housing affordability has turn into extra of a priority for Canadians. Some have even determined to depart the nation and settle overseas in an effort to safe extra reasonably priced housing and a decrease price of dwelling.
“In a market defined by chronically increasing interest rates and steady demand, the idea that homeowners can comfortably one-up their residence is unlikely,” reads the research from Point2 Homes, revealed on July 5. “The concept seems particularly inconceivable when it comes to apartment owners looking to switch up to a house.”
The research additionally appears to be like on the median family earnings of assorted Canadian cities to find out what number of years of employment it could take to match the worth distinction between homes and condominiums. Income figures have been sourced from Statistics Canada’s 2021 census.
In Calgary, for instance, evaluating the typical price of a home to that of a condominium results in a value distinction of $304,076, based on the research. Based on a median earnings of $89,972, it might take practically 3.5 years to match this quantity.
Meanwhile, in Halifax, there’s a internet distinction of $84,400 between the typical value of every property kind. With a median earnings of $74,098, it might take barely a couple of yr to match this quantity. While the worth distinction between homes and condominiums varies by metropolis, the general hole has elevated lately, based on the research.
CTVNews.ca has compiled a listing of homes and condos at the moment available on the market in main Canadian cities, whereas evaluating common costs between the 2 property sorts.
VANCOUVER
(360hometours.ca / Leo Wilk, Engel & Volkers Vancouver)
Price: $849,000
Year Built: 2000
Property Size: 73.11 sq. m
Lot Size: N/A
Difference between common rental and home costs: $1,243,342
Light oak flooring and uncovered brick partitions run all through this house unit in Vancouver’s Yaletown neighbourhood. The Scandinavian-style unit options an open-concept structure with two bedrooms, two bogs and several other closets providing further space for storing. The constructing is situated inside strolling distance of eating places, parks and public transit.
RICHMOND HILL, ONT.
(Crossdim / Yashar Einy, Royal LePage Terrequity Confidence Realty)
Price: $1,388,000
Year Built: 1992
Property Size: 111.48 sq. m
Lot Size: 306.92 sq. m
Difference between common rental and home costs: $996,125
Although it was in-built 1992, this two-storey home in Richmond Hill, Ont., has been extensively renovated lately. Upgrades embrace new flooring all through and the addition of up to date home equipment and quartz counter tops within the kitchen. On the higher degree are all three bedrooms and all through the house are 4 bogs.
TORONTO
(Lukas Peters/ Courtney Farquhar, Keller Williams Co-Elevation Realty)
Price: $758,000
Year Built: 2000
Property Size: 73.39 sq. m
Lot Size: N/A
Difference between common rental and home costs: $761,769
This two-bedroom, one-bathroom condominium is situated in downtown Toronto. The unit contains 18-foot (5.5-metre) ceilings and outsized warehouse home windows, which permit pure mild into the mixed dwelling, eating and kitchen space. Building facilities embrace a rooftop patio, pool and fitness center. Additionally, the rental is a brief stroll from shops, eating places and public transit.
SURREY, B.C.
(Katrina Amurao, eXp Realty Surrey)
Price: $1,300,000
Year Built: 1987
Property Size: 156.45 sq. m
Lot Size: 678.1 sq. m
Difference between common rental and home costs: $725,431
Situated in Surrey, B.C., this single-family home has separate dwelling, eating and kitchen areas. The front room, which has a gasoline fire, additionally presents entry to a big brick patio within the yard. Rounding out the remainder of the bungalow are three bedrooms and two bogs.
CALGARY
(Rimy Reehal, OTBx Air / Giselle Kee-Wilson, Re/Max First and Ella Kuindersma, Re/Max Central)
Price: $260,000
Year Built: 2017
Property Size: 40.75 sq. m
Lot Size: N/A
Difference between common rental and home costs: $304,076
This 40-square-metre condominium in Calgary’s East Village neighbourhood options an open-concept flooring plan with one rest room and two bedrooms, certainly one of which may function an workplace. Floor-to-ceiling home windows run all through the house unit and provide views of the Calgary Tower.
MONTREAL
(Carly Fridman, Royal LePage Heritage)
Price: $475,000
Year Built: 2021
Property Size: 49.2 sq. m
Lot Size: N/A
Difference between common rental and home costs: $281,500
Located in Montreal, this one-bedroom, one-bathroom house unit spans practically 50 sq. metres. Wood flooring runs all through many of the unit, which additionally encompasses a non-public balcony that may be accessed from the dwelling space. The constructing itself is located close to public transportation and vacationer points of interest.
EDMONTON
(ListSimple / Conor Salisbury, Century 21 All Stars Realty)
Price: $385,000
Year Built: 1915
Property Size: 127.23 sq. m
Lot Size: 404.93 sq. m
Difference between common rental and home costs: $160,500
Built in 1915, this two-storey character house in Edmonton has brick accents all through. On the primary flooring is a mixed dwelling and eating space, which leads into the newly renovated kitchen with upgraded tile flooring and granite counter tops. On the higher flooring are three bedrooms and a four-piece rest room. The absolutely completed basement features a three-piece rest room and a recreation room.
WINNIPEG
(Jim Todd Photography / Rahim Mirza, Re/Max One Group)
Price: $329,900
Year Built: 1899
Property Size: 106.1 sq. m
Lot Size: 306.58 sq. m
Difference between common rental and home costs: $105,850
Originally constructed in 1899, this single-family home in Winnipeg has seen a lot of upgrades all through the years, together with the addition of latest cupboards within the kitchen. In addition to the dwelling and eating areas are three bedrooms and one rest room situated throughout the primary and higher ranges. At the entrance of the house is a sunroom, whereas the absolutely fenced yard has a deck.
REGINA
(Raj Verma, Homelife Crawford Realty)
Price: $359,900
Year Built: 2011
Property Size: 124.12 sq. m
Lot Size: 278.71 sq. m
Difference between common rental and home costs: $100,481
Situated in Regina’s Pioneer Village neighbourhood, this two-storey home has three bedrooms and two bogs throughout 124 sq. metres of area. The open-concept structure on the primary flooring features a mixed kitchen, dwelling and eating space. The house additionally encompasses a partially completed basement with a separate aspect entrance.
ST. JOHN’S, N.L.
(Amanda Ryan / Robert Decker, Re/Max Infinity Realty)
Price: $339,900
Year Built: 1996
Property Size: 141.96 sq. m
Lot Size: below 0.2 hectares
Difference between common rental and home costs: $85,100
Spanning practically 142 sq. metres, this semi-detached home in St. John’s, N.L., features a mixed dwelling and eating space with a bay window and propane fire. The eat-in kitchen in the back of the house presents direct entry to the non-public patio and powder room on the primary flooring, whereas the higher degree is made up of three bedrooms and a four-piece rest room.
HALIFAX
(Sara Jewell, Concept Measures / Liz Martin, Domus Realty)
Price: $415,000
Year Built: 1967
Property Size: 102.29 sq. m
Lot Size: below 0.2 hectares
Difference between common rental and home costs: $84,400
Recently up to date, this house unit in Halifax’s South End neighbourhood encompasses a rest room with a brand new self-importance and tile flooring. Additionally, the terrace has been transformed into an indoor area that can be utilized as an workplace or exercise space. Along with a kitchen that overlooks the dwelling and eating rooms, this condominium additionally has two bedrooms.
TROIS RIVIERES, QUE.
(Olivier St-Pierre, Re/Max de Francheville)
Price: $350,000
Year Built: 1966
Property Size: 192.87 sq. m
Lot Size: 743.2 sq. m
Difference between common rental and home costs: $44,000
This bungalow in Trois Rivieres, Que., contains 4 bedrooms and one rest room, together with a front room and mixed kitchen and eating space. The basement is absolutely completed, and the non-public yard features a deck and backyard. Located close to the house are faculties, parks and public transportation.
